Business News
EFI Reports Q4 Results
Thursday 24. January 2008 - Q4 Revenues of $152.0 million, GAAP EPS $0.12, Non-GAAP EPS $0.23
EFI (Nasdaq: EFII), the world leader in customer-focused digital printing, announced today its results for the fourth quarter of 2007. For the quarter ended December 31, 2007, the Company reported revenues of $152.0 million, down approximately 1% when compared to fourth quarter 2006 revenue of $153.4 million. For the year ended December 31, 2007 revenues were $620.6 million, up approximately 10% when compared to $564.6 million in the same period in 2006.
Non-GAAP net income was $14.4 million or $0.23 per diluted share in the fourth quarter of 2007, down approximately 38% when compared to $23.1 million or $0.35 per diluted share for the same period in 2006.
Non-GAAP net income was $78.0 million or $1.19 per diluted share for the twelve months ended December 31, 2007, up 2% from $76.6 million or $1.18 per diluted share for the same period in 2006.
GAAP net income was $7.0 million or $0.12 per diluted share in the fourth quarter of 2007, compared to $3.5 million or $0.06 per diluted share for the same period in 2006.
GAAP net income was $26.8 million or $0.44 per diluted share for the twelve months ended December 31, 2007, compared to a net loss of $0.2 million or approximately breakeven on an earnings per share basis for the same period in 2006.
Non-GAAP net income is computed by adjusting GAAP net income by the impact of recurring amortization of acquisition-related intangibles, stock-based compensation expenses, certain tax charges, as well as other non-recurring charges and gains.
“We are very disappointed with our fourth quarter results and are taking immediate actions to reduce our expenses to reflect the near-term revenue outlook for the Fiery business,” said Guy Gecht, CEO of EFI. “At the same time, we remain confident in our long term opportunities. We are encouraged by the 27% year-over-year revenue growth in our inkjet business, which reflects both its industry leading product portfolio and the benefits of the investments we have made over the past year.”
Outlook for Q1 2008
For the first quarter of 2008, the Company, as previously communicated, expects revenues in the range of $133 million to $137 million.
For the first quarter of 2008, the Company expects non-GAAP earnings per share of $0.18 to $0.20.
For the first quarter of 2008, the Company expects a GAAP loss per share of $0.06 to $0.08.
For the first quarter of 2008, the Company expects a non-GAAP tax rate of 24% to 25%. GAAP net income outlook includes an estimated charge related to non-cash stock based compensation expense. This estimate is subject to change. Both the non-GAAP and the GAAP earnings estimates include the 9.1 million shares related to the Companys contingently convertible debt when dilutive to earnings.