EFI Exceeds EPS & Revenue Expectations; Raises Q4 Outlook
Press release from the issuing company
FOSTER CITY, Calif.--Oct. 22, 2003-- Electronics For Imaging (EFI), the world leader in digital imaging and print management solutions for commercial and enterprise printing, announced today that, for the quarter ended September 30, 2003, revenues were $97.3 million as compared to $92.7 million for the same quarter in 2002. For the nine months ended September 30, 2003, revenues were $271.7 million as compared to $259.5 for the same period in 2002.
GAAP net income was $13.0 million or $0.24 per fully diluted share in the third quarter of 2003, an increase of 259% when compared to $3.6 million, or $0.07 per fully diluted share, for the same period in 2002. For the nine months ended September 30, 2003, GAAP net income increased 225% to $26.3 million, or $0.48 per fully diluted share, from net income of $8.1 million, or $0.15 per fully diluted share, for the same period in 2002.
Pro forma net income was $12.8 million or $0.24 per fully diluted share in the third quarter of 2003, an increase of 71% when compared to $7.5 million, or $0.14 per fully diluted share, for the same period in 2002. For the nine months ended September 30, 2003, pro forma net income increased 115% to $29.0 million or $0.53 per fully diluted share, from pro forma net income of $13.5 million, or $0.25 per fully diluted share, for the same period in 2002.
For the third quarter 2003 and the nine months ended September, 30 2003, we computed pro forma net income by adjusting GAAP net income by the amortization of acquisition-related charges as well as gains, net of expenses, from settlements related to intellectual property litigation.
As of September 30, 2003, the company's total assets were $971.5 million, up from $727.1 million reported as of December 31, 2002. Total liabilities as of September 30, 2003 were $338.9 million, up from $93.0 million as of December 31, 2002.
The Company currently anticipates the following results in the fourth quarter of 2003:
Revenue in the range of $104 million to $107 million, including approximately $8-$9 million in revenue related to Printcafe and T/R Systems.
GAAP fully diluted earnings per share of $0.00 to $0.02 in the fourth quarter, including acquisition-related charges for Printcafe and T/R Systems, charges related to the Company's prior minority interest in Printcafe, and gains, net of expenses, related to intellectual property litigation.
Pro forma fully diluted earnings per share of $0.23 to $0.25 in the fourth quarter.
"Our strong third quarter results and the increase in the fourth quarter outlook reflect the positive benefits of our design licensing strategy and the accelerating demand for color imaging in the office environment," said Guy Gecht, CEO, EFI. "Additionally, our new server line-up is being enthusiastically received by the professional printing market. We also anticipate further inroads into the graphic arts and commercial printing markets with the Printcafe acquisition and our many new partnerships, allowing us to fully capitalize on opportunities in this large market."
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