EFI Completes Acquisition of VUTEk, Raises Q2 Outlook
Press release from the issuing company
FOSTER CITY, Calif.--June 2, 2005-- EFI, the world leader in digital imaging and print management solutions for commercial and enterprise printing, today announced it has completed its acquisition of VUTEk, Inc., the top global provider of superwide format digital inkjet printers, for approximately $281 million, plus cash acquired. The acquisition is an all cash transaction. The company also raised guidance for the second quarter based on the earlier than previously anticipated close of the VUTEk acquisition.
For the second quarter ended June 30, 2005, EFI currently expects revenues in the range of $94 million to $94.5 million and pro forma diluted earnings per share of $0.10 to $0.11. The company reiterated its previously issued guidance of $84.0 million in revenue and pro forma earnings of $0.09 per diluted share for its existing businesses, with VUTEk adding revenues of $10.0 million to $10.5 million and pro forma earnings of $0.01 to $0.02 per diluted share in the second quarter.
"We are delighted to announce the early close of the VUTEk acquisition and we are excited about the growth opportunities for the superwide digital inkjet market as well as the synergies with EFI's existing product portfolio," said EFI CEO Guy Gecht. "In addition to the immediate accretion from the VUTEk acquisition, as we enter the last month of the quarter, we feel confident that we will deliver on the prior outlook for our existing businesses."
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