EFI Reports Third Quarter 2007 Results; Revenue up 15%
Press release from the issuing company
October 22, 2007 - FOSTER CITY, Calif. - EFI, the world leader in customer-focused digital printing, announced today its results for the third quarter of 2007. For the quarter ended September 30, 2007, the Company reported revenues of $158.3 million, up approximately 15% when compared to third quarter 2006 revenue of $138.2 million. For the nine months ended September 30, 2007 revenues were $468.6 million, up approximately 14% when compared to $411.2 million in the same period in 2006.
Non-GAAP net income was $22.3 million or $0.34 per diluted share in the third quarter of 2007, up approximately 17% when compared to $18.5 million or $0.29 per diluted share for the same period in 2006.
Non-GAAP net income was $63.5 million or $0.96 per diluted share for the nine months ended September 30, 2007, up 14% from $55.0 million or $0.84 per diluted share for the same period in 2006.
GAAP net income was $8.1 million or $0.13 per diluted share in the third quarter of 2007, compared to a net loss of $27.7 million or $0.49 per diluted share for the same period in 2006.
GAAP net income was $19.8 million or $0.32 per diluted share for the nine months ended September 30, 2007, compared to a net loss of $3.7 million or $0.07 per diluted share for the same period in 2006.
Non-GAAP net income is computed by adjusting GAAP net income by the impact of recurring amortization of acquisition-related intangibles, stock-based compensation expenses, certain tax charges, as well as other non-recurring charges and gains.
"While we are pleased that we were able to achieve 15% year-over-year revenue growth in the third quarter, the revenue shift to the lower margin inkjet business negatively impacted our earnings per share," said Guy Gecht, CEO of EFI. "Our inkjet business, which grew 36% year-over-year, including a record quarter for ink revenues largely offset the Fiery business, which came in below revenue expectations. We look for this trend to continue in Q4, as we maintain the strong growth in our inkjet business, putting continued pressure on margins." Mr. Gecht continued, "We are pleased that we have concluded the restatement of our financials and are now current with our SEC filings, allowing us to resume our share buyback activity."
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