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EFI Reports Q1 2008 Results

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

EFI announced its results for the first quarter of 2008. For the quarter ended March 31, 2008, the company reported revenues of $136.6 million, compared to first quarter 2007 revenue of $147.8 million.
    
Non-GAAP net income was $11.8 million or $0.20 per diluted share in the first quarter of 2008, compared to $19.6 million or $0.30 per diluted share for the same period in 2007.
    
“We are pleased to report revenue and earnings at the high end of our range due to the better than expected performance of our Fiery business,” said Guy Gecht, CEO of EFI. “At the same time, challenging economic conditions in the U.S. resulted in growth rates in our inkjet business below our expectations. Despite this environment, our inkjet businesses still grew a robust 11 percent over the prior year, fueled by approximately 20 percent growth in international markets. We expect to see continued sequential improvement in both our Fiery and inkjet businesses during the current quarter.”

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