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March 11, 2009

Perficient Q4 net income down 83%

Revenue down 9%

By CBR Staff Writer

Perficient, an IT consulting firm, has reported a net income of $759,000, or $0.03 diluted net income per share, for the fourth quarter ended December 31, 2008, a decrease of 83% compared to $4.51m, or $0.15 diluted net income per share, for the same quarter of 2007.

For the fourth quarter of 2008, total revenues were $56.76m, a decrease of 9% compared to $62.42m for the same quarter of 2007.

For the full year 2008, total revenues were $231.49m, an increase of 6%, compared to $218.15m in 2007. Net income was $10m, or $0.33 diluted net income per share, a decrease of 38% compared to $16.23m, or $0.54 diluted net income per share, for the 2007.

Jack McDonald, chairman and CEO of Perficient, said: While 2008 did present significant obstacles, we continued to execute against our plan, delivering record revenues, while generating strong cash flow. We continued to strengthen our balance sheet and emerge from 2008 with record levels of cash, no debt and full access to a $50 million credit facility with an accordion feature that provides up to $75 million in borrowing capacity.

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