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Perficient board expands share repurchase program

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Perficient board expands share repurchase program

Perficient Inc.'s board expanded its stock repurchase program by $25 million to $160 million.

The board also extended the expiration date of the program to Dec. 31, 2019. As of Dec. 31, 2017, Perficient had repurchased 12.4 million shares at a cost of $135.0 million.

The company also released its outlook for the first quarter and full year of 2018.

It projects adjusted EPS of approximately 32 cents to 35 cents and revenue in the range of $115 million to $119 million for the first three months of 2018.

For 2018, Perficient expects EPS of about 68 cents to 82 cents and adjusted EPS in the range of $1.40 to $1.52. It anticipates full-year 2018 revenue of approximately $470 million to $500 million.

Additionally, the company reported its fourth-quarter and full-year 2017 results.

Net income in the fourth quarter of 2017 was $6.4 million, or 19 cents per share, up from $3.7 million, or 11 cents per share, in the prior-year quarter.

Perficient disclosed adjusted net income of $12.6 million, or 37 cents per share, higher than $9.3 million, or 27 cents per share, in the fourth quarter of 2016.

For full year 2017, net income was $18.6 million, or 55 cents per share, lower than $20.5 million, or 58 cents per share, in 2016.

Perficient reported adjusted net income of $41.9 million, or $1.23 per share, up from $37.9 million, or $1.08 per share.