Perficient Inc. (PRFT) reported that its first-quarter net income decreased 57% from the prior year. In addition, the company agreed to be taken private by an affiliate of BPEA Private Equity Fund VIII, part of EQT AB, in an all-cash transaction that values Perficient at an enterprise value of about $3.0 billion.
As per the terms of the agreement, Perficient stockholders will receive $76.00 per share in cash for each share of common stock owned as of the closing of the transaction. The purchase price represents a 75% premium to Perficient's closing stock price on April 29, 2024, the last unaffected trading day prior to the transaction announcement. The transaction is expected to close by the end of 2024.
Upon completion of the transaction Perficient's shares will no longer trade on the NASDAQ, and Perficient will become a private company. In addition, Perficient's headquarters will remain in St. Louis, Tom Hogan will continue as CEO, and the current management team will continue to lead Perficient.
Meanwhile, Perficient reported that its first-quarter net income decreased 57% to $11.56 million, from last year's $26.80 million, with earnings per share declining to $0.33 from $0.75 in the previous year.
Adjusted earnings per share decreased 26% to $0.77 from $1.04 in the previous year. On average, nine analysts polled by Thomson Reuters expected the company to report earnings per share of $0.77 for the quarter. Analysts' estimates typically exclude special items.
Revenues for the first-quarter decreased about 7% to $215.30 million from $231.41 million last year. Analysts expected revenue of $215.69 million for the quarter.
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