EFII beats by 4 cents:
Electronics For Imaging, Inc. Announces Results for First Quarter 2001
Company Posts $141 Million in Revenue and $0.23 Pro-Forma EPS
FOSTER CITY, Calif., Apr 17, 2001 (BUSINESS WIRE) -- Electronics For Imaging, Inc. (EFI) (NASDAQ: EFII chart, msgs), the world leader in enabling networked printing solutions, announced today that for the quarter ending March 31, 2001, revenues were $141 million as compared to $152 million for the same quarter in 2000. Pro forma net income for the first quarter of 2001 was $12.3 million or $0.23 per fully diluted share. Including pro-forma items, net income for the first quarter ended March 31, 2001 was $9.9 million or $0.18 per fully diluted share, compared to net income of $25.4 million or $0.44 per share diluted reported in the comparable period of the previous year.
In commenting on the results, Guy Gecht, CEO of EFI, noted that the company showed sequential quarterly growth in a slowing economy. "Our products help companies increase their productivity and efficiency, which becomes critically important as the economy softens," said Mr. Gecht. "Looking to the second quarter, the migration to color printing will allow us to maintain our positive momentum."
EFI will discuss the company's financial results by conference call at 4:30 p.m. EST today. Instructions for listening to the conference call over the Web are available on the investor relations portion of EFI's website at www.efi.com.
About Electronics For Imaging
Electronics for Imaging (www.efi.com) is the world leader in enabling networked printing solutions. EFI technology allows copiers, printers, and digital presses to be shared across work groups, the enterprise, and the Internet. The results are greater productivity, improved document management, seamless networking, and the assured quality of color and black-and-white images. The company's OEM partners look to EFI to deliver products that help grow sales and reduce costs associated with internal development and support. Competitive, feature-rich solutions, such as the EDOX, Fiery and Splash brands of networked image processors and the eBeam brand of Web-enabled whiteboard systems, are an outgrowth of our determination to offer OEMs and end users alike the highest assurance of innovation, quality, reliability, and support. The company employs more than 900 people and maintains 22 offices worldwide.
Safe Harbor for Forward Looking Statements: The foregoing press release contains forward-looking statements such as looking to the second quarter, the migration to color printing will allow us to maintain our positive momentum. That statement is subject to risks and uncertainties that may cause actual results to differ materially, including variations in customer order patterns, the timing of product introductions, market acceptance of products, our ability to attract and retain key customers, the general economic conditions and the financial conditions of our business partners.
EFI, the EFI logo, Fiery, the Fiery logo, Fiery Driven, the Fiery Driven logo, and other terms and product names as indicated in this release are registered trademarks with the U.S. Patent and Trademark Office and certain other foreign jurisdictions. Fiery Prints, Fiery Z4, Fiery X4, Fiery X2e, Fiery X3e, Fiery X3, EDOX, eBeam, Velocity, and other terms and product names as indicated in this release are trademarks of Electronics For Imaging, Inc.
Electronics For Imaging, Inc. Combined Consolidated Statements of Income (in thousands, except per share data) (unaudited)
Three Months Ended
March 31,
2001 2000
Revenue $ 141,093 $ 151,515
Cost of revenue 78,345 77,903
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62,748 73,612
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Operating expenses:
Research and development 26,464 19,778
Sales and marketing 15,610 16,355
General and administrative 6,603 5,035
Amortization of goodwill and
other acquisition-related charges 3,045 0
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51,722 41,168
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Income from operations 11,026 32,444
Other income 4,318 5,501
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Income before income taxes 15,344 37,945
Provision for income taxes 5,447 12,522
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Net income $9,897 $ 25,423
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Net income per diluted common share $0.18 $0.44
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Shares used in per share calculation 54,180 58,202
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Net income $9,897
Pro forma adjustments,
net of tax effect 2,424
-----
Pro forma net income 12,321
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Pro forma net income per
diluted common share $0.23
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Shares used in per share calculation 54,180
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Electronics For Imaging, Inc. Consolidated Balance Sheets (in thousands) (unaudited)
March 31, December 31,
2001 2000
ASSETS
Current assets:
Cash and cash equivalents 134,897 $ 102,804
Short-term investments 240,765 250,799
Accounts receivable, net 73,998 72,006
Inventories 31,038 27,076
Other current assets 37,001 43,166
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Total current assets 517,699 495,851
Property and equipment, net 53,268 51,456
Long-term investments 19,596 14,134
Other assets 89,612 92,949
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Total assets $680,175 $654,390
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $49,363 $49,252
Accrued and other liabilities 51,575 50,483
Income taxes payable 11,189 6,199
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Total current liabilities 112,127 105,934
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Long-term obligations,
less current portion 3,140 3,140
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Stockholders' equity:
Common stock 576 575
Treasury stock (99,959) (99,959)
Additional paid-in-capital 250,313 240,619
Retained earnings 413,978 404,081
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Total stockholders' equity 564,908 545,316
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Total liabilities and
stockholders' equity $680,175 $654,390
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Electronics For Imaging, Inc.
Revenue Break-Down
(in thousands)
(unaudited)
Three Months Ended
March 31,
2001 2000
Revenue by product
Stand-alone Servers Connecting
to Digital Copiers
56,824 73,747
Embedded Desktop Controllers,
Bundled Color Solutions & Chipset
Solutions 30,074 33,213
Controllers for Digital Black-and-White
Solutions 40,769 26,828
Spares, Licensing & Other Misc. Sources 13,426 17,727
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Total 141,093 151,515
Shipments by geographic area
North America 69,457 73,935
Europe 47,563 52,849
Japan 19,566 18,727
Rest of World 4,507 6,004
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Total 141,093 151,515
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Contact:
Electronics For Imaging
Joe Cutts, 650/357-3500 (Chief Financial Officer)
or
Market Street Partners
JoAnn Horne, 415/658-4128 (Investor Relations) |
