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EFI for Q4 reports 27% year-over-year revenue increases

Friday, January 21, 2011

Press release from the issuing company

Foster City, Calif., - Electronics For Imaging, Inc., a world leader in customer-focused digital printing innovation, today announced its results for the fourth quarter of 2010. For the quarter ended December 31, 2010, the Company reported revenue of $145.0 million, compared to fourth quarter 2009 revenues of $114.0 million.

GAAP net income was $7.6 million or $0.16 per diluted share in the fourth quarter of 2010, compared to GAAP net loss of $(3.4) million or $(0.07) per diluted share for the same period in 2009. Q4 2010 GAAP net income of $7.6 million was primarily driven by a strong revenue quarter and a one-time $2.0 million benefit for the renewal of the 2010 federal R&D tax credit, retroactive to January 1, 2010.

GAAP net income was $7.0 million or $0.15 per diluted share for the twelve months ended December 31, 2010, compared to GAAP net loss of $(2.2) million or $(0.04) per diluted share for the same period in 2009.

Non-GAAP net income was $13.3 million or $0.28 per diluted share in the fourth quarter of 2010, compared to non-GAAP net income of $2.3 million or $0.05 per diluted share for the same period in 2009.

Non-GAAP net income was $27.8 million or $0.59 per diluted share for the twelve months ended December 31, 2010, compared to non-GAAP net loss of $(10.7) million or $(0.22) per diluted share for the same period in 2009.

"EFI finished 2010 with an exceptionally strong quarter across the board. We delivered 27% revenue growth and generated more earnings and cash from operations than we have produced in any quarter since 2007," said Guy Gecht, CEO of EFI. "Capping a very strong year for EFI, the fourth quarter results are further evidence that our strategy positioning the Company in the highest growth segments of digital printing is working. We look for this solid execution and momentum to continue into 2011."

Previously reported revenue in the Fiery and APPS operating segments for the three and twelve months ended December 31, 2009 has been revised to conform to the three and twelve months ended December 31, 2010 presentation, reflecting the reclassification of Proofing software revenue from the APPS to the Fiery operating segment. Total revenue for the three and twelve months ended December 31, 2009 has not changed.

 

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