After Delay, EFI Reports ‘Record’ Second-Quarter Revenue

Electronics For Imaging (EFI) today reported financial results for its 2017 second quarter, reporting “record” second-quarter revenue of $247.0 million, up 1 percent compared to second-quarter 2016’s revenue of $245.7 million.

However, net income was $2.8 million, down 47 percent compared to $5.2 million for second-quarter 2016, or $0.06 per share, down 45 percent compared to $0.11 per share for second-quarter 2016.

For the six months that ended on June 30, 2017, EFI reported revenue of $475.7 million, down 1 percent year-over-year compared to $479.8 million for the same period in 2016. Net income for the first six months of 2017 was $7.5 million, or $0.16 per share, compared to $7.3 million, or $0.15 per  share for the same period in 2016.

“While we sincerely regret the delay in announcing our second quarter results and the impact on our shareholders, we are pleased to report that the EFI team delivered record second-quarter revenue with solid cash generation,” commented Guy Gecht, CEO of EFI.  “We expect this momentum to continue into the second half of the year, with anticipated record third-quarter revenue, while making additional progress on our pipeline of new industry leading products, including the planned commercialization of the Nozomi.”

Last month,   EFI reported that it had received a notification letter from the Nasdaq stock exchanging stating that EFI hadn’t complied with the Nasdaq listing rule 5250(c)(1), which requires timely filing of reports with the U.S. Securities and Exchange Commission. It’s reporting this week of its second-quarter results satisfies the Nasdaq requirement..

Share Buyback Program

Separately, EFI announced that its board of directors has approved a $125 million increase in the firm’s share-buyback authorization, and supplemented the prior program, which, as of September 8, 2017, had $28.8 million available for purchases.

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