Electronics for Imaging Reports Second-Quarter Results

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Electronics For Imaging (EFI) today announced its results for the second quarter of 2018.

For it second quarter that ended on June 30, 2018, EFI reported record revenue of $261.1 million, up 6 percent compared to second-quarter 2017 revenue of $247.0 million. Net income was $3.8 million compared to net income of $2.8 million for the same period in 2017, or $0.08 per diluted share compared to $0.06 per diluted share for second-quarter 2017.

Non-GAAP (Generally Accepted Accounting Principles) net income was $22.6 million, down 11 percent compared to non-GAAP net income of $25.5 million for second-quarter 2017, or $0.50 per diluted share, down 7 percent compared to $0.54 per diluted share for the same period in 2017. Cash flow from operating activities was $30.9 million compared to $24.1 million for second-quarter 2017.

For the six months that ended on June 30, 2018, EFI reported revenue of $500.9 million, up 5 percent year-over-year compared to $475.7 million for second-quarter 2017. Net income was $0.2 million or $0.00 per diluted share, compared to $7.5 million or $0.16 per diluted share for second-quarter 2017.

For the six months, non-GAAP net income was $39.8 million or $0.88 per diluted share, compared to non-GAAP net income of $51.3 million or $1.09 per diluted share for the same period a year earlier. Cash flow from operating activities for the six months that ended on June 30, 2018 was $37.2 million compared to $39.0 million for the same period in 2017.

EFI CEO Guy Gecht commented: “2018 continues to track well for EFI, with the team delivering record second-quarter revenues and solid cash generation despite the significant impact of currency volatility during the quarter. I’m especially pleased with the continued progress and increased sales pipeline for our Nozomi platform, validating EFI’s leadership role in the digital transformation of industries such as packaging and fashion, where colorful images truly matter.”

EFI also reported that for its second quarter, industrial-inkjet printer revenue was up 10 percent, while productivity software grew by 7 percent.

CEO Transition

In a separate press release, the Company announced today that Guy Gecht, EFI’s longtime CEO, informed the Board that he intends to step down once his successor is named. Spencer Stuart, a leading global executive search firm, has been retained to conduct the search, which includes both internal and external candidates. Upon leaving his operating role, Gecht will remain a member of the EFI Board of Directors.

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