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EFI Reports Revenue Gains in Q4

Wednesday, February 01, 2006

Press release from the issuing company

FOSTER CITY, Calif.--Jan. 31, 2006-- EFI, the world leader in digital controllers, superwide format printers and inks and print management solutions, announced today that for the quarter ended December 31, 2005, revenue was $145.4 million, compared to the fourth quarter 2004 revenue of $81.2. For the year ended December 31, 2005, revenue was $468.5 million compared to $394.6 million in 2004. Non-GAAP net income was $23.1 million or $0.36 per diluted share in the fourth quarter of 2005, up from $3.1 million or $0.06 per diluted share for the same period in 2004. Non-GAAP net income was $56.7 million or $0.93 per diluted share for the year ended 2005, compared to $36.9 million or $0.62 per diluted share for the same period in 2004. GAAP net income was $11.4 million or $0.18 per diluted share in the fourth quarter of 2005, compared to net income of $0.8 million or $0.02 per diluted share for the same period in 2004. GAAP net loss, reflecting a charge for in-process research and development and the amortization of intangibles, for the year ended December 31, 2005 was $4.1 million or $0.07 per diluted share compared to net income of $38.0 million or $0.64 per diluted share for the same period in 2004. Non-GAAP net income is computed by adjusting GAAP net income by the impact of amortization of acquisition-related intangibles, stock-based compensation and other non-recurring charges and gains. As of December 31, 2005, the Company's total assets were $1.1 billion, up from the $1.0 billion reported as of December 31, 2004. Total liabilities as of December 31, 2005 were $375.8 million, up from the $350.3 million reported as of December 31, 2004. "We are very pleased with our performance across the entire product lineup during the quarter. The year over year numbers speak to the strong recovery in our Fiery business as well as the successful VUTEk acquisition," said Guy Gecht, Chief Executive Officer of EFI. "Our outlook for the first quarter, taking into account our normal seasonality, is a further indication of the growing strength across our business and we expect the momentum to continue through 2006." Separately the company also announced that John Ritchie, currently Vice President of Finance, will be promoted to the role of Chief Financial Officer effective April 1, 2006. John joined EFI in 2000 as part of the Splash acquisition where he was CFO. "John Ritchie's promotion is a reflection of his great contribution to EFI in driving shareholder value, integrating numerous acquisitions and assuring compliance with regulatory standards," Gecht added. "I am confident that John will do a terrific job as CFO while also freeing up Joe Cutts to focus on his Chief Operating Officer responsibilities." Q1 Outlook For the first quarter of 2006 the company expects revenues in the range of $132 million to $134 million and non-GAAP earnings per share of $0.26 to $0.28. GAAP earnings are estimated to be $0.12 to $0.14 per share. GAAP net income outlook includes an estimated charge related to the implementation of FAS 123R. This estimate is subject to change. Both the non-GAAP and the GAAP earnings estimates for Q1 include the 9.1 million shares related to the Company's contingently convertible debt.

 

 

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