FOSTER CITY, Calif.--April 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 March 31, 2002, revenues were $83 million as compared to $141 million for the same quarter in 2001.
GAAP net income was $2.0 million or $0.04 per fully diluted share in the first quarter 2002 as compared to net income of $9.9 million or $0.18 per share in the first quarter 2001. In the first quarter of 2002, the company ceased amortizing goodwill in accordance with FAS 142.
For the first quarter of 2002, pro forma net income, which excludes the effect of acquisition-related amortization charges, was $2.7 million or $0.05 per fully diluted share as compared to pro forma net income of $12.3 million or $0.23 per fully diluted share in the prior year.
As of March 31, 2002, the company's total assets were $705 million versus $703 million reported as of December 31, 2001. Cash and investments increased $6 million to $497 million as of March 31, 2001, from the December 31, 2001 balance of $491 million.
The company also reiterates its guidance from its March 11 press release related to the second quarter of 2002. For the second quarter, the company anticipates revenues slightly ahead of the first quarter levels, with a resulting modest increase in pro forma earnings per share.
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