EFI Reports Record Revenue of $198M for Q3, Up 11%

Fremont, California — October 21, 2014 — Electronics For Imaging, Inc. (Nasdaq: EFII), a world leader in customer-focused digital printing innovation, today announced its results for the third quarter of 2014.

EFI Reports Record Revenue of $198M for Q3, Up 11%

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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For the nine months ended September 30, 2014, the Company reported revenue of $579.3 million, up 9% year-over-year compared to $530.5 million for the same period in 2013. Non-GAAP operating income was $82.2 million compared to $68.6 million for the same period in 2013. Non-GAAP net income was $61.9 million or $1.28 per diluted share, compared to non-GAAP net income of $52.8 million or $1.09 per diluted share for the same period in 2013. GAAP operating income was $36.2 million compared to $35.2 million for the same period in 2013. GAAP net income was $21.8 million or $0.45 per diluted share, compared to $33.9 million or $0.70 per diluted share for the same period in 2013.
“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 10^th through 12^th 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

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 10^th through 12^th 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

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

Konica Minolta Launches Managed Content Services

Konica Minolta Launches Managed Content Services

Ramsey, N.J. – October 8, 2014 – Konica Minolta Business Solutions U.S.A., Inc. (Konica Minolta) today announces the launch of a global Managed Content Services (MCS) program, tailored to increase the efficiency of customers’ individual digital workflows.

Under its Medium-Term Business Plan, “TRANSFORM 2016,” one of Konica Minolta’s major management policies is to expand business by increasing capabilities to provide services and solutions. The company’s MCS capabilities will grow business content management by combining multifunction printers (MPFs) with software to create complete input /output devices to handle customers’ day-to-day business processes.

“Managing and utilizing business content is of paramount concern for all companies, regardless of industry,” says Sam Errigo, Senior Vice President, Business Intelligence Services, Konica Minolta Business Solutions U.S.A., Inc. “Operational concerns can range from getting the right documents to the right people at the right time to record-keeping and backup file maintenance. As the amount of company paperwork and email expands and security compliance requirements increase, Konica Minolta’s first MCS program will allow companies to address all of these challenges by streamlining and optimizing business processes around their content.”

Konica Minolta’s MCS will allow companies to:

Capture, reformat and retrieve documents more quickly to speed workflow
Scan, save and share documents electronically, reducing paper and energy cost
Organize and categorize document workflow so all employees stay up in the loop from anywhere at any time
Safeguard sensitive information and respond to changing compliance demands

Konica Minolta has been offering consultancy, implementation of infrastructure and managed services for more than 10 years through its Managed Print Services, called OPS. Nearly 6,000 customers worldwide have their processes optimized with the handling and utilization of information through Konica Minolta’s OPS program. With the addition of Managed Content Services, Konica Minolta completes its portfolio by integrating information management with technology and MCS solutions to give customers comprehensive, unified business processes.

Konica Minolta MCS portfolio will be optimized for global as well as local customers, promoting the company’s mission to be an expert in technological innovation while creating integrated business services for the entire document life cycle.

 “Earning the bEST Partner Certification for AutoStore 6.0 further solidifies our strong partnership with Konica Minolta and enables users to easily leverage AutoStore’s secure document capture capabilities for improved information sharing and responsiveness across their organization,” said Mike Morper, Vice President of Marketing at NSi. “Working together, NSi and Konica Minolta make it easier for businesses to remove the delays associated with critical business processes and use real-time information to gain a competitive advantage.” “Earning the bEST Partner Certification for AutoStore 6.0 further solidifies our strong partnership with Konica Minolta and enables users to easily leverage AutoStore’s secure document capture capabilities for improved information sharing and responsiveness across their organization,” said Mike Morper, Vice President of Marketing at NSi. “Working together, NSi and Konica Minolta make it easier for businesses to remove the delays associated with critical business processes and use real-time information to gain a competitive advantage.”

About Konica Minolta
Konica Minolta Business Solutions U.S.A., Inc. is a leader in enterprise content management, technology optimization and cloud services. Our solutions help organizations improve their speed to market, manage technology costs, and facilitate the sharing of information to increase productivity. Recognized as a #1 Brand for Customer Loyalty by Brand Keys for seven consecutive years, awarded “MFP (multifunction peripheral) Line of the Year” by Buyers Laboratory LLC, and named to the Dow Jones Sustainability World Index, the company focuses on end-to-end business solutions to help your business grow.  Clients trust Konica Minolta to help them envision how they can achieve their goals and deliver innovative solutions to give shape to their ideas. For more information, visit www.countonkonicaminolta.com and follow @KonicaMinoltaUS on Facebook, Twitter and YouTube.

Hewlett-Packard plans to split into two companies

Hewlett-Packard plans to split into two companies: Report

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Hewlett-Packard plans to break in two, separating its computer and printer businesses from its corporate hardware and services operations, the Wall Street Journal reported on Sunday.

The company plans to announce the move as early as Monday, the Journal said in a report on its web site that cited people familiar with the matter. The division would be made through a tax-free distribution of shares to stockholders next year, according to the report.
A company spokeswoman declined to comment on the report.


HP and some of its investors have long considered such a move, the newspaper noted. As one of the older big computer companies, for several years HP directors have discussed ways to restructure to keep up with technology upstarts.
 
Company split-ups in which shares of new divisions were spun off to stockholders in the past have resulted in higher stock market returns for investors.
Many investors and analysts have called for a break-up of the company, or a sale of the personal computer business, so that HP could focus on the more profitable operations of providing computer servers, networking and data storage to businesses.


Company executives have said in the past that personal computers underpin and support the company as a whole.
 
The PC business has shown signs of life in recent quarters, growing broadly geographically as businesses replace aging machines.