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EFI Revenue and Earnings Exceed Expectations, Revenue up 25%

Press release from the issuing company

FOSTER CITY, Calif.--April 21, 2004-- 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 March 31, 2004, revenues grew 25% to $106.7 million when compared to $85.7 million for the same period in 2003. Pro forma net income was $12.3 million or $0.22 per diluted share in the first quarter of 2004, an increase of 76% when compared to $7.0 million or $0.13 per diluted share for the same period in 2003. GAAP net income was $11.0 million or $0.20 per diluted share in the first quarter of 2004, compared to $5.1 million, or $0.09 per diluted share for there same period in 2003. Pro forma net income is computed by adjusting GAAP net income by the impact of amortization of acquisition-related intangibles, and other non-recurring charges and gains. As of March 31, 2004, the company's total assets were $1.0 billion, unchanged from the $1.0 billion reported as of December 31, 2003. Total liabilities as of March 31, 2004 were $351.8 million, down slightly from $358.8 million as of December 31, 2003. "We continue to advance our leadership role in supplying professional and enterprise printing customers with the highest quality solutions for improving their efficiency, profitability and customer collaboration," said EFI CEO Guy Gecht. "We are very encouraged by the market response to our latest offerings in applications as well as the strength in our traditional server and embedded businesses." The Company also stated it currently anticipates its business momentum will allow second quarter results to be in line with current consensus estimates of $0.23 pro forma earnings per share and $109 million in revenue. The Company additionally announced that it is adding the responsibilities of Chief Operating Officer to Joseph Cutts, EFI's Chief Financial Officer. CEO Gecht commented, "We see a great deal of opportunity ahead for growing our business. Joe has done an outstanding job as CFO and he is ready to take on additional responsibilities to help execute our strategy. This change will free more time for our President, Fred Rosenzweig, and me to focus on further developing EFI's product offerings and on exploring and closing more business opportunities."