Perficient, Inc. (PRFT) has reported a 24.80 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $5.54 million, or $0.16 a share in the quarter, compared with $7.37 million, or $0.22 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $9.06 million, or $0.26 a share compared with $12.16 million or $0.36 a share, a year ago.
Revenue during the quarter went down marginally by 1.45 percent to $119.15 million from $120.91 million in the previous year period. Gross margin for the quarter contracted 286 basis points over the previous year period to 30.56 percent. Total expenses were 93.27 percent of quarterly revenues, up from 90.41 percent for the same period last year. That has resulted in a contraction of 286 basis points in operating margin to 6.73 percent.
Operating income for the quarter was $8.01 million, compared with $11.60 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $15.13 million compared with $19.93 million in the prior year period. At the same time, adjusted EBITDA margin contracted 378 basis points in the quarter to 12.70 percent from 16.48 percent in the last year period.
"Macroeconomic uncertainty drove delays in project wins and starts during the quarter," said Jeff Davis, chief executive officer and president. "Perficient's long-term thesis remains intact, and we expect that our continued investments in cloud, digital, customer experience, and industry vertical solutions will drive organic growth in 2017."
For the fourth-quarter 2016, Perficient, Inc. forecasts revenue to be in the range of $112 million to $122 million.
For fiscal year 2016, Perficient, Inc. forecasts revenue to be in the range of $479 million to $489 million. The company expects diluted earnings per share to be in the range of $0.56 to $0.62 and expects diluted earnings per share to be in the range of $1.06 to $1.11 on adjusted basis.
Working capital remains almost stable
Working capital of Perficient, Inc. remained almost stable for the quarter at $86.22 million, when compared with the previous year period. Current ratio was at 3.40 as on Sep. 30, 2016, up from 3.06 on Sep. 30, 2015.
Days sales outstanding were almost stable at 78 days for the quarter, when compared with the last year period.
At the same time, days payable outstanding was almost stable at 14 days for the quarter, when compared with the previous year period.
Debt comes down significantly
Perficient, Inc. has recorded a decline in total debt over the last one year. It stood at $28 million as on Sep. 30, 2016, down 54.10 percent or $33 million from $61 million on Sep. 30, 2015. Perficient, Inc. has recorded a decline in long-term debt over the last one year. It stood at $28 million as on Sep. 30, 2016, down 54.10 percent or $33 million from $61 million on Sep. 30, 2015. Total debt was 6.22 percent of total assets as on Sep. 30, 2016, compared with 13.53 percent on Sep. 30, 2015. Debt to equity ratio was at 0.08 as on Sep. 30, 2016, down from 0.18 as on Sep. 30, 2015.
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