Perion Network Ltd. (PERI) reported that its fourth-quarter of 2012 net income rose to $593 thousand or $0.05 per share from $192 thousand or $0.02 per share in the year ago quarter.
Non-GAAP net income was $3.6 million or $0.32 per share, more than double the $1.6 million or $0.16 per share in the fourth quarter of 2011.
Non-GAAP Revenues for the quarter were $21.4 million, increasing 90%, compared to the fourth quarter of 2011. The accelerating growth was a result of positive trends in all Perion's revenue streams, particularly with search generated revenues increasing 136% year-over-year. The extensive growth in search generated revenues was primarily a result of organic growth, in addition to which we benefited from one month of revenues from SweetPacks.
The company reaffirmed its 2013 Financial Outlook, expecting that Non-GAAP Net Income of at least $20 million, non-GAAP earnings per share of $1.61 and Revenues to exceed $110 million.
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