Perion Network (NASDAQ: PERI) reported Q3 EPS of $0.16, versus $0.00 reported last year. Revenue for the quarter came in at $65 million versus the consensus estimate of $62.8 million.

• Management reiterated its expectation of Adjusted EBITDA of $29 million to $32 million for the full year of 2018.

Doron Gerstel, Perion’s CEO commented, “In the third quarter, our ongoing efforts to strengthen Perion’s financial position resulted in a major financial milestone as long-term debt fell below our net cash levels the first time in four years. With our expense restructuring effort largely completed, we are pivoting to the next phase of our three-phase turnaround strategy. As part of this, we are reallocating additional technology resources to further enhance Undertone’s Synchronized Digital Branding platform by integrating advanced AI-based sequential messaging capabilities to retarget users according to their level of engagement. This will derive significantly higher campaign ROIs for our blue-chip customers and further differentiate Undertone within a competitive marketplace. I am encouraged by the progress we have made to strengthen our financial position, steadily growing Adjusted EBITDA and generating consistent cash from our operations. I am confident, based on this progress, that we have the necessary runway to carry out our strategy to revitalize growth.”

Gerstel went on to comment about the Company’s quarterly decline in advertising revenue: “We are making progress in adopting our high-quality, high-impact ad units within the current programmatic environment and maintaining premium campaign results for our clients. However, the current capacity of publishers that can place our unique units is less than the demand we have, so we have campaigns that are not being fully delivered. We are actively working with our programmatic partners to address this issue and I am confident that we will close the current gap to better serve ‘programmatic ready’ Undertone high-impact ad units in 2019. This will enable us to have access to the quality supply we need to drive revenues.”

“In parallel, we continue to leverage our relationship with Bing to drive innovation and revenue as part of our ongoing effort to provide a comprehensive and compelling search solutions to quality publishers around the globe,” Gerstel concluded. “To drive this, we have appointed Tal Jacobson to lead our CodeFuel business unit within Search and others. Tal has a long track record of innovation and monetization, most recently as the Chief Revenue Officer & Chief Business Development Officer at SimilarWeb. I am confident that he will add immense value to our team. I also want to take this opportunity to thank Mike Glover who managed the Search business unit and will transition into an advisory role at the end of this year.”

For earnings history and earnings-related data on Perion Network (PERI) click here.