EFI Earns $8.3 Million in Q2, Plans to Close On Printcafe Deal in September
FOSTER CITY, Calif.--July 22, 2003-- Electronics For Imaging (Stock Price Web Site Executives Related Articles Google), Inc., the world leader in imaging solutions for network printing, announced today that, for the quarter ended June 30, 2003, revenues were $88.7 million as compared to $83.9 million for the same quarter in 2002. For the six months ended June 30, 2003, revenues were $174.4 million as compared to $166.8 for the same period in 2002.
GAAP net income was $8.3 million or $0.15 per fully diluted share in the second quarter of 2003. This compares to $2.5 million, or $0.05 per fully diluted share, for the same period in 2002. For the six months ended June 30, 2003, GAAP net income was $13.4 million or $0.24 per fully diluted share, as compared to net income of $4.5 million, or $0.08 per fully diluted share, for the same period in 2002.
Pro forma net income was $9.2 million or $0.17 per fully diluted share in the second quarter of 2003. This compares to $3.2 million, or $0.06 per fully diluted share, for the same period in 2002. For the six months ended June 30, 2003, pro forma net income was $16.2 million or $0.29 per fully diluted share, as compared to pro forma net income of $6.0 million, or $0.11 per fully diluted share, for the same period in 2002.
As of June 30, 2003, the company's total assets, including the proceeds from the company's recently completed convertible bond offering were $932.4 million, up from $727.1 million reported as of December 31, 2002. Cash and short-term investments increased $190.1 million to $688.5 million as of June 30, 2003, from the December 31, 2002 balance of $498.4 million.
"Strong market demand for EFI's embedded color products led to the success of our design license business this quarter. As our partners bring innovative color solutions to market, our industry leading technology and flexible business models provide them with cost and time-to-market advantages, and allow us to benefit from the ongoing migration from black and white to digital color printing," said Guy Gecht ( BIO ), CEO of EFI. Gecht continued, "With our business momentum continuing and a planned mid-September close for the Printcafe (Stock Price Web Site Executives Related Articles Google) acquisition, we are confident in our outlook for the second half of 2003."
The company currently anticipates the following results in the second half of 2003:
Revenue in the range of $97.0 million to $98.5 million, including $2.0 million to $2.5 million from Printcafe, assuming a mid-September close, in the third quarter ending September 30, 2003.
GAAP fully diluted earnings per share of $0.08 to $0.09 in the third quarter.
Pro forma fully diluted earnings per share of $0.20 to $0.21 in the third quarter.
Revenues in the range of $102.0 million to $104.5 million, including $9.0 million to $9.5 million from Printcafe, in the fourth quarter ending December 31, 2003.
GAAP fully diluted earnings per share of $0.16 to $0.17 in the fourth quarter.
Pro forma fully diluted earnings per share of $0.19 to $0.20 in the fourth quarter.
The $0.12 difference between forecasted GAAP and pro forma diluted earnings per share for the third quarter of 2003 is comprised of the estimated one time non-recurring write-off of in-process research and development related to the Printcafe acquisition and the amortization of intangibles related to acquisitions. The $0.03 difference between forecasted GAAP and pro forma diluted earnings per share for the fourth quarter of 2003 is comprised of amortization of intangibles related to acquisitions. The preliminary valuation of the one time non-recurring write-off of in-process research and development and intangible assets was based upon EFI's preliminary evaluation of Printcafe's technology. The final valuation, which will be completed following the closing of the Printcafe acquisition, may be materially different than the amounts contained within this press release
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