Perion Announces Another Record Quarter and Year: Fourth Quarter Revenues up 90%; Adjusted EBITDA Triples to $4.9 Million

Will exceed $110 Million in Revenue and $26 Million of EBITDA in 2013

TEL AVIV, Israel & SEATTLE–(BUSINESS WIRE)– Perion Network Ltd. (NAS: PERI) today announced financial results for the fourth quarter and full year ended December 31, 2012.

Q4 2012 non-GAAP Financial Highlights Include:

• Quarterly revenues increased 90% year-over-year to a record $21.4 million;
• Product and advertising revenues increased 27% year-over-year, reaching $6.1 million;
• Search revenue increased year-over-year 136% to a record $15.3 million;
• Adjusted EBITDA increased 262% year-over-year, reaching $4.9 million, or 23% of revenues;
• Net income doubled year-over-year, reaching $3.6 million, or 17% of revenues; and
• Earnings Per Share was $0.32, double that of the fourth quarter of 2011.

Year of 2012 non-GAAP Financial Highlights Include:

• Year-to date revenues increased 65% year-over-year to a record $61.2 million;
• Product and advertising revenues increased 101% year-over-year, reaching $23.1 million;
• Search revenue increased year-over-year 49% to $38.1 million;
• Adjusted EBITDA increased year-over-year 44% to $14.0 million, or 23% of revenues;
• Net income was $10.3 million, representing 17% of revenues;
• Earnings Per Share was $0.99, a 20% increase from 2011; and
• GAAP Cash Flow from Operations was $16.3 million, a 133% increase from 2011.

Josef Mandelbaum, Perion’s CEO, commented: “2012 was a great year for Perion. We had record organic revenue growth, increased profitability, …read more
Source: FULL ARTICLE at DailyFinance