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EFI Reports Over 38% Jump in Revenue in Q2

Thursday, July 20, 2006

Press release from the issuing company

FOSTER CITY, Calif.--July 19, 2006-- EFI, the world leader in digital controllers, super-wide format printers and inks and print management solutions, announced today that for the quarter ended June 30, 2006, revenue was $137.3 million, up 38.7% compared to second quarter 2005 revenue of $99.0 million. For the six months ended June 30, 2006, revenue was $271.6 million, up 50% compared to $181.0 million for the same period last year. Non-GAAP net income was $18.2 million or $0.28 per diluted share in the second quarter of 2006, up 127% from $8.0 million, or $0.14 per diluted share for the same period in 2005. Non-GAAP net income was $36.2 million or $0.56 per diluted share for the six months ended June 30, 2006, up 207% from $11.8 million or $0.21 per diluted share for the same period in 2005. GAAP net income was $11.8 million or $0.18 per diluted share in the second quarter of 2006, compared to a net loss of $33.3 million or $0.61 per diluted share for the same period in 2005. GAAP net income was $24.0 million or $0.38 per diluted share for the six months ended June 30, 2006, compared to a net loss of $33.9 million or $0.63 per diluted share for the same period in 2005. Non-GAAP net income is computed by adjusting GAAP net income by the impact of recurring amortization of acquisition-related intangibles, stock-based compensation expenses as well as other non-recurring charges and gains. "We are pleased that our second quarter results still came within our previously stated range despite being impacted by timing issues surrounding controller product introductions by our OEM partners," said Guy Gecht EFI CEO. "While these delays impacted our second half outlook, their effect was minimized by our increasingly diversified product portfolio. Longer term, the strong fundamentals of our overall business, the number of imminent new product introductions and the strength in our VUTEk line of products point to a strong fourth quarter and continued momentum into 2007." Outlook for the second half of 2006 * For the second half of 2006, the company expects revenues in the range of $290 million to $300 million. * For the third quarter of 2006, the company expects revenues in the range of $140 million to $143 million. * For the third quarter, the company expects non-GAAP earnings per share of $0.30-$0.32. In the third quarter the company plans to align the manufacturing and distribution of several product lines with its controller business. This change is expected to result in a third quarter non-cash tax charge of $32 million. This charge will be excluded from our non-GAAP results. The charge will result in a GAAP loss estimated to be in the range of $0.42 to $0.44 per share. The charge is expected to result in a cash payment in the fourth quarter of approximately $7 million. We anticipate this change will result in a reduction of our GAAP and pro-forma effective tax rates beginning in 2007. The company will provide more information on its 2007 tax rate in upcoming quarters. * For the fourth quarter of 2006, the company expects revenues in the range of $150 million to $157 million. * For the fourth quarter, the company expects non-GAAP earnings per share of $0.38 to $0.43. GAAP earnings are estimated to be $0.24 to $0.29 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 include the 9.1 million shares related to the company's contingently convertible debt when the inclusion of these shares is dilutive to earnings.

 

 

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