Business News

EFI Reports Q3 2010 Results

Friday 22. October 2010 - Revenue Increases 28% Year-Over-Year With Non-GAAP EPS of $0.23

Electronics For Imaging, Inc. (Nasdaq:EFII), a world leader in customer-focused digital printing innovation, today announced its results for the third quarter of 2010. For the quarter ended September 30, 2010, the Company reported revenues of $129.0 million, compared to third quarter 2009 revenue of $100.9 million.

GAAP net income was $13.4 million or $0.29 per diluted share in the third quarter of 2010, compared to GAAP net loss of $(12.2) million or $(0.25) per diluted share for the same period in 2009. Q3 2010 GAAP net income of $13.4 million was primarily driven by the recognition of previously unrecognized tax benefits of $8.4 million.

GAAP net loss was $(0.6) million or $(0.01) per diluted share for the nine months ended September 30, 2010, compared to GAAP net income of $1.2 million or $0.02 per diluted share for the same period in 2009.

Non-GAAP net income was $10.7 million or $0.23 per diluted share in the third quarter of 2010, compared to non-GAAP net loss of $(2.6) million or $(0.05) per diluted share for the same period in 2009.

Non-GAAP net income was $14.5 million or $0.31 per diluted share for the nine months ended September 30, 2010, compared to non-GAAP net loss of $(13.1) million or $(0.26) per diluted share for the same period in 2009.

“EFI delivered a strong third quarter, with 28% year-over-year revenue growth and solid EPS, operating margins and cash flow. In addition, our 43% year-over-year volume growth in UV ink reflects the strong demand our customers are able to realize by utilizing our best in class digital printers, and points toward increased print capacity requirements in the future,” said Guy Gecht, CEO of EFI. “We have transformed the company to be at the center of the most promising growth areas of print and as such, remain optimistic about both the short and long term opportunities for EFI.”

Previously reported revenue in the Fiery and APPS operating segments for the three and nine months ended September 30, 2009 has been revised to conform to the three and nine months ended September 30, 2010 presentation, reflecting the reclassification of Proofing software revenue from the APPS to the Fiery operating segment. Total revenue for the three and nine months ended September 30, 2009 has not changed.