EFI Selling Headquarters, Reports Record Revenue for Quarter
FOSTER CITY, CA—July 19, 2012—Electronics for Imaging (EFI) announced it has reached an agreement to sell its headquarters building for $180 million to Gilead Sciences. The transaction is expected to close in October 2012, subject to various closing conditions. The company will continue to occupy the building for up to 12 months after the closing, and expects to relocate its Foster City operations to a new San Francisco Bay Area location.
“We are pleased to seize this opportunity to enter a win-win agreement with Gilead Sciences, one of the world’s strongest biopharmaceutical companies,” said Guy Gecht, CEO of EFI. “The proceeds from this transaction will make EFI an even stronger company for our shareholders, customers and employees.
“Our plan is to find a new facility in the Bay Area that will foster innovation and creativity while minimizing the impact on our local employees’ commutes,” Gecht added.
In other news, the company reported its results for the second quarter of 2012.
For the quarter ended June 30, 2012, EFI recorded revenue of $163.9 million, up 16 percent compared to second quarter 2011 revenue of $141.2 million. Second quarter 2012 non-GAAP net income was $14.2 million vs. $11.3 million for the same period in 2011. GAAP net income was $7.0 million, compared to $3.6 million for the same period in 2011.
For the six months ended June 30, 2012, the company reported revenue of $324.0 million, up 15 percent year-over-year, compared to $281.2 million for the same period in 2011. Non-GAAP net income was $28.3 million vs. $24.8 million for the same period in 2011. GAAP net income was $13.2 million, compared to GAAP net income of $9.9 million for the same period in 2011.
“Our team delivered a record revenue quarter with 16 percent growth in an increasingly challenging operating environment coupled with currency headwinds. Strong results in our Industrial Inkjet and Productivity Software business segments led to our tenth consecutive quarter of double-digit growth,” noted Gecht.
“While our business isn’t immune to broader economic trends even though EFI targets the growth areas of print, we continue to see growth opportunities in enabling our customers to transform their businesses and optimize their operations, which allows us both to continue to grow even in a tough environment,” he added.
EFI 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.