EFI to Acquire Radius Solutions, Releases Q1 Results
EFI Q1 2010 Results:
For the quarter ended March 31, 2010, the company reported revenues of $110.8 million, compared to first quarter 2009 revenue of $96.1 million.
GAAP net loss was $(11.4) million or $(0.25) per diluted share in the first quarter of 2010, compared to GAAP net income of $26.7 million or $0.52 per diluted share for the same period in 2009.
Non-GAAP net loss was $(0.1) million or $(0.00) per diluted share in the first quarter of 2010, compared to non-GAAP net loss of $(4.3) million or $(0.08) per diluted share for the same period in 2009.
"Our product portfolio performed very well in the first quarter, with Inkjet growing 37% over the prior year and Fiery showing strong results during a normally seasonally weak period," said Guy Gecht, CEO of EFI. "Going forward, we expect new innovative products to maintain our growth momentum, as we remain focused on investing in innovation, helping our customers to be more competitive and profitable."
The company also announced that its Chief Financial Officer, John Ritchie, plans to leave the company after the filing of the company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2010 to pursue another opportunity. The Company intends to appoint Gordon Heneweer, currently Vice President, Finance, as the Company's interim Chief Financial Officer. The company has initiated a search for a new CFO.
"I would like to extend my sincere thanks to John for his significant contribution to EFI over the past 10 years and wish him all the best in his new role," said Guy Gecht, CEO of EFI.
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.