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EFI reports second quarter results

EFI reports second quarter results

EFI has announced its results for the second quarter of 2017, which record revenue of $247.0 million, up one percent compared to the second quarter 2016 revenue of $245.7 million.

GAAP net income was $2.8 million, down 47 percent compared to $5.2 million for the same period in 2016, while non-GAAP net income was $25.5 million, down four percent compared to non-GAAP net income of $26.7 million for the same period in 2016. Cash flow from operating activities was $24.1 million, up five percent 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 one percent year-over-year compared to $479.8 million for the same period in 2016. GAAP net income was $7.5 million for the same period in 2016 and non-GAAP net income was $51.3 million.

Cash flow from operating activities for the six months ended June 30, 2017, was $39.0 million, up 22 percent compared to $31.9 million during the same period in 2016.

Commenting on these results, Guy Gecht, CEO of EFI, said: “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. 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 commercialisation of the Nozomi.”

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

 

For further information visit: www.efi.com

 

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