EFI Reports Record Q1 Revenue Results of $195M; Marc Olin Named CFO
FREMONT, CA—April 24, 2015—Electronics For Imaging (EFI), a world leader in customer-focused digital printing innovation, announced its results for the first quarter of 2015.
For the quarter ended March 31, 2015, the company reported record first quarter revenue of $194.6 million, up 3 percent compared to first quarter 2014 revenue of $188.7 million. Non-GAAP operating income was $28.3 million compared to $25.3 million for the same period in 2014. Non-GAAP net income was $21.4 million or $0.45 per diluted share, which included an unfavorable non-operational currency impact of $0.02 per share, compared to non-GAAP net income of $20.4 million or $0.42 per diluted share for the same period in 2014. GAAP operating income was $11.1 million compared to $10.8 million for the same period in 2014. GAAP net income was $5.2 million or $0.11 per diluted share, compared to $10.1 million or $0.21 per diluted share for the same period in 2014.
"Our company's balanced portfolio and execution allowed us to report record first quarter revenue and solid profitability despite the continued significant impact of foreign currency," said Guy Gecht, CEO of EFI. "The EFI team's ability to consistently develop new, innovative technologies for the EFI ecosystem continues to expand our addressable market while enabling our customers around the globe to be more profitable."
Chief Financial Officer Announcement
Separately, the company announced that the board of directors has named Marc Olin CFO.
"I am excited to have Marc as our new CFO, especially after the terrific job he did managing EFI's financial operations both times he served in an interim role," noted Gecht. "In the past few months it was very evident to the Board and myself that Marc's business acumen, drive and utmost respect inside and outside of EFI make him the perfect candidate for such a key role in driving M&A and organic growth to the billion dollar mark and beyond."
Olin joined EFI in 2003 when the company acquired Nasdaq-listed PrintCafe, where he was CEO. Since joining EFI, Olin has served as senior vice president and general manager of the Productivity Software business, and most recently as COO and interim CFO.
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. 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.