EFI Reports Results: $84 Million in Sales, Outlook Better for Next 6 Months
Press release from the issuing company
Company Anticipates Increased Revenues, Profitability in Second Half 2002
FOSTER CITY, Calif.--July 17, 2002--Electronics For Imaging, Inc. (EFI), the world leader in software and hardware imaging solutions for network printing, announced today that for the quarter ended June 30, 2002, revenues were $83.9 million as compared to $143.9 million for the same quarter in 2001.
GAAP net income was $2.5 million or $0.05 per fully diluted share in the second quarter 2002 as compared to $11.7 million or $0.21 per share in the same period for 2001.
Pro forma net income for the second quarter, which excludes the effect of acquisition-related amortization charges, was $3.2 million or $0.06 per fully diluted share as compared to pro forma net income of $14.2 million or $0.26 per fully diluted share in the prior year.
For the six months ended June 30, 2002, revenues were $166.8 million as compared to $285.0 million for the same period in 2001. GAAP net income, including acquisition-related amortization, for the six months ended June 30, 2002, was $4.5 million or $0.08 per share ona fully diluted basis. This compares to net income of $21.6 million and earnings per share of $0.40 on a fully diluted basis reported for the six months ended June 30, 2001.
Pro forma net income for the six months ended June 30, 2002 was $6.0 million or $0.11 per fully diluted share as compared to pro forma net income of $26.5 million or $0.49 for the same period in 2001.
As of June 30, 2002, the company's total assets were $712.0 million compared to $703.0 million reported as of December 31, 2001. Cash and investments increased $11.0 million to $502.3 million as of June 30, 2002, from the December 31, 2001 balance of $491.3 million.
"We are pleased to report our sixth consecutive quarter of margin improvement, a direct result of our strategy to migrate our low-end products to a design licensing business model, as well as our growing investment in software products," said Guy Gecht, Chief Executive Officer, EFI. "With continued margin improvement and anticipated sequential revenue growth, we are comfortable with the consensus pro forma earnings estimate of $0.13 for the third quarter of 2002. We further believe that our continued execution will result in modest revenue and profitability growth in the fourth quarter when compared with the third quarter."
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