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Microsoft NSI Perficient Reports Q4 Growth, Interest in M&A

Perficient, a St. Louis-based IT consulting firm and Microsoft National Systems Integrator (NSI), reported strong fourth quarter earnings and expects to continue its growth trajectory in 2011, according to financial statements released this month.

The NASDAQ-traded company reported 18 percent revenue growth to $55.9 million for the final quarter of 2010 and 14 percent revenue growth to $215 million for the full year. Net income more than doubled to $1.3 million for the quarter and quadrupled to $6.5 million for the year.

"Perficient is beginning to benefit from meaningful operating leverage and while we expect revenue to increase substantially in the years ahead, we expect earnings to accelerate at an even faster rate," said Paul Martin, Perficient's CFO, in a statement.

Based on information midway through the first quarter of 2011, the company is telling investors that it expects Q1 revenues to be in the range of $55 million to $59 million.

"We see confidence returning to the IT spending market and we're well-positioned to realize several years of solid revenue and earnings growth," added Jeff Davis, Perficient's CEO and president, in the statement.

Part of the revenue growth should come from the acquisition in late 2010 of fellow Microsoft NSI speakTECH, of Costa Mesa, Calif. The $15 million deal brought Perficient a company that was doing $16 million in annual revenues. SpeakTECH's 120 employees brought the combined company to about 1,400 consulting, technology, sales and support professionals in North America. Perficient also acquired Kerdock Consulting LLC, an Oracle business intelligence and enterprise performance management consulting firm, in 2010.

According to Davis, Perficient is still looking for additional acquisitions: "We intend to continue to augment our organic growth with accretive M&A to scale quickly in the years ahead."

Posted by Scott Bekker on March 15, 2011


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