FOSTER CITY, Calif.--April 20, 2006-- EFI, the world leader in digital controllers, super-wide format printers and inks and print management solutions, announced today that for the quarter ended March 31, 2006, revenue was $134.3 million, up 64% compared to the first quarter 2005 revenue of $82.0 million.
Non-GAAP net income was $18.0 million or $0.28 per diluted share in the first quarter of 2006, up 400% from the $3.8 million or $0.07 per diluted share for the same period in 2005.
GAAP net income was $12.5 million or $0.20 per diluted share in the first quarter of 2006, compared to a net loss of $0.7 million or $0.01 per diluted share for the same period in 2005.
Non-GAAP 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 March 31, 2006, the Company's total assets were $1.1 billion, even with the $1.1 billion reported as of December 31, 2005. Total liabilities as of March 31, 2006 were $365.8 million, down from the $375.8 million reported as of December 31, 2005.
"We are pleased to report results at the higher end of our range driven by solid performance in all three areas of our business. At the same time we also showed continued progress in growing our recurring revenues, due largely to a record ink revenue quarter," said Guy Gecht, CEO, EFI. "As we have discussed, we expect a robust level of new product introductions in the second half of 2006 which we believe will continue into 2007 and beyond."
For the second quarter of 2006 the company expects revenues in the range of $137 million to $140 million and non-GAAP earnings per share of $0.28 to $0.30. GAAP earnings are estimated to be $0.14 to $0.16 per share. GAAP net income outlook includes an estimated charge related to the implementation of FAS 123R. This estimate is subject to change. Both the non-GAAP and the GAAP earnings estimates for Q2 include the 9.1 million shares related to the Company's contingently convertible debt.
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