Slight Revenue Increase for EFI’s Fourth-Quarter Revenue, But Net Loss of $25.4 Million
Electronics For Imaging (EFI) today announced results for its fourth quarter and the year ended December 31, 2017. For its fourth quarter, EFI reported fourth-quarter revenue of $269.2 million, up 1 percent compared to fourth-quarter 2016 revenue of $266.7 million. The firm reported a net loss of $25.4 million, compared to net income of $19.9 million for the same period in 2016, or a loss of $0.55 per share compared to $0.42 per share for the same period in 2016.
EFI says that non-GAAP (Generally Accepted Accounting Principles) net income was $24.0 million, down 33 percent compared to non-GAAP net income of $35.7 million for the same period in 2016, or $0.52 per diluted share, down 31 percent compared to $0.75 per diluted share for the same period in 2016. Cash flow from operating activities was $8.9 million, down 86 percent compared to $65.2 million during the same period in 2016.
For the year ended December 31, 2017, EFI reported revenue of $993.3 million, up 0.1 percent year-over-year compared to $992.1 million for the same period in 2016. The firm reported a net loss of $14.4 million or $0.31 per share, compared to net income of $44.9 million, or $0.94 per diluted share for 2016. Non-GAAP net income was $100.7 million, or $2.14 per share, compared to non-GAAP net income of $116.2 million, or $2.43 per share for 2016. Cash flow from operating activities was $51.3 million, down 58 percent compared to $121.0 million during the same period in 2016.
Guy Gecht, CEO of EFI, commented: “The performance of our direct business drove record quarterly and full-year revenue for EFI. We look for this growth from inkjet and software to accelerate in the first quarter. Having just finished a very exciting Connect Users’ Conference, the EFI team is energized as we enter 2018, with a year full of new product introductions across the company and Nozomi on track for a strong first year in the corrugated market. We are well positioned to help customers transform their businesses.”
- January 2018: EFI Showcases New Age of Digital Print, New Products, at 19th Annual EFI Connect Conference
- October 2017: Net Income, Earnings per Share Down Sharply for EFI’s Third Quarter
- October 2017: EFI Acquires Escada Systems in Bid to Expand Offerings for Package-Printing Market
- September 2017: After Delay, EFI Reports ‘Record’ Second-Quarter Revenue
- 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