FOSTER CITY, Calif.--July 20, 2005-- 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, 2005, revenue was $99.0 million. For the six months ended June 30, 2005, revenue was $181.0 million.
Pro forma net income was $8.0 million or $0.14 per diluted share in the second quarter of 2005, compared to $12.6 million or $0.21 per diluted share for the same period in 2004.
Pro forma net income was $11.8 million or $0.21 per diluted share for the six months ended 2005, compared to $24.9 million or $0.41 per diluted share for the same period in 2004.
GAAP net loss, reflecting a charge for in-process research and development and amortization of intangibles, was $33.3 million or $0.61 per diluted share in the second quarter of 2005, compared to net income of $10.1 million or $0.17 per diluted share for the same period in 2004.
GAAP net loss for the six months ended June 30, 2005 was $33.9 million or $0.63 per diluted share compared to net income of $21.1 million or $0.35 per diluted share for the same period in 2004.
Pro forma net income is computed by adjusting GAAP net income by the impact of amortization of acquisition-related intangibles, stock-based compensation and other non-recurring charges and gains.
As of June 30, 2005, the Company's total assets were $1.01 billion, down slightly from the $1.02 billion reported as of December 31, 2004. Total liabilities as of June 30, 2005 were $367.3 million, up from the $350.3 million reported as of December 31, 2004.
"We are very pleased with the performance of our Controller business, the Professional Print Applications portfolio and the newly acquired VUTEk division in the second quarter," said EFI CEO Guy Gecht. "The outlook for Q3 is strong, as EFI's innovative products and industry leading print technology continue to benefit our customers as they increase their focus on efficiencies and profitability."
The Company also stated that it expects Q3 revenues in the range of $126 million to $128 million and pro forma earnings per share of $0.21 to $0.23. GAAP earnings are estimated to be $0.11 to $0.13 per share. Both the pro forma and the GAAP earnings estimates for Q3 include the 9.1 million shares related to the Company's contingently convertible debt.
Reconciliation of pro forma to GAAP EPS estimates
Pro forma EPS estimate $ 0.21 $ 0.23
Amortization of acquisition-related intangibles $(0.15) $(0.15)
Amortization of stock based compensation $(0.01) $(0.01)
Tax effect of pro forma adjustments $ 0.06 $ 0.06
GAAP EPS estimate $ 0.11 $ 0.13
The amortization and values of acquisition-related intangibles from the VUTEk acquisition are based on preliminary valuations and are subject to change.
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