EFI reports 26% year-over-year revenue increase in Q1
Tuesday, April 26, 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 first quarter of 2011. For the quarter ended March 31, 2011, the Company reported revenue of $140.1 million, compared to first quarter 2010 revenue of $110.8 million.
GAAP net income was $6.2 million or $0.13 per diluted share in the first quarter of 2011, compared to GAAP net loss of $(11.4) million or $(0.25) per diluted share for the same period in 2010. Q1 2011 GAAP net income of $6.2 million was primarily driven by a strong revenue quarter and significant improvements in gross margin.
Non-GAAP net income was $13.5 million or $0.28 per diluted share in the first quarter of 2011, compared to non-GAAP net loss of ($0.1) million or ($0.00) per diluted share for the same period in 2010.
"Our exceptional results in Q1, with 26% year-over-year revenue growth, are a strong indication of the opportunities ahead for EFI as we maintain our focus on the fastest growing segments of printing," said Guy Gecht, Chief Executive Officer of EFI. "The efficiencies and profitability our customers are achieving with EFI's innovative technology are driving strong growth across all three of our businesses. We look forward to furthering our market leadership and customer loyalty as we introduce innovative new products this week at Connect 2011, EFI's user conference, and the ISA industry show."
Previously reported revenue in the Fiery and APPS operating segments for the three months ended March 31, 2010 has been revised to conform to the presentation used for the three months ended March 31, 2011, reflecting the reclassification of Proofing software revenue from the APPS to the Fiery operating segment. Total revenue reported for the three months ended March 31, 2010 has not changed.
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