EFI 3Q Results: Revenue Down, Generates $31Million in Cash
Press release from the issuing company
FOSTER CITY, Calif.--Oct. 11, 2001--Electronics For Imaging (EFI), the world leader in software and hardware imaging solutions for networked printing, announced today that for the quarter ending September 30, 2001, revenues were $127 million as compared to $153 million for the same quarter in 2000. Pro forma net income for the third quarter of 2001, which excludes the effect of goodwill amortization charges, was $14 million or $0.25 per fully diluted share.
For the nine months ended September 30, 2001, revenues were $412 million compared to $457 million for the same period in 2000. Pro forma net income for the nine months ended September 30, 2001 was $40 million or $0.73 per fully diluted share.
GAAP net income, including goodwill amortization, in the third quarter 2001, decreased from $20 million or $0.37 per fully diluted share in the third quarter 2000 to $11 million or $0.20 per share.
GAAP net income, including goodwill amortization, for the nine months ended September 30, 2001, was $33 million or $0.60 per share on a fully diluted basis. This compares to net income of $68 million and earnings per share of $1.19 on a fully diluted basis reported for the same nine-month period in 2000.
As of September 30, 2001 the company's total assets increased to $721 million versus $654 million reported as of December 31, 2000. Cash and investments increased by $31 million in the quarter and by $107 million for the year to date period to $475 million as of September 30, 2001.
"In a very difficult economic environment, we achieved solid bottom line results by efficiently managing costs in all areas,'' said EFI CEO Guy Gecht. "Our focused investment in innovative software applications, together with compelling new product introductions such as our powerful Fiery Z5 and Z18 platforms, enables EFI to strengthen its market leadership in these uncertain times.'' Commenting on expectations for the fourth quarter, Gecht added, "With continuing weak global spending, combined with the normal year-end seasonality in our business, we are currently anticipating revenue to be in the range of $108-$113 million with earnings per share between $0.15 and $0.17 in the fourth quarter. We are fully committed to our focus on long term growth opportunities as well as continued efficiency and productivity improvements throughout the company.''
EFI will discuss the company's financial results by conference call at 5 p.m. EST today. Instructions for listening to the conference call over the Web are available on the Investor Relations portion of EFI's website at www.efi.com.
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