FOSTER CITY, Calif.--Oct. 20, 2004-- EFI, the world leader in digital imaging and print management solutions for commercial and enterprise printing, announced today that, for the quarter ended September 30, 2004, revenues were $97.6 million compared to $97.3 million for the same period in 2003.
For the nine months ended September 30, 2004, revenue grew 15% to $313.4 million from the $271.7 million achieved in the first nine months of 2003.
Pro forma net income was $8.9 million or $0.16 per diluted share in the third quarter of 2004, compared to $12.8 million or $0.24 per diluted share for the same period in 2003.
Pro forma net income for the nine months ended September 30, 2004 was $33.8 million or $0.61 per diluted share, an increase of 17% from the $29.0 million or $0.53 per diluted share achieved during the same period in 2003.
GAAP net income was $16.1 million or $0.30 per diluted share in the third quarter of 2004, an increase of 31% compared to $12.2 million or $0.23 per diluted share for the same period in 2003.
GAAP net income for the nine months ended September 30, 2004 was $37.2 million or $0.67 per diluted share, compared to $25.4 million, or $0.47 per diluted share for the same period in 2003.
Pro forma net income is computed by adjusting GAAP net income by the impact of amortization of acquisition-related intangibles and other non-recurring charges and gains.
As of September 30, 2004, the Company's total assets were $1.02 billion, up from the $1.01 billion reported as of December 31, 2003. Total liabilities as of September 30, 2004 were $358.8 million, even with $358.8 million as of December 31, 2003.
"Despite the difficult business environment, we were able to achieve our fifteenth consecutive quarter of gross margin expansion, strong cash flow from operations, and EPS above our revised expectations," said Guy Gecht, CEO of EFI. "While we are still seeing softness in our embedded business, we remain committed to maintaining solid profitability and investing in key growth areas, particularly in software, where we continue to see strong market opportunities."
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