EFI Revenue and Earnings Exceed Expectations22 Apr, 2004
EFI Revenue and Earnings Exceed Expectations
FOSTER CITY, CA--April 21, 2004 Electronics For Imaging (EFI) has announced 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.
"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 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."