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EFI Q1 Results Exceed Guidance; Revenue $82 Million

Thursday, April 21, 2005

Press release from the issuing company

FOSTER CITY, Calif.--April 20, 2005--EFI, the world leader in digital imaging and print management solutions for commercial and enterprise printing, announced today that for the quarter ended March 31, 2005, revenue was $82.0 million. Pro forma net income was $3.8 million or $0.07 per diluted share in the first quarter of 2005, compared to $12.3 million or $0.20 per diluted share for the same period in 2004. GAAP net loss, reflecting amortization of intangibles and severance costs from the company's recent headcount reduction, was $0.7 million or $0.01 per diluted share in the first quarter of 2005, compared to net income of $11.0 million or $0.18 per diluted share for the same period in 2004. 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 March 31, 2005, the Company's total assets were $1.01 billion, down from the $1.02 billion reported as of December 31, 2004. Total liabilities as of March 31, 2005 were $344.0 million, down from the $350.3 million reported as of December 31, 2004. "We are pleased to have exceeded earnings expectations driven by a modest sequential increase in revenue," said EFI CEO Guy Gecht. "We continue to execute on our strategy of providing industry-leading printing solutions and expanding our presence in the commercial printing market. Our recently announced agreement to acquire VUTEk, the market leader in superwide digital printing, will extend our leadership in digital innovation and bring greater stability to our revenue while delivering profitable growth." Q2 Outlook The Company also stated that it is comfortable with current consensus estimates for Q2 2005 revenues of approximately $84.0 million and pro forma earnings per share of $0.09. The pro forma earnings estimate for Q2 includes the 9.1 million shares related to the Company's contingently convertible debt. Q2 2005 GAAP earnings are estimated to be $0.04 per share. The GAAP EPS estimates exclude the 9.1 million shares related to the Company's contingently convertible debt. For GAAP reporting purposes, 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 is currently estimating its tax provision at 25% for pro forma results and 22% for GAAP results.

 

 

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