Business News
EFI Provides Preliminary Results for First Quarter of 2009
Wednesday 08. April 2009 - Electronics For Imaging, Inc. (Nasdaq: EFII), the world leader in customer-focused digital printing, today announced its expected preliminary results for the three months ended March 31, 2009.
Based on preliminary data, the Company expects first quarter revenues to be approximately $95 to $96 million. The Company anticipates reporting non-GAAP loss per share in the range of $(0.08) to $(0.10) and GAAP earnings per share in the range of $0.52 to $0.58. The Company had not previously provided specific guidance for Q1.
Preliminary GAAP results include estimated charges related to non-cash stock based compensation expense, amortization of acquisition-related intangibles, certain tax charges, asset impairment charges, project abandonment costs, as well as non-recurring charges and gains, such as our sale of certain real estate assets.
“Our Q1 revenue was impacted by the deteriorating spending environment as well as the difficulty for customers to obtain financing,” said Guy Gecht, CEO of EFI. “As previously committed, we took aggressive actions to reduce our operational costs to reflect these lower revenue levels. Given the current market demand, we are implementing further steps to realign our cost structure while focusing on gaining market share through leveraging our industry leading products.”
The Company noted that while none of the product lines were immune to the impact of the global economy, the inkjet business was most affected by the slowdown.
The Company expects Q1 non-GAAP operating expenses to be approximately $60 million, a decrease of approximately 13% year-over-year, and 11% sequentially. The better than expected non-GAAP operating expense levels were due to the implementation of accelerated cost control measures taken during the quarter. Further steps to realign costs are expected to result in Q2 non-GAAP operating expenses down approximately 20% year-over-year and 5% sequentially. These steps include employee salary reductions of 5%, senior management team salary reductions of 10% to 15%, as well as additional headcount reductions, among other initiatives.