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EFI Reports Fourth-Quarter, Full-Year Financial Results

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Electronics For Imaging (EFI) today reported results for its fourth quarter and the year ended December 31, 2018.

For the three months that ended on December 31, 2018, EFI reported revenue of $256.9 million, down 5 percent compared to $269.2 million for the same period in 2017. EFI’s net loss for the quarter was $3.1 million compared to a net loss of $26.3 million for the same period in 2017 or $(0.07) per share compared to $(0.58) per share for the same period in 2017.

Non-GAAP (Generally Accepted Accounting Principles) net income was $20.5 million, down 14 percent compared to $24.0 million for the same period in 2017, or $0.46 per share, down 12 percent compared to $0.52 per share for the same period in 2017.

Cash flow from operating activities for the quarter was $33.4 million, making up 162 percent of non-GAAP net income, compared to $8.9 million, making up 37 percent of non-GAAP net income for fourth-quarter 2017.

Full-Year Results

For the year ended December 31, 2018, EFI reported revenue of $1.02 billion, up 2 percent compared to $993.3 million for fiscal-year 2017. EFI’s GAAP net loss was $1.0 million compared to a GAAP net loss of $15.3 million for 2017, or $(0.02) per share compared to $(0.33) per share for 2017.

Non-GAAP net income was $82.9 million, down 18 percent compared to $100.7 million, or $1.83 per  share, down 14 percent compared to $2.14 per share for 2017.

Cash flow from operating activities for 2018 was $83.5 million, making up 101 percent of non-GAAP net income compared to $51.3 million, which made up 51 percent of non-GAAP net income for 2017.

EFI CEO Bill Muir commented: “After spending last week at our Connect User Conference meeting passionate customers who shared how critical our products are in enabling their businesses, my enthusiasm regarding EFI’s opportunity has only increased. At the same time, these conversations reinforce the need to improve execution, evolve our go-to-market strategy and accelerate innovation to help drive our customers’ success.

“To that end, we have recently launched initiatives that will create value for both our customers and EFI. These steps include a thorough supply-chain review to identify cost savings, value-stream mapping exercises to analyze our R&D process and identify waste, and a comprehensive assessment of our go-to-market approach. These are just the first in a series of initiatives we will implement over the coming months.  While the benefits won’t be reflected in our results until late in the year, I am confident we have the right strategy in place to match EFI’s technological expertise with the superior execution that will delight our customers.”

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