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EFI reports second quarter 2017 results

EFI a world leader in customer-focused digital printing innovation, today announced its results for the second quarter of 2017.

For the quarter ended June 30, 2017, the Company reported record second quarter revenue of $247.0 million, up 1% compared to second quarter 2016 revenue of $245.7 million. GAAP net income was $2.8 million, down 47% compared to $5.2 million for the same period in 2016 or $0.06 per diluted share, down 45% compared to $0.11 per diluted share for the same period in 2016. Non-GAAP net income was $25.5 million, down 4% compared to non-GAAP net income of $26.7 million for the same period in 2016 or $0.54 per diluted share, down 4% compared to $0.56 per diluted share for the same period in 2016. Cash flow from operating activities was $24.1 million, up 5% compared to $22.9 million during the same period in 2016.

For the six months ended June 30, 2017, the Company reported revenue of $475.7 million, down 1% year-over-year compared to $479.8 million for the same period in 2016. GAAP net income was $7.5 million or $0.16 per diluted share, compared to $7.3 million or $0.15 per diluted share for the same period in 2016. Non-GAAP net income was $51.3 million or $1.09 per diluted share, compared to non-GAAP net income of $52.9 million or $1.10 per diluted share for the same period in 2016. Cash flow from operating activities for the six months ended June 30, 2017, was $39.0 million, up 22% compared to $31.9 million during the same period in 2016.

“While we sincerely regret the delay in announcing our second quarter results and the impact on our shareholders, we are pleased to report that the EFI team delivered record Q2 revenue with solid cash generation,” said Guy Gecht, CEO of EFI. “We expect this momentum to continue into the second half of the year, with anticipated record Q3 revenue, while making additional progress on our pipeline of new industry leading products, including the planned commercialization of the Nozomi.”

Share Buyback Program

Separately, EFI announced that its Board of Directors has approved a $125 million increase in the firm’s share buyback authorization and supplemented the prior program, which, as of September 8, 2017, had $28.8 million available for purchases.

Conference Call

EFI will discuss the Company’s financial results by conference call at 8:00 am ET/5:00 am PT 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.

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