Perion predicts 80% growth in 2013

The company raised its fourth quarter 2012 guidance to include revenue from the acquisition of Sweetpacks.

Perion Networks Inc. (Nasdaq:PERI: TASE:PERI) (formerly IncrediMail) predicts that it will almost double its revenue in 2013, after raising its guidance for the fourth quarter of 2012. It predicts $110 million revenue in 2013, over 80% more than in 2012, thanks to acquisitions. Organic growth will be 25%. It also forecasts a non-GAAP net profit of at least $20 million ($1.61) in 2013.

Perion estimates that its fourth quarter revenue will reach a record $21 million, more than double the revenue for the corresponding quarter of 2011. It also raised its full-year revenue guidance from $55 million to $61 million, 64% more than the $37 million in 2011. It attributes the increase to one month revenue from the acquisition of SweetPacks

Perion estimates that customer acquisition costs, with a positive return on investment, will exceed $50 million, driving revenue growth in 2013 and beyond.

Perion CEO Josef Mandelbaum said, “We expect 2013 to be a breakout year in terms of growth both in top and bottom line results. Our improving financial results are a result of our strong organic growth coupled with our acquisition strategy and a diversified product portfolio with multiple revenue streams.

“Since 2010, Perion will have more than tripled its revenues, enriched its product portfolio, developed strong back-end systems and moved onto mobile platforms. This year, as in previous years we also expect strong cash flow from operations, closely tracking our non-GAAP net income."

Published by Globes [online], Israel business news - - on January 8, 2013

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