Perion Network Ltd. (PERI) reported that its first-quarter net income jumped to $2.89 million or $0.22 per share, from $0.4 million or $0.04 per share in the same quarter last year.
Non-GAAP net income for the quarter was $5.8 million, increasing 166%, from $2.2 million in the first quarter of 2012. The growth in net income caused earnings per share to more than double to $0.45 per share in the first quarter of 2013 from $0.22 per share in the first quarter of 2012.
Total revenues for the quarter rose to $27.58 million from $10.66 million in the prior year quarter. analysts had consensus revenue estimate of $ million for the quarter.
Non-GAAP Revenues for the quarter were $27.6 million, increasing 145%, compared to the first quarter of 2012. The accelerated growth was a result of positive trends in all of Perion's revenue streams, particularly with search generated revenues increasing 266% year-over-year. The extensive growth in search generated revenues was primarily a result of the acquisition of SweetPacks in November of 2012, coupled with robust organic growth.
The company reaffirmed that it will achieve, and likely exceed, its 2013 Financial Outlook announced on January 8th.
The company expects Non-GAAP net income of $20 million, Non-GAAP earnings per share of $1.61, and revenue of $110 million for fiscal 2013.
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