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Perion Raises Sales Forecast on Smilebox as Profit Declines

Aug. 9 (Bloomberg) -- Perion Network Ltd., which posted a drop in second-quarter profit, raised its annual sales forecast as the digital media company expects growth at the photo-sharing unit it acquired last year.

Tel Aviv-based Perion revised its 2012 sales outlook to between $50 million and $52 million from as much as $50 million, according to a statement filed with the Tel-Aviv Stock Exchange yesterday. Chief Executive Officer Josef Mandelbaum attributed the revision to contributions from Smilebox Inc., which it acquired in August 2011.

“We’re expecting more from Smilebox which continues to be profitable,” Mandelbaum said in an interview with Bloomberg Television today.

Shares of Perion fell 1.6 percent, the most this month, to 20.46 shekels at the close in Tel Aviv. Net income based on U.S. accounting standards fell 60 percent to $878,000, the company said.

Perion trades at 5.8 times estimated earnings, compared with 11 times for the benchmark TA-25 Index, according to data compiled by Bloomberg. The measure fell 0.3 percent.

To contact the reporters on this story: Robert Lakin in Tel Aviv at rlakin1@bloomberg.net; Guy Johnson in London at gjohnson87@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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