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.
- August 2017: Nasdaq Sends EFI Warning on Failure to File Quarterly Report
- August 2017: Shareholder Class-Action Lawsuit Filed Against EFI
- April 2017: EFI Reports Robust Net Income for First-Quarter 2017
- February 2017: Xerox Sells FreeFlow Print Server Business to EFI
- 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