EFI Reports Results for 2001, Revenue Down by $70 Million
Press release from the issuing company
FOSTER CITY, Calif.--Jan 23, 2002-- Electronics For Imaging announced today that for the quarter ended December 31, 2001, revenues were $106 million as compared to $132 million for the same quarter in 2000.
GAAP net income, including goodwill amortization resulting from the Splash acquisition, increased to $6 million or $0.11 per fully diluted share in the fourth quarter 2001 as compared to a loss of $14 million or $0.26 per share in the fourth quarter 2000.
For the fourth quarter of 2001, pro forma net income, which excludes the effect of goodwill amortization charges, was $8.6 million or $0.16 per fully diluted share as compared to pro forma net income of $9.0 million or $0.17 per fully diluted share in the prior year.
For 2001, revenues were $518 million as compared to $588 million for 2000. GAAP net income, including goodwill amortization, for 2001, was $39 million or $0.71 per share on a fully diluted basis. This compares to net income of $54 million and earnings per share of $0.97 on a fully diluted basis reported for 2000.
Pro forma net income for 2001 was $49 million or $0.89 per fully diluted share as compared to pro forma net income of $77 million or $1.38 for 2000.
As of December 31, 2001, the company's total assets were $703 million versus $654 million reported as of December 31, 2000. Cash and investments increased $123 million to $491 million as of December 31, 2001, from the December 31, 2000 balance of $368 million.
"We are pleased that our continued efforts on controlling expenses and focus on improving the product mix allowed us to meet earnings expectations in a weak economic environment,'' said EFI CEO Guy Gecht. "We also continue to invest in future business opportunities such as PrintMe Networks and other initiatives to provide a strong platform for future growth.''
Mr. Gecht continued, "We will continue focusing on new initiatives while extending our market leadership in advanced printing technologies. Looking into 2002, we do not see any significant change in the global economic outlook. Given this environment, we currently project revenues and pro forma earnings for Q1 2002 to be even with Q4 2001, and pro forma earnings per share for the full year 2002 to be consistent with, or slightly up from 2001. By enhancing the leverage in our business, we have positioned ourselves to drive significant increases in profitability as the economy improves.''
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