EFI Exceeds Q3 Estimates: $93 Million in Revenue, Reaffirms Q4 Outlook
Press release from the issuing company
FOSTER CITY, Calif.--Oct. 16, 2002--Electronics For Imaging, Inc. (EFI), the world leader in software and hardware imaging solutions for network printing, announced today that for the quarter ended September 30, 2002, revenues were $92.7 million as compared to $127.0 million for the same quarter in 2001.
GAAP net income was $3.6 million or $0.07 per fully diluted share in the third quarter 2002 after a one-time charge to after tax net income of $3.1 million related to the recently announced settlement of the company's 1997 shareholder class action lawsuit. This compares to $11.1 million, or $0.20 per share, in the same period for 2001.
For the third quarter, pro forma net income was $7.5 million, or $0.14 per fully diluted share, as compared to pro forma net income of $13.6 million, or $0.25 per fully diluted share in the prior year. Pro forma net income excludes the effect of the amortization of acquisition-related intangible charges and other non-recurring expenses such as the one-time charge to GAAP net income of $3.1 million related to settlement of the aforementioned lawsuit.
For the nine months ended September 30, 2002, revenues were $259.5 million as compared to $412.1 million for the same period in 2001. GAAP net income for nine months ended September 30, 2002, was $8.1 million, or $0.15 per share, on a fully diluted basis. This compares to net income of $32.7 million and earnings per share of $0.60 on a fully diluted basis reported for the nine months ended September 30, 2001.
Pro forma net income for the nine months ended September 30, 2002 was $13.5 million, or $0.25 per fully diluted share, as compared to pro forma net income of $40.1 million or $0.73 for the same period in 2001.
As of September 30, 2002, the company's total assets were $723.9 million compared to $703.0 million reported as of December 31, 2001. Cash and investments increased $21.1 million to $512.4 million as of September 30, 2002, from the December 31, 2001 balance of $491.3 million.
"We are pleased with this quarter's performance, particularly with our sequential revenue increase of 10% and pro forma earnings per share increase of 133%," said Guy Gecht, Chief Executive Officer, EFI. "Our leadership in professional printing markets, combined with solid execution by our team, will continue to be the driving force behind our strategy to grow and broaden our customer-focused solutions that are used by millions of people everyday."
Gecht continued, "We anticipate that our momentum in the professional printing business will continue into the current quarter. As such, we are comfortable with our prior outlook for fourth quarter revenue and pro forma earnings per share estimates of $93 million and $0.14."
EFI will discuss the company's financial results by conference call at 2:00 p.m. PDT 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.
About Pro Forma Adjustments
We provide pro forma net income and pro forma net income per share data as an alternative for understanding our operating results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (GAAP) and may be materially different from pro forma measures used by other companies. We compute pro forma net income by adjusting GAAP net income with the impact of amortization of acquisition-related charges, the settlement of the company's 1997 shareholder class action lawsuit as well as the tax effect of these charges.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.