USA, 29.01.2014 – .
-Q4 2013 Revenue Increases 13% to a Record $197 Million
-Q4 2013 Non-GAAP Net Income Increases 20%
-Q4 2013 Double-Digit Growth in All Business Segments & Regions
-FY 2013 Revenue Increases 12% to a Record $728 Million
-FY 2013 Non-GAAP Net Income Increases 25%
Electronics For Imaging, Inc. (Nasdaq:EFII), a world leader in customer-focused digital printing innovation, today announced its results for the fourth quarter and full year of 2013.
For the quarter ended December 31, 2013, the Company reported record revenue of $197.2 million, up 13% compared to fourth quarter 2012 revenue of $174.1 million. Fourth quarter 2013 non-GAAP net income was $23.8 million or $0.49 per diluted share, up 20% and 17%, respectively, compared to non-GAAP net income of $19.8 million or $0.42 per diluted share for the same period in 2012. GAAP net income was $75.2 million or $1.54 per diluted share, up 33% and 29%, respectively, compared to $56.6 million or $1.19 per diluted share for the same period in 2012.
For the twelve months ended December 31, 2013, the Company reported record revenue of $727.7 million, up 12% year-overyear compared to $652.1 million for the same period in 2012. Non-GAAP net income was $76.6 million or $1.58 per diluted
share, up 25% and 22%, respectively, compared to non-GAAP net income of $61.5 million or $1.29 per diluted share for the same period in 2012. GAAP net income was $109.1 million or $2.26 per diluted share, up 31% and 30%, respectively, compared to GAAP net income of $83.3 million or $1.74 per diluted share for the same period in 2012.
“The EFI team delivered a record fourth quarter with strong execution, driving double-digit growth across all segments and regions and capping a terrific 2013,” said Guy Gecht, Chief Executive Officer of EFI. “Looking ahead, we are excited about our opportunities from the ongoing migration of analog to digital printing, and continue to be very focused on helping customers become more productive and competitive.”
EFI will discuss the Company-s financial results by conference call at 2:00 p.m. PST 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.
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 in this press release that could be deemed forward-looking statements include, but are not necessarily limited to, statements regarding the impact of the acquisition on EFI-s Q1 2014 and full year 2014 results, expansion of our product portfolio, our future product offerings to SmartLinc customers, integration of SmartLinc, continuation of support to the existing SmartLinc client base, 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; any disruptions in our operations, the difficulty to retain employees, and additional expenses that we may incur as a result of our relocation from the Foster City campus; the compliance with the new requirements regarding the “conflict minerals,” if they are found to be used in our products, 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 sections entitled “Risk Factors,” “Factors That Could Adversely Affect Performance,” and other similar sections in our SEC filings and reports, including, but not limited to, EFI-s 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 at investor.relations@efi.com or EFI-s Investor Relations website at http://www.efi.com.
The EFI logo, Fiery, VUTEk and Jetrion are registered trademarks of Electronics for Imaging, Inc. in the U.S. and/or certain other countries. BESTColor is a registered trademark of Electronics for Imaging GmbH in the U.S. EFI and Rastek are trademarks of Electronics for Imaging, Inc. In the U.S. and/or certain other countries. Colorproof is a trademark of Electronics for Imaging GmbH in the U.S. and/or certain other countries.
All other terms and product names may be trademarks or registered trademarks of their respective owners, and are hereby acknowledged.
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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.
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