EFI Raises Q3 Earnings Guidance, Printcafe deal to close in Q4
Press release from the issuing company
FOSTER CITY, Calif.---Sept. 3, 2003--Electronics For Imaging, Inc. (EFI), the world leader in imaging solutions for network printing, announced today that it is increasing its earnings guidance for the third quarter ending Sept. 30, 2003. The company currently expects to achieve GAAP earnings in the range of $0.19 to $0.20 per fully diluted share, up from the prior forecast of $0.08 to $0.09 per fully diluted share provided on July 22, 2003.
On a pro forma basis, the company is increasing its earnings guidance from the $0.20 to $0.21 it announced previously, to a range of $0.21 to $0.22 per fully diluted share. The increase in pro forma earnings is due to a better product mix than previously anticipated, including increased sales of design-licensed color embedded products.
The increased GAAP earnings expectations are based on the stronger product mix in combination with the currently expected timing for closing the acquisition of Printcafe. The company currently anticipates that the Printcafe acquisition will close early in the fourth calendar quarter as opposed to late in the third quarter as previously expected. EFI and Printcafe are both committed to finalizing the deal as rapidly as possible and are awaiting final SEC approval of the S-4, filed in conjunction with the deal.
As soon as this approval is given, the companies will distribute the proxy to Printcafe shareholders. Due to the fourth quarter close, the Printcafe acquisition will have no impact on EFI's revenue or earnings in the third quarter. The company maintains its previous third quarter revenue outlook of $95 to $96 million, the guidance provided prior to the addition of Printcafe revenue.
The $0.02 difference between forecasted GAAP and pro forma diluted earnings per share, as previously disclosed in this press release, is comprised of amortization of intangibles related to acquisitions.
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