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Electronics For Imaging Exceeds Earnings Estimates with $0.16 Pro Forma EPS

Thursday, January 23, 2003

Press release from the issuing company

FOSTER CITY, Calif.--Jan. 22, 2003--Electronics For Imaging, Inc. (EFI), the world leader in imaging solutions for network printing, announced today that for the quarter ended December 31, 2002, revenues were $90.7 million as compared to $105.6 million for the same quarter in 2001. GAAP net income was $7.9 million or $0.14 per fully diluted share in the fourth quarter 2002. This compares to $6.3 million, or $0.11 per fully diluted share, in the same period for 2001. For the fourth quarter, pro forma net income was $8.7 million, or $0.16 per fully diluted share, as compared to pro forma net income of $8.6 million, or $0.16 per fully diluted share in the prior year. For the twelve months ended December 31, 2002, revenues were $350.2 million as compared to $517.6 million for the same period in 2001. GAAP net income for the twelve months ended December 31, 2002, was $16.0 million, or $0.29 per share, on a fully diluted basis. This compares to net income of $38.9 million and earnings per share of $0.71 on a fully diluted basis reported for the twelve months ended December 31, 2001. Pro forma net income for the twelve months ended December 31, 2002 was $22.1 million, or $0.40 per fully diluted share, as compared to pro forma net income of $48.7 million or $0.89 per fully diluted share for the same period in 2001. As of December 31, 2002, the company's total assets were $727.1 million, up from $703.0 million reported as of December 31, 2001. Cash and investments increased $50.1 million to $541.4 million as of December 31, 2002, from the December 31, 2001 balance of $491.3 million. "Our successful execution in expanding our professional printing offerings, as well as our ongoing migration toward a design licensing business model resulted in our eighth consecutive quarter of gross margin growth, strong cash flow and sequential EPS improvement," said Guy Gecht, CEO. "While we see no significant improvement in overall demand, we remain committed to strong bottom-line growth through continued expansion of our product offerings." Gecht continued, "While it is still very early in 2003 to give a financial outlook for the full year, we currently anticipate that our business mix and continued gross margin improvement will drive strong year over year EPS growth with seasonality similar to that seen in 2002. Looking at Q1, we are comfortable with the pro forma consensus EPS estimate of 11 cents per share based on a revenue outlook of $83 to $85 million." EFI will discuss the company's financial results by conference call at 2:00 p.m. PST today. Instructions for listening to the conference call over the Web are available on the investor relations portion of EFI's website at www.efi.com. About Pro Forma Adjustments We provide pro forma net income and pro forma net income per share data as an alternative for understanding our operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (GAAP) and may be materially different from pro forma measures used by other companies. We compute pro forma net income by adjusting GAAP net income with the impact of amortization of acquisition-related charges, the September 30, 2002 settlement of the company's 1997 shareholder class action lawsuit as well as the tax effect of these charges.

 

 

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