EFI reports record profits
EFI has announced its results for the second quarter of 2018 and reported that for the quarter ended June 30th, 2018, it enjoyed a record second-quarter revenue of $261.1 million, up six percent when compared to the second quarter 2017 revenue of $247.0 million.
GAAP net income was $3.8 million compared to GAAP net income of $2.8 million for the same period in 2017, while non-GAAP net income was $22.6 million, down 11 percent compared to non-GAAP net income of $25.5 million for the same period in 2017. Cash flow from operating activities was $30.9 million compared to $24.1 million during the same period in 2017.
For the six months ended June 30, 2018, the Company reported revenue of $500.9 million, up five percent year-over-year compared to $475.7 million for the same period in 2017. GAAP net income was $0.2 million compared to $7.5 million in 2017. Non-GAAP net income was $39.8 million compared to non-GAAP net income of $51.3 million for the same period in 2017. Cash flow from operating activities for the six months ended June 30, 2018, was $37.2 million compared to $39.0 million during the same period in 2017.
“2018 continues to track well for EFI, with the team delivering record Q2 revenues and solid cash generation despite the significant impact of currency volatility during the quarter,” said Guy Gecht, CEO of EFI. “I’m especially pleased with the continued progress and increased sales pipeline for our Nozomi platform, validating EFI’s leadership role in the digital transformation of industries, such as packaging and fashion, where colourful images truly matter.”
In other news, EFI announced that Guy Gecht, EFI’s longtime CEO, informed the Board that he intends to step down once his successor is named. Spencer Stuart, a leading global executive search firm, has been retained to conduct the search, which includes both internal and external candidates. Upon leaving his operating role, Gecht will remain a member of the Board of Directors of EFI.
For further information, visit: www.efi.com