EFI Exceeds Earnings Estimates: Revenue & Net Income Up
Press release from the issuing company
FOSTER CITY, Calif.--April 16, 2003-- Electronics For Imaging, Inc. (EFI), the world leader in imaging solutions for network printing, announced today that, for the quarter ended March 31, 2003, revenues were $85.7 million as compared to $82.9 million for the same quarter in 2002.
GAAP net income was $5.1 million or $0.09 per fully diluted share in the first quarter of 2003. This compares to $2.0 million, or $0.04 per fully diluted share, in the same period for 2002.
For the first quarter, pro forma net income was $7.0 million, or $0.13 per fully diluted share, as compared to pro forma net income of $2.7 million, or $0.05 per fully diluted share, in the same period for 2002.
As of March 31, 2003, the company's total assets were $738.9 million, up from $727.1 million reported as of December 31, 2002. Cash, short term and restricted long-term investments increased $2.0 million to $543.4 million as of March 31, 2003, from the December 31, 2002 balance of $541.4 million.
"We are pleased with our strong year over year EPS improvement resulting from our introduction of compelling new products that help printing professionals be more efficient and profitable," said Guy Gecht, Chief Executive Officer of EFI. "Our strategy of increasing our high end printing solutions, combined with encouraging early sales activity from our recent acquisition of Best, enabled us to deliver our ninth consecutive quarter of margin improvement despite the ongoing challenging business environment."
Mr. Gecht continued: "We expect that many of these new products will further our advance into our target markets in the coming year. Thus, while we are still cautious regarding the overall economic climate, we remain committed to strong year over year bottom-line growth and are comfortable that we can achieve the consensus second quarter EPS estimates and a modest sequential revenue increase."
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