Perficient: Making E-Biz More Efficient
By Gene G. Marcial
With info tech outlays rebounding, little-known Perficient (PRFT ) has snapped back -- from 1.30 a share last August to 4.11 on Apr. 28. When first featured in this column on Sept. 29, 2003, Perficient was at 1.70. It helps companies adapt their systems to the Net, using IBM's (IBM ) WebSphere software. Morton Meyerson, ex-boss of Electronic Data Systems (EDS ), recently upped his 18% stake to 20%. "I am impressed by the management, which did well when the going was tough," he says. CEO Jack McDonald says that, as one of the few to survive the tech crash, Perficient hopes to be a major provider of e-business solutions in the central states. Perficient has grown at a record clip in the past two years, notes Brian Harvey of Kingfisher Capital Management, which owns shares. Sales rose 30%, to $30 million, in 2003, and he expects $50 million in 2004. Harvey sees earnings jumping to 17 cents to 20 cents a share in 2004, up from last year's 7 cents. He figures sales could soar to $100 million in 2006. And the stock, he adds, could hit 7 in a year.
Note: Unless otherwise noted, neither the sources cited in Inside Wall Street nor their firms hold positions in the stocks under discussion. Similarly, they have no investment banking or other financial relationships with them.
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