Strong Customer Demand Drives EFI's Revenue

Edited by the Printingtalk editorial team Oct 21, 2005

EFI's revenue for the quarter ended September 30 was US$142.1m and US$323.1m for the first nine months of the year, with pro forma net income at US$21.8m.

EFI's revenue for the quarter ended September 30 was US$142.1m and US$323.1m for the first nine months of the year, with pro forma net income at US$21.8m, or US $0.35 per diluted share in the third quarter of 2005.

That is a rise from US$8.9 million or $0.15 per diluted share for the same period in 2004.

Pro forma net income was US$33.5m, or US$0.56 per diluted share for the nine months ended 2005, compared to US$33.8m, or US $0.56 per diluted share for the same period in last year.

Guy Gecht, chief executive officer of EFI, said: "Our Fiery controller business exceeded our expectations, as we continue to experience stronger than anticipated customer demand for Fiery technology across our OEM partners.

We are also very encouraged by the performance of our Vutek superwide digital inkjet printing business in its first full quarter as part of EFI.

In addition to the positive impact on the fourth quarter, we anticipate this demand to continue throughout 2006, balanced by the normal first half seasonality." EFI added that it is raising its expectations for the fourth quarter of the current year.

It expects revenues in the range of US$140m - US $143m and pro forma earnings per share of US$0.33 - US$0.35.

GAAP earnings are being estimated as US$0.23 - US$0.25 per share.

Both the pro forma and the GAAP earnings estimates for the fourth quarter include the 9.1 million shares related to the company's contingently convertible debt.

GAAP net income was US$18.5m, or US$0.30 per diluted share in the third quarter of 2005, compared to net income of US$16.1m, or US$0.27 per diluted share for the same period in 2004.

A GAAP net loss, reflecting a charge for in-process research and development and the amortisation of intangibles, for the nine months ended September 30 was US$15.4m, or US$0.28 per diluted share, compared to net income of US$37.2m, or US$0.61 per diluted share for the same period in 2004.

As of September 30,the company's total assets were US$1.04 billion, up from the US$1.02 billion reported at December 31, 2004.

Total liabilities as of September 30 this year were US$375.1m, up from the US$350.3m reported as of December 31, last year.