EFI Posts Third-Quarter Results

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On October 29th, Electronics For Imaging (EFI), posted results for the third quarter of 2018.

For the three months that ended on September 30, 2018, EFI reported record third quarter revenue of $257.1 million, up 4 percent compared to third quarter 2017 revenue of $248.4 million. GAAP (Generally Accepted Accounting Principles) net income was $1.9 million compared to GAAP net income of $3.5 million for the same period in 2017, or $0.04 per diluted share compared to $0.07 per diluted share for the same period in 2017.

Non-GAAP net income was $22.6 million, down 11 percent compared to non-GAAP net income of $25.4 million for the same period in 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 $12.9 million compared to $3.4 million during the same period in 2017.

For the nine months ended September 30, 2018, EFI reported revenue of $758.1 million, up 5 percent year-over-year compared to $724.1 million for the same period in 2017. GAAP net income was $2.1 million, or $0.05 per diluted share, compared to $11.0 million or $0.23 per diluted share for the same period in 2017. Non-GAAP net income was $62.4 million or $1.38 per diluted share, compared to non-GAAP net income of $76.7 million, or $1.63 per diluted share for the same period in 2017. Cash flow from operating activities for the nine months ended September 30, 2018 was $50.2 million compared to $42.4 million during the same period in 2017.

“EFI’s reputation for developing innovative, industry-leading technology was a key factor in my decision to join the Company,” said Bill Muir, CEO of EFI. “The Nozomi platform and its early success in transforming corrugated packaging from analog to digital is just one example of how EFI is accelerating the digital transformation of industries where colorful images matter.  I am excited to partner with the talented and passionate team at EFI to fully realize the significant opportunities in front of us and provide increasing value to our customers and shareholders.”

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