Net Income Soars for Electronics for Imaging in Fourth Quarter, ‘Record Revenue’
Electronics For Imaging (EFI) today reported financial results for its fourth quarter of 2016, as well as for full-year 2016. For the quarter that ended on December 31, 2016, EFI reported “record revenue” of $266.7 million, up 4 percent compared to fourth-quarter 2015 revenue of $256.5 million.
GAAP (Generally Accepted Accounting Principles) net income for the fourth quarter was $20.5 million, up 99 percent compared to $10.3 million for fourth-quarter 2015, or $0.43 per share, up 105 percent compared to $0.21 per diluted share for the same period in 2015. Non-GAAP net income for the fourth quarter was $36.3 million, up 23 percent compared to non-GAAP net income of $29.4 million for fourth-quarter 2015, or $ 0.77 per share, up 26 percent compared to $0.61 per diluted share for the same period in 2015. Cash flow from operating activities was $65.2 million, up 141 percent compared to $27.1 million during the same period in 2015.
Full-Year 2016 Results
For full-year 2016, EFI reported revenue of $992.1 million, up 12 percent year-over-year compared to $882.5 million for full-year 2015. GAAP net income was $45.5 million, up 36 percent compared to $33.5 million for full-year 2015, or $0.95 per diluted share, up 36 percent compared to $0.70 per diluted share for full-year 2015. Non-GAAP net income was $116.8 million, up 19 percent compared to non-GAAP net income of $97.9 million for full-year 2015 or $2.44 per diluted share, up 20 percent compared to $2.03 per diluted share for full-year 2015. Cash flow from operating activities was $121.1 million, up 77 percent compared to $68.3 million during the same period in 2015.
“EFI delivered another record revenue quarter and our team’s execution drove significant improvements in margins, cash flow, and earnings per share, despite the negative impact of foreign currency,” commented EFI CEO Guy Gecht. “As we start the New Year we are even more excited about the road ahead, especially with our upcoming introduction of the Nozomi platform targeted at digital printing for packaging.”
- January 2017: EFI Rolls Out New VUTEk LED and Largest Soft Signage Printer at EFI Connect Conference
- October 2016: EFI Revenue up 7 Percent, Net Income up 76 Percent
- July 2016: EFI Second-Quarter Revenue up 21 Percent to $264 Million, But Net Income Slides
- June 2016: EFI Acquires Optitex in Bid to Extend Marketshare in Textile-Printing Industry
- April 2016: EFI: Record First-Quarter Revenue of $234 Million, up 20 Percent
- January 2016: ‘Record Revevue’ for EFI’s Fourth-Quarter, but Net Income Down
- October 2015: Revenue, Net Income Continue Upward Trend for EFI’s Third Quarter
- July 2015: EFI Makes Two Key Acquisitions; Launches New Fiery Server
- July 2015: EFI Reports Record Revenue of $203 Million, Net-Income Gains
- April 2015: EFI Reports Record First Quarter Revenue of $195 Million
- January 2015: EFI REPORTS RECORD REVENUE FOR FOURTH QUARTER AND FULL-YEAR 2014
- October 2014: EFI REPORTS RECORD REVENUE OF $198 MILLION FOR THIRD-QUARTER 2014
- April 2014: EFI REPORTS FIRST-QUARTER REVENUE IS UP 10 PERCENT
- January 2014: EFI REPORTS RECORD FOURTH-QUARTER AND FULL-YEAR 2013 FINANCIAL RESULTS