For the quarter ended September 30, 2014, the Company reported record revenue of $197.7 million, up 11% compared to third quarter 2013 revenue of $178.8 million. Non-GAAP operating income was $30.8 million compared to $22.8 million for the same period in 2013. Non-GAAP net income was $20.6 million or $0.43 per diluted share, compared to non-GAAP net income of $18.7 million or $0.39 per diluted share for the same period in 2013. GAAP operating income was $12.9 million compared to $13.9 million for the same period in 2013. GAAP net income was $4.8 million or $0.10 per diluted share, compared to $16.1 million or $0.33 per diluted share for the same period in 2013
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“In
the third quarter the EFI team raised the bar on execution with
revenues growing 11% to all-time record levels, increasing our
confidence in achieving $1 billion in revenue by the end of 2016,” said Guy Gecht, CEO of EFI. “We
remain sharply focused on that goal as we are helping more and more
customers around the world become increasingly competitive and
productive.”EFI will discuss the Company’s financial results by conference call at 2:00 p.m. PDT 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 EFI
EFI™ (www.efi.com) is a worldwide provider of products, technology, and services leading the transformation of analog to digital imaging. Based in Silicon Valley with offices around the globe, the company’s powerful integrated product portfolio includes digital front-end servers; superwide, wide-format, label, and ceramic inkjet presses and inks; production workflow, web-to-print, and business automation software; and office, enterprise, and mobile cloud solutions. These products allow users to produce, communicate and share information in an easy and effective way, and enable businesses to increase their profits, productivity, and efficiency.
Safe Harbor for Forward Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact including words such as “anticipate”, “believe”, “consider”, “continue”, “estimate”, “expect”, “look”, and “plan” and statements in the future tense are forward looking statements. The statements in this press release that could be deemed forward-looking statements include statements regarding EFI’s strategy, plans, expectations regarding its revenue growth, product portfolio, productivity, future opportunities for EFI and its customers, demand for products, and any statements or assumptions underlying any of the foregoing.
Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially, or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not necessarily limited to, unforeseen expenses; the difficulty of aligning expense levels with revenue; management’s ability to forecast revenues, expenses and earnings; any world-wide financial and economic difficulties and downturns; adverse tax-related matters such as tax audits, changes in our effective tax rate or new tax legislative proposals; the unpredictability of development schedules and commercialization of products by the leading printer manufacturers and declines or delays in demand for our related products; changes in the mix of products sold; the uncertainty of market acceptance of new product introductions; intense competition in each of our businesses, including competition from products developed by EFI’s customers; challenge of managing asset levels, including inventory and variations in inventory levels; the uncertainty of continued success in technological advances; the challenges of obtaining timely, efficient and quality product manufacturing and supply of components; litigation involving intellectual property rights or other related matters; our ability to successfully integrate acquired businesses; the uncertainty regarding the amount and timing of future share repurchases by EFI and the origin of funds used for such repurchases; the market prices of EFI’s common stock prior to, during and after the share repurchases; the compliance with the requirements regarding the “conflict minerals,” and any other risk factors that may be included from time to time in the Company’s SEC reports.
The statements in this press release are made as of the date of this press release. EFI undertakes no obligation to update information contained in this press release. For further information regarding risks and uncertainties associated with EFI’s businesses, please refer to the section entitled “Risk Factors” in the Company’s SEC filings, including, but not limited to, its annual report on Form 10-K and its quarterly reports on Form 10-Q, copies of which may be obtained by contacting EFI’s Investor Relations Department by phone at
650-357-3828 or by email atinvestor.relations@efi.com or EFI’s Investor Relations website at www.efi.com.Use of Non-GAAP Financial Information
To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income and earnings per diluted share that are GAAP net income and GAAP earnings per diluted share adjusted to exclude certain recurring and non-recurring costs, expenses and gains. A reconciliation of the adjustments to GAAP results for the three and nine months ended September 30, 2014 and 2013 is provided below. In addition, an explanation of how management uses non-GAAP financial information to evaluate its business, the substance behind management’s decision to use this non-GAAP financial information, the material limitations associated with the use of non-GAAP financial information, the manner in which management compensates for those limitations, and the substantive reasons management believes that this non-GAAP financial information provides useful information to investors is included under “About our Non-GAAP Net Income and Adjustments” after the tables below.
These non-GAAP measures are not in accordance with or an alternative to GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures, used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income or earnings per diluted share prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income and non-GAAP earnings per diluted share should not be construed as an inference that these costs are unusual, infrequent, or non-recurring.
For more information:
Jeremy Anderson
Sr. Director, Finance & Investor Relations
EFI
On September 10th through 12th
Samsung’s Enterprise Business Division held its annual Print and
Imaging National summit for Samsung dealers at the Hyatt Regency in
Dallas, Texas. The conference was designed to educate attendees on
Samsung’s strategy and vision for the future, introduce new lineups of
products and technologies, and enlighten dealers on new marketing
implementation/execution plans for pushing these new products.
Approximately 300 people attended the event, including dealers, ISV
partners, and analysts.
Attendees heard from several Samsung high executives during the opening welcome general session including President of Samsung Electronics America, Tim Baxter, Senior Vice President Sales and Marketing, Tod Pike, Vice President of Sales and Marketing for Printing Solutions, Matthew Smith (who joined the Samsung team in May 2014), and Senior Program Manager, Kasey Kim. Tim Baxter emphasized that Samsung is “relentlessly focused on bringing innovation to market.” Samsung has laid out audacious goals for its EBD printer business, and announced they are focusing on B2B growth, and B2B vertical orientation. They launched a new “Smartify” marketing campaign to achieve these goals.
The most exciting news of the event was the announcement of a future product- the MX7, a new family of A3 MFPs with speeds of up to 60 ppm, scan speeds at over 100 ipm, and larger duty cycles due to new drums that offer twice the rated print volume. The UI is most impressive, basically serving as a tablet hooked into the hardware. This device will be available sometime in 2015. With this announcement along with the recent release of several new MFPs to their portfolio, Samsung is certainly gaining more footage in the A3 area.
Along with the announcement of new hardware, Samsung revealed their
vertical market strategies focusing on six major categories:
transportation, education, retail, hospitality, finance, and healthcare,
and partner solutions they are utilizing to target each. These details,
along with more information regarding Samsung’s new Smartify campaign,
dealer support, and company strategy/goals can be found in InfoTrends’
recently published analysis Samsung’s Printing Solutions National Dealer Summit 2014: Think Big.
- See more at: http://blog.infotrends.com/?p=16593#sthash.9lH9r1Vl.dpuf
On September 10th through 12th
Samsung’s Enterprise Business Division held its annual Print and
Imaging National summit for Samsung dealers at the Hyatt Regency in
Dallas, Texas. The conference was designed to educate attendees on
Samsung’s strategy and vision for the future, introduce new lineups of
products and technologies, and enlighten dealers on new marketing
implementation/execution plans for pushing these new products.
Approximately 300 people attended the event, including dealers, ISV
partners, and analysts.Attendees heard from several Samsung high executives during the opening welcome general session including President of Samsung Electronics America, Tim Baxter, Senior Vice President Sales and Marketing, Tod Pike, Vice President of Sales and Marketing for Printing Solutions, Matthew Smith (who joined the Samsung team in May 2014), and Senior Program Manager, Kasey Kim. Tim Baxter emphasized that Samsung is “relentlessly focused on bringing innovation to market.” Samsung has laid out audacious goals for its EBD printer business, and announced they are focusing on B2B growth, and B2B vertical orientation. They launched a new “Smartify” marketing campaign to achieve these goals.
The most exciting news of the event was the announcement of a future product- the MX7, a new family of A3 MFPs with speeds of up to 60 ppm, scan speeds at over 100 ipm, and larger duty cycles due to new drums that offer twice the rated print volume. The UI is most impressive, basically serving as a tablet hooked into the hardware. This device will be available sometime in 2015. With this announcement along with the recent release of several new MFPs to their portfolio, Samsung is certainly gaining more footage in the A3 area.
New Future Product- MultiXpress X7 Series with finisher
- See more at: http://blog.infotrends.com/?p=16593#sthash.9lH9r1Vl.dpuf
Attendees heard from several Samsung high executives during the opening welcome general session including President of Samsung Electronics America, Tim Baxter, Senior Vice President Sales and Marketing, Tod Pike, Vice President of Sales and Marketing for Printing Solutions, Matthew Smith (who joined the Samsung team in May 2014), and Senior Program Manager, Kasey Kim. Tim Baxter emphasized that Samsung is “relentlessly focused on bringing innovation to market.” Samsung has laid out audacious goals for its EBD printer business, and announced they are focusing on B2B growth, and B2B vertical orientation. They launched a new “Smartify” marketing campaign to achieve these goals.
The most exciting news of the event was the announcement of a future product- the MX7, a new family of A3 MFPs with speeds of up to 60 ppm, scan speeds at over 100 ipm, and larger duty cycles due to new drums that offer twice the rated print volume. The UI is most impressive, basically serving as a tablet hooked into the hardware. This device will be available sometime in 2015. With this announcement along with the recent release of several new MFPs to their portfolio, Samsung is certainly gaining more footage in the A3 area.
New Future Product- MultiXpress X7 Series with finisher
- See more at: http://blog.infotrends.com/?p=16593#sthash.9lH9r1Vl.dpuf
