Electronics For Imaging Provides Business Update: Lowers Profit Outlook
Press release from the issuing company
FOSTER CITY, Calif.--March 11, 2002--Electronics For Imaging, Inc. (EFI), the world leader in enabling networked printing solutions, today provided a business update for the first and second quarters of fiscal 2002.
Based on preliminary estimates for the three months ending March 31, 2002, the company anticipates that revenues will be approximately $80-83 million, with pro-forma earnings per share of $.03 to $.04. For the second quarter of 2002, ending June 30, the company currently anticipates revenues only slightly ahead of first quarter levels, with a resulting modest increase in pro-forma earnings per share.
"We revised our first quarter estimates, primarily due to a slowdown in capital spending on color printers and copiers in both the professional printing and office markets,'' said Guy Gecht, CEO of Electronics For Imaging. "Currently we are expecting the second quarter to improve very modestly over the first quarter.''
EFI will host a conference call to discuss these anticipated results at 9:00 a.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.
Pro Forma Adjustments
We provide pro forma net income (loss) and pro forma net income (loss) per share data as a method for better understanding of our operating results. These measures are not in accordance with, or an alternative for generally accepted accounting principals (GAAP) and may be materially different from pro forma measures used by other companies. We compute pro forma net income (loss) by adjusting GAAP net income (loss) with the impact of amortization of goodwill and other acquisition related charges as well as the tax effect of these charges. No other items are adjusted when using pro forma figures.
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