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EFI Reports Big Declines in Q2 2009 Results

July 29, 2009
FOSTER CITY, CA—Jul. 29, 2009—Electronics For Imaging, Inc. (Nasdaq:EFII), the world leader in customer-focused digital printing innovation, today announced its results for the second quarter of 2009. For the quarter ended June 30, 2009, the Company reported revenues of $90.1 million, compared to second quarter 2008 revenue of $143.8 million.

GAAP net loss was $(13.3) million or $(0.27) per diluted share in the second quarter of 2009, compared to a GAAP net loss of $(0.1) million or $(0.00) per diluted share for the same period in 2008.

GAAP net income was $13.4 million or $0.26 per diluted share for the six months ended June 30, 2009, compared to a GAAP net loss of $(5.3) million or $(0.10) per diluted share for the same period in 2008.

Non-GAAP net loss was $(6.1) million or $(0.12) per diluted share in the second quarter of 2009, compared to non-GAAP net income of $12.0 million or $0.21 per diluted share for the same period in 2008.

Non-GAAP net loss was $(10.5) million or $(0.21) per diluted share for the six months ended June 30, 2009, compared to non-GAAP net income of $24.0 million or $0.41 per diluted share for the same period in 2008.

“Our results reflect the continued challenges in our industry compounded by the delay in broad availability of our new line-up of inkjet printers. While our overall results are disappointing, we are pleased with the approximately 14% sequential growth in our Inkjet business and the execution on our commitment to align spending with revenue, with operating expenses reduced by 22% year-over-year,” said Guy Gecht, CEO of EFI. “Despite the product delay, we remain very excited with the opportunities for our inkjet segment and the record number of industry-leading new products we plan to bring to market over the next several months.”

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.

About our Non-GAAP Net Income and Adjustments

To supplement our consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income and earnings per diluted share that are GAAP net income and GAAP earnings per diluted share adjusted to exclude certain recurring and non-recurring costs, expenses and gains.

We believe that the presentation of non-GAAP net income and non-GAAP earnings per diluted share provides important supplemental information to management and investors regarding non-cash expenses, significant recurring and nonrecurring items that we believe are important to understanding our financial and business trends relating to our financial condition and results of operations. Non-GAAP net income and non-GAAP earnings per diluted share are among the primary indicators used by management as a basis for planning and forecasting future periods and by management and our board of directors to determine whether our operating performance has met specified targets and thresholds. Management uses non-GAAP net income and non-GAAP earnings per diluted share when evaluating operating performance because it believes that the exclusion of the items described below, for which the amounts and/or timing may vary significantly depending upon the Company’s activities and other factors, facilitates comparability of the Company’s operating performance from period to period. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our business and the valuation of our Company.
 

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