NEWS – For Immediate Release
Recurring Revenue up 16% Driven by 25% Growth in UV Ink Volume and Continued Strength in Software Bookings
FREMONT, California -- April 16, 2014 -- Electronics For Imaging, Inc. (Nasdaq:EFII), a world leader in customer-focused digital printing innovation, today announced its results for the first quarter of 2014.
For the quarter ended March 31, 2014, the Company reported record first quarter revenue of $188.7 million, up 10% compared to first quarter 2013 revenue of $171.4 million. First quarter 2014 non-GAAP net income was $20.4 million or $0.42 per diluted share, up 29% and 27%, respectively, compared to non-GAAP net income of $15.8 million or $0.33 per diluted share for the same period in 2013. GAAP net income was $10.1 million or $0.21 per diluted share, up 21% and 24%, respectively, compared to $8.4 million or $0.17 per diluted share for the same period in 2013.
"The EFI team kicked off 2014 with another very strong quarter, delivering revenue and profitability above our expectations," said Guy Gecht, CEO of EFI. "With upcoming product innovations across the portfolio we expect to see solid demand throughout the year as our technology continues to help customers around the world drive growth and productivity in their businesses."
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 atwww.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.