Perficient Reports Q1 Revenues of $6.4 million, Up 58%; Company Achieves Third Consecutive Quarter of Pro Forma Profitability

Apr 25, 2001, 01:00 ET from Perficient, Inc.

    AUSTIN, Texas, April 25 /PRNewswire/ -- Perficient, Inc. (Nasdaq:   PRFT),
 an Internet services firm that uses emerging technologies to web-enable
 complex enterprise systems, today reported financial results for the first
 quarter ended March 31, 2001.
 
     First Quarter Highlights
     Perficient's third consecutive quarter of pro forma profitability can be
 traced to its expertise in three strong segments of the Internet software
 market -- middleware, enterprise portal and content management.  Among other
 accomplishments in the first quarter, Perficient:
 
     --  Increased revenue 58% to $6,401,000 versus $4,044,000 pro forma
         revenue in the first quarter of 2000.
     --  Realized pro forma net income of $185,000 or $0.03 diluted earnings
         per share compared to pro forma net income of $49,000 or $0.01
         earnings per share in the first quarter of 2000.
     --  Completed technology design and implementation for more than
         87 end-user clients, including American Express, DaimlerChrysler,
         Dell, United Technologies Corporation and Vital Processing (a joint
         venture between Visa and Total System Services).
     --  Implemented cost reduction programs that are expected to reduce future
         annualized expenses by over $4.5 million.
     --  Expanded our direct sales force to 5 professionals, increasing our
         ability to source direct end-user projects to supplement the retainer
         revenue stream we earn from our software company partners.
 
     "We continue to deliver 'heavy lifting' software engineering skills the
 market is willing and needs to buy," said Jack McDonald, Chairman and CEO of
 Perficient.  "Our pro forma profitability in a tough market demonstrates the
 essential nature of the expertise we provide and the value of our partnerships
 with technology leaders like IBM, Vignette and Plumtree.  In addition, we have
 acted to align our cost structure to the new economic reality and boost our
 direct sales capability, which position us well going forward."
     Pro forma net income and pro forma net income per share exclude the impact
 of goodwill amortization, depreciation, stock compensation, and one-time costs
 including $289,000 of restructuring and $123,000 of costs associated with a
 public financing that was postponed during the quarter.  Pro forma net loss
 for the first quarter of 2001 would have been $74,000 or $.01 per share
 including the one-time restructuring charge and the costs associated with the
 postponed public financing.
 
     Investor Conference Call
     Perficient has scheduled an investor conference call at 4:30 p.m. EDT
 today, April 25, to discuss the company's first quarter results.  Investors
 and other interested parties may listen to the call by dialing toll-free
 (800) 553-0327.  The call will be available for playback beginning
 April 25, 2001, at 7:30 p.m. EDT and ending one week later on May 2, 2001, at
 11:59 p.m. EDT.  The playback number is (800) 475-6701, or (320) 365-3844
 outside the United States, and the access code is 580200.
 
     About Perficient
     Perficient is a leading Internet services firm that uses emerging
 technologies to web-enable complex enterprise systems.  Perficient builds deep
 expertise around a targeted set of core technologies and products through
 unique partnerships with leading Internet software companies.  Under these
 arrangements, the company provides customers and partners with teams of expert
 technology professionals that manage the implementation of their products for
 end-user customers.  Perficient's expertise and experience is based on the
 company's success integrating next-generation solutions with customers'
 previous-generation IT assets.  This provides the framework that allows the
 company to concentrate on three key solution segments: Web services and
 transaction middleware, enterprise portal software and content management
 services.  Perficient partners are leading Internet commerce "enablers" that
 provide the software platform for building the e-business infrastructure, such
 as IBM, Plumtree Software and Vignette Corporation.  For more information,
 visit Perficient's Web site at www.perficient.com.
 
     Safe Harbor Statement
     "Safe Harbor" statement under the Private Securities Litigation Reform Act
 of 1995: This news release contains forward-looking statements, particularly
 with respect to our position for growth and the effectiveness of our model,
 that are subject to risk and uncertainties, including, but not limited to, the
 impact of competitive services, demand for services like those provided by the
 Company and market acceptance risks, fluctuations in operating results,
 cyclical market pressures on the technology industry and other risks detailed
 from time to time in the Company's filings with the Securities and Exchange
 Commission.  Our reported results may be subject to adjustments, reserves, and
 other items that may be identified during the normal year-end audit process.
 
 
                                Perficient, Inc.
    Pro Forma Consolidated Statements of Operations Including the Effect of
                            Significant Acquisitions
 
                                                     Three Months Ended
                                                           March 31,
                                                      2000           2001
                                                         (unaudited)
 
     Consulting revenues                         $  4,043,752   $  6,401,276
     Cost of consulting revenues                    2,013,673      3,546,236
     Gross margin                                   2,030,079      2,855,040
 
     Selling, general and administrative            2,049,693      2,518,187
     Total pro forma operating income (loss) (A)      (19,614)       336,853
 
     Interest income (expense), net                    96,694        (42,763)
     Pretax pro forma net income (A)                   77,080        294,090
 
     Pro forma provision for income taxes (B)          28,520        108,813
     Pro forma net income (A)                    $     48,560   $    185,277
 
     Pro forma net income per share (A):
       Basic                                     $       0.01   $       0.04
 
       Diluted                                   $       0.01   $       0.03
 
     Shares used in computing basic pro forma net
      income per share                              3,802,005      5,196,537
 
     Shares used in computing diluted pro forma net
      income per share                              6,932,225      6,804,432
 
     (A) Pro forma operating income (loss), pretax pro forma net income, pro
         forma net income and pro forma net income per share exclude the impact
         of goodwill amortization, depreciation, stock compensation,
         acquisition related and other one time charges.  One-time charges
         during the first quarter of 2001 include the restructuring charge of
         $288,860 for severance associated with cost reduction initiatives
         taken, and the expenses of a postponed stock offering totaling
         $123,354.  Depreciation expense was $119,172 during 2001.
 
     (B) Pro forma net income and pro forma net income per share include a tax
         provision at an assumed effective rate of 37%.
 
     Pro forma results of operations for the three months ended March 31, 2000
 include the results of Compete, Inc. as if the acquisition had occurred on
 January 1, 2000.  This information is not necessarily indicative of the pro
 forma results of operations we would have obtained had we owned and operated
 Compete, Inc. as of that date.
 
 
                                Perficient, Inc.
                     Consolidated Statements of Operations
 
                                                      Three Months Ended
                                                           March 31,
                                                      2000           2001
                                                          (unaudited)
 
     Consulting revenues                           $1,820,689     $6,401,276
     Cost of consulting revenues                      937,829      3,546,236
     Gross margin                                     882,860      2,855,040
 
     Selling, general and administrative            1,358,440      2,637,359
     Stock compensation                                19,000         30,205
     Intangibles amortization                         194,362      4,880,522
     Restructuring                                        ---        288,860
     Postponed offering costs                             ---        123,354
     Loss from operations                            (688,942)    (5,105,260)
 
     Interest income (expense), net                   110,093        (42,763)
     Loss before income taxes                        (578,849)    (5,148,023)
 
     Provision for income taxes                           ---            ---
 
     Net loss                                       $(578,849)   $(5,148,023)
 
     Basic and diluted net loss per share              $(0.15)        $(0.99)
 
 
     Shares used in computing net loss per share    3,802,005      5,196,537
 
 
                                Perficient, Inc.
                          Consolidated Balance Sheets
 
                                                  December 31,    March 31,
                                                      2000           2001
                                                                  (unaudited)
     Assets
       Current assets:
         Cash                                        $842,481       $802,468
         Accounts receivable, net                   7,038,794      6,344,182
         Income tax receivable                         10,916            ---
         Other current assets                          42,400         18,296
       Total current assets                         7,934,591      7,164,946
       Property and equipment, net                    804,406        810,952
       Goodwill, net                               45,558,173     40,864,275
       Other noncurrent assets                        317,772        339,968
     Total assets                                 $54,614,942   $ 49,180,141
 
     Liabilities and stockholders' equity
       Liabilities
       Current liabilities:
         Accounts payable                            $358,779       $144,009
         Note payable to related party                224,969        162,215
         Line of credit                             1,500,000      2,400,000
         Current portion of note payable                3,338          3,173
         Current portion of capital
          lease obligation                             81,415         73,244
         Other current liabilities                  2,392,568      1,378,857
       Total current liabilities                    4,561,069      4,161,498
       Note payable, less current portion               7,232          6,082
       Capital lease obligation, less current portion  72,694         24,783
       Deferred income tax                                ---        192,514
       Total liabilities                            4,640,995      4,384,877
       Stockholders' equity:
         Common stock                                   6,252          6,252
         Additional paid-in capital                65,049,514     65,038,719
         Unearned stock compensation                  (76,000)       (35,000)
         Accumulated other comprehensive loss          (1,665)       (62,530)
         Retained deficit                         (15,004,154)   (20,152,177)
       Total stockholders' equity                  49,973,947     44,795,264
     Total liabilities and stockholders' equity   $54,614,942   $ 49,180,141
 
      For more information, contact:
      John Crowe
      Perficient, Inc.
      (512) 531-6055
      jcrowe@perficient.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X77180279
 
 

SOURCE Perficient, Inc.
    AUSTIN, Texas, April 25 /PRNewswire/ -- Perficient, Inc. (Nasdaq:   PRFT),
 an Internet services firm that uses emerging technologies to web-enable
 complex enterprise systems, today reported financial results for the first
 quarter ended March 31, 2001.
 
     First Quarter Highlights
     Perficient's third consecutive quarter of pro forma profitability can be
 traced to its expertise in three strong segments of the Internet software
 market -- middleware, enterprise portal and content management.  Among other
 accomplishments in the first quarter, Perficient:
 
     --  Increased revenue 58% to $6,401,000 versus $4,044,000 pro forma
         revenue in the first quarter of 2000.
     --  Realized pro forma net income of $185,000 or $0.03 diluted earnings
         per share compared to pro forma net income of $49,000 or $0.01
         earnings per share in the first quarter of 2000.
     --  Completed technology design and implementation for more than
         87 end-user clients, including American Express, DaimlerChrysler,
         Dell, United Technologies Corporation and Vital Processing (a joint
         venture between Visa and Total System Services).
     --  Implemented cost reduction programs that are expected to reduce future
         annualized expenses by over $4.5 million.
     --  Expanded our direct sales force to 5 professionals, increasing our
         ability to source direct end-user projects to supplement the retainer
         revenue stream we earn from our software company partners.
 
     "We continue to deliver 'heavy lifting' software engineering skills the
 market is willing and needs to buy," said Jack McDonald, Chairman and CEO of
 Perficient.  "Our pro forma profitability in a tough market demonstrates the
 essential nature of the expertise we provide and the value of our partnerships
 with technology leaders like IBM, Vignette and Plumtree.  In addition, we have
 acted to align our cost structure to the new economic reality and boost our
 direct sales capability, which position us well going forward."
     Pro forma net income and pro forma net income per share exclude the impact
 of goodwill amortization, depreciation, stock compensation, and one-time costs
 including $289,000 of restructuring and $123,000 of costs associated with a
 public financing that was postponed during the quarter.  Pro forma net loss
 for the first quarter of 2001 would have been $74,000 or $.01 per share
 including the one-time restructuring charge and the costs associated with the
 postponed public financing.
 
     Investor Conference Call
     Perficient has scheduled an investor conference call at 4:30 p.m. EDT
 today, April 25, to discuss the company's first quarter results.  Investors
 and other interested parties may listen to the call by dialing toll-free
 (800) 553-0327.  The call will be available for playback beginning
 April 25, 2001, at 7:30 p.m. EDT and ending one week later on May 2, 2001, at
 11:59 p.m. EDT.  The playback number is (800) 475-6701, or (320) 365-3844
 outside the United States, and the access code is 580200.
 
     About Perficient
     Perficient is a leading Internet services firm that uses emerging
 technologies to web-enable complex enterprise systems.  Perficient builds deep
 expertise around a targeted set of core technologies and products through
 unique partnerships with leading Internet software companies.  Under these
 arrangements, the company provides customers and partners with teams of expert
 technology professionals that manage the implementation of their products for
 end-user customers.  Perficient's expertise and experience is based on the
 company's success integrating next-generation solutions with customers'
 previous-generation IT assets.  This provides the framework that allows the
 company to concentrate on three key solution segments: Web services and
 transaction middleware, enterprise portal software and content management
 services.  Perficient partners are leading Internet commerce "enablers" that
 provide the software platform for building the e-business infrastructure, such
 as IBM, Plumtree Software and Vignette Corporation.  For more information,
 visit Perficient's Web site at www.perficient.com.
 
     Safe Harbor Statement
     "Safe Harbor" statement under the Private Securities Litigation Reform Act
 of 1995: This news release contains forward-looking statements, particularly
 with respect to our position for growth and the effectiveness of our model,
 that are subject to risk and uncertainties, including, but not limited to, the
 impact of competitive services, demand for services like those provided by the
 Company and market acceptance risks, fluctuations in operating results,
 cyclical market pressures on the technology industry and other risks detailed
 from time to time in the Company's filings with the Securities and Exchange
 Commission.  Our reported results may be subject to adjustments, reserves, and
 other items that may be identified during the normal year-end audit process.
 
 
                                Perficient, Inc.
    Pro Forma Consolidated Statements of Operations Including the Effect of
                            Significant Acquisitions
 
                                                     Three Months Ended
                                                           March 31,
                                                      2000           2001
                                                         (unaudited)
 
     Consulting revenues                         $  4,043,752   $  6,401,276
     Cost of consulting revenues                    2,013,673      3,546,236
     Gross margin                                   2,030,079      2,855,040
 
     Selling, general and administrative            2,049,693      2,518,187
     Total pro forma operating income (loss) (A)      (19,614)       336,853
 
     Interest income (expense), net                    96,694        (42,763)
     Pretax pro forma net income (A)                   77,080        294,090
 
     Pro forma provision for income taxes (B)          28,520        108,813
     Pro forma net income (A)                    $     48,560   $    185,277
 
     Pro forma net income per share (A):
       Basic                                     $       0.01   $       0.04
 
       Diluted                                   $       0.01   $       0.03
 
     Shares used in computing basic pro forma net
      income per share                              3,802,005      5,196,537
 
     Shares used in computing diluted pro forma net
      income per share                              6,932,225      6,804,432
 
     (A) Pro forma operating income (loss), pretax pro forma net income, pro
         forma net income and pro forma net income per share exclude the impact
         of goodwill amortization, depreciation, stock compensation,
         acquisition related and other one time charges.  One-time charges
         during the first quarter of 2001 include the restructuring charge of
         $288,860 for severance associated with cost reduction initiatives
         taken, and the expenses of a postponed stock offering totaling
         $123,354.  Depreciation expense was $119,172 during 2001.
 
     (B) Pro forma net income and pro forma net income per share include a tax
         provision at an assumed effective rate of 37%.
 
     Pro forma results of operations for the three months ended March 31, 2000
 include the results of Compete, Inc. as if the acquisition had occurred on
 January 1, 2000.  This information is not necessarily indicative of the pro
 forma results of operations we would have obtained had we owned and operated
 Compete, Inc. as of that date.
 
 
                                Perficient, Inc.
                     Consolidated Statements of Operations
 
                                                      Three Months Ended
                                                           March 31,
                                                      2000           2001
                                                          (unaudited)
 
     Consulting revenues                           $1,820,689     $6,401,276
     Cost of consulting revenues                      937,829      3,546,236
     Gross margin                                     882,860      2,855,040
 
     Selling, general and administrative            1,358,440      2,637,359
     Stock compensation                                19,000         30,205
     Intangibles amortization                         194,362      4,880,522
     Restructuring                                        ---        288,860
     Postponed offering costs                             ---        123,354
     Loss from operations                            (688,942)    (5,105,260)
 
     Interest income (expense), net                   110,093        (42,763)
     Loss before income taxes                        (578,849)    (5,148,023)
 
     Provision for income taxes                           ---            ---
 
     Net loss                                       $(578,849)   $(5,148,023)
 
     Basic and diluted net loss per share              $(0.15)        $(0.99)
 
 
     Shares used in computing net loss per share    3,802,005      5,196,537
 
 
                                Perficient, Inc.
                          Consolidated Balance Sheets
 
                                                  December 31,    March 31,
                                                      2000           2001
                                                                  (unaudited)
     Assets
       Current assets:
         Cash                                        $842,481       $802,468
         Accounts receivable, net                   7,038,794      6,344,182
         Income tax receivable                         10,916            ---
         Other current assets                          42,400         18,296
       Total current assets                         7,934,591      7,164,946
       Property and equipment, net                    804,406        810,952
       Goodwill, net                               45,558,173     40,864,275
       Other noncurrent assets                        317,772        339,968
     Total assets                                 $54,614,942   $ 49,180,141
 
     Liabilities and stockholders' equity
       Liabilities
       Current liabilities:
         Accounts payable                            $358,779       $144,009
         Note payable to related party                224,969        162,215
         Line of credit                             1,500,000      2,400,000
         Current portion of note payable                3,338          3,173
         Current portion of capital
          lease obligation                             81,415         73,244
         Other current liabilities                  2,392,568      1,378,857
       Total current liabilities                    4,561,069      4,161,498
       Note payable, less current portion               7,232          6,082
       Capital lease obligation, less current portion  72,694         24,783
       Deferred income tax                                ---        192,514
       Total liabilities                            4,640,995      4,384,877
       Stockholders' equity:
         Common stock                                   6,252          6,252
         Additional paid-in capital                65,049,514     65,038,719
         Unearned stock compensation                  (76,000)       (35,000)
         Accumulated other comprehensive loss          (1,665)       (62,530)
         Retained deficit                         (15,004,154)   (20,152,177)
       Total stockholders' equity                  49,973,947     44,795,264
     Total liabilities and stockholders' equity   $54,614,942   $ 49,180,141
 
      For more information, contact:
      John Crowe
      Perficient, Inc.
      (512) 531-6055
      jcrowe@perficient.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X77180279
 
 SOURCE  Perficient, Inc.