24% Revenue Growth For EFI

Edited by the Printingtalk editorial team Jul 30, 2004

EFI's revenue grew 24 per cent to $215.8 million from the $174.4 million achieved in the first six months of 2003.

EFI's revenue grew 24 per cent to $215.8 million from the $174.4 million achieved in the first six months of 2003.

Pro forma net income was $12.6 million or $0.23 per diluted share in the second quarter of 2004, an increase of 37 per cent from $9.2 million or $0.17 per diluted share for the same period in 2003.

Pro forma net income for the six months ended June 30, 2004 was $24.9 million or $0.45 per diluted share, an increase of 54 per cent from the $16.2 million or $0.29 per diluted share achieved during the same period in 2003.

GAAP net income was $10.1 million or $0.18 per diluted share in the second quarter of 2004, compared to $8.1 million, or $0.15 per diluted share for the same period in 2003.

GAAP net income for the six months ended June 30, 2004 was $21.1 million or $0.38 per diluted share, compared to $13.2 million, or $0.24 per diluted share for the same period in 2003.

Pro forma net income is computed by adjusting GAAP net income by the impact of amortization of acquisition-related intangibles and other non-recurring charges and gains.

As of June 30, 2004, the company's total assets were $1.0 billion, unchanged from the $1.0 billion reported as of December 31, 2003.

Total liabilities as of June 30, 2004 were $354.9 million, down slightly from $358.8 million as of December 31, 2003.

"Our Q2 results indicate strong customer acceptance of our expanding portfolio of integrated software solutions," stated EFI chief executive officer Guy Gecht.

"We are very encouraged by a growing number of customers using EFI technology to optimise their production processes.

From job creation, to high quality output, fulfilment and print MIS systems, our solutions are enabling print providers to increase their competitiveness and efficiency," he added.

The company said that it is currently targeting third quarter revenues of approximately $110 million with pro forma EPS in line with the low end of analysts' estimates or $0.26 per fully diluted share.