FOSTER CITY, Calif.--July 21, 2004-- EFI, the world leader in digital imaging and print management solutions for commercial and enterprise printing, announced today that, for the quarter ended June 30, 2004, revenue grew 23% to $109.1 million from $88.7 million for the same period in 2003.
For the six months ended June 30, 2004, revenue grew 24% to $215.8 million from the $174.4 million achieved in the first six months of 2003.
Pro forma net income was $12.6 million or $0.23 per diluted share in the second quarter of 2004, an increase of 37% from $9.2 million or $0.17 per diluted share for the same period in 2003.
Pro forma net income for the six months ended June 30, 2004 was $24.9 million or $0.45 per diluted share, an increase of 54% from the $16.2 million or $0.29 per diluted share achieved during the same period in 2003.
GAAP net income was $10.1 million or $0.18 per diluted share in the second quarter of 2004, compared to $8.1 million, or $0.15 per diluted share for the same period in 2003.
GAAP net income for the six months ended June 30, 2004 was $21.1 million or $0.38 per diluted share, compared to $13.2 million, or $0.24 per diluted share for the same period in 2003.
Pro forma net income is computed by adjusting GAAP net income by the impact of amortization of acquisition-related intangibles and other non-recurring charges and gains.
As of June 30, 2004, the Company's total assets were $1.0 billion, unchanged from the $1.0 billion reported as of December 31, 2003. Total liabilities as of June 30, 2004 were $354.9 million, down slightly from $358.8 million as of December 31, 2003.
"Our Q2 results indicate strong customer acceptance of our expanding portfolio of integrated software solutions," stated EFI CEO Guy Gecht. "We are very encouraged by the traction in the marketplace evidenced by a growing number of customers using EFI technology to optimize their production processes. From job creation, to high quality output, fulfillment and print MIS systems, our solutions are enabling print providers to increase their competitiveness and efficiency."
The Company also stated that it is currently targeting Q3 revenues of approximately $110 million with pro forma EPS in line with the low end of analysts' estimates or $0.26 per fully diluted share.
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.