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EFI Reports Improved Q4 Results

Thursday, January 27, 2005

Press release from the issuing company

FOSTER CITY, Calif.--Jan. 26, 2005-- EFI, the world leader in digital imaging and print management solutions for commercial and enterprise printing, announced today that, for the quarter ended December 31, 2004, revenues were $81.2 million. For the year ended December 31, 2004, revenue grew 4% to $394.6 million from the $379.6 million achieved in the year ended December 31, 2003. Pro forma net income was $3.1 million or $0.06 per diluted share in the fourth quarter of 2004, compared to $14.9 million or $0.24 per diluted share for the same period in 2003. Pro forma net income for the year ended December 31, 2004 was $36.9 million or $0.62 per diluted share, compared to the $43.9 million or $0.76 per diluted share achieved during the same period in 2003. GAAP net income was $0.8 million or $0.02 per diluted share in the fourth quarter of 2004, compared to $1.1 million or $0.02 per diluted share for the same period in 2003. GAAP net income for the year ended December 31, 2004 was $38.0 million or $0.64 per diluted share, compared to $26.5 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 December 31, 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 December 31, 2004 were $350.3 million, down $8.5 million when compared with $358.8 million as of December 31, 2003. "We are continuing to see impressive growth in our software business, including closing several significant deals this quarter with Fortune 500 customers. Our expanding product portfolio has enabled us to serve larger enterprises, where customers appreciate both the breadth of our product line and our commitment to open standards," said Guy Gecht, CEO of EFI. "Despite a challenging quarter, we are pleased that we achieved strong cash flow from operations and delivered our sixteenth consecutive quarter of gross margin improvements." Q1 Outlook The Company currently anticipates Q1 2005 revenues to be even with Q4 2004 levels. The Company expects pro forma earnings per share of $0.06 and a GAAP loss per share of $0.02. Both the pro forma and GAAP EPS estimates exclude the 9.1 million shares related to the company's contingently convertible debt. The inclusion of these shares and the add-back to pre-tax income of $1.3 million related to interest and amortization of bond issuance expenses would be accretive to earnings, and as such are not to be included in the EPS calculation. The Company expects to recognize a charge of approximately $2.5 million related to a previously announced headcount reduction action taken early in the first quarter. The Company is currently estimating its tax provision at 25% for pro forma results and 23% for GAAP results.

 

 

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