EFI Reports Growth in First Quarter Revenue

Electronics For Imaging (EFI) reported its financial results for the first quarter of 2013 showing a 7% growth in revenue at $171 million. This compares to $160.1 million in the same quarter of 2012. Non-GAAP (generally accepted accounting principles) net income in the first quarter of 2013 (1Q2013) was $15.8 million or $0.33 per diluted share, including an unfavorable non-operational currency impact of $0.04 per diluted share.

For the same quarter of 2012, the non-GAAP net income was $14.2 million or $0.30 per diluted share. GAAP net income increased from $6.2 million or $0.13 per diluted share for the 1Q2012 to $8.4 million or $0.17 per diluted share for 1Q2013.

Guy Gecht, CEO of EFI, said, “EFI delivered a great first quarter with the unexpected revenue growth, solid profitability increase and strong cash generation. With our new breakthrough products and sales opportunities at global trade shows, we look for the strong demand into the current quarter. Through our innovation, EFI will continue to help consumers to drive their growth and productivity.”

During a conference call discussing the results, Guy Gechi added, “The US market looks good. Europe is still a struggle. As consumers don’t have the same confidence and spend less on the equipment, we think that with the ink volume, the growth is not as good as that of the US market. In addition, we feel good about Asia and particularly in China. Brazil was good and we are very pleased with emerging markets. ”