Electronics for Imaging Increases Q2 Earnings Guidance
Press release from the issuing company
FOSTER CITY, Calif.--June 18, 2003-- Electronics For Imaging, Inc. (EFI), the world leader in imaging solutions for network printing, announced today that it is increasing its earnings guidance for the second quarter ending June 30, 2003. The company currently expects to achieve GAAP earnings in the range of $0.13 to $0.14 per fully diluted share. On a pro forma basis, the company is increasing its earnings guidance from $0.14 announced on April 16, 2003 to a range of $0.15 to $0.16 per fully diluted share. The company attributed the upward revision in its guidance to strong demand for its color embedded products as well as confidence in achieving its tenth consecutive quarter of improved gross margins.
Guy Gecht, CEO of EFI, noted that the strong results reflect the transformation of the company's business model. "Our margins and profitability continue to increase as we move toward more of a software and design license based business. At the same time, we are investing to extend our product and market reach to capitalize on the significant long-term opportunities and to leverage our market leadership, expertise and global installed base, especially in the professional printing market," concluded Mr. Gecht.
The company will host its annual Investor Day today in New York City. To view the presentation, please log on to www.efi.com at 8:30 am Eastern Standard Time.
The $0.02 difference between forecasted GAAP and pro forma diluted earnings per share, as previously disclosed in this press release, is comprised of amortization of intangibles related to acquisitions.
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