EFI just misses $1bn target

EFI has released its fourth quarter and full year figures for 2016, showing revenue for the year of $992.1 million, up 12% over 2015, but just short of EFI’s stated $1bn goal. Nonetheless, EFI has seen several years of continuous growth and shows every sign of more to come.

Guy Gecht, CEO of EFI, speaking at the company’s Drupa 2016 press briefing.

For the quarter ended December 31, 2016, the Company reported record fourth quarter revenue of $266.7m, up 4% compared to fourth quarter 2015 revenue of $256.5m. The net income, according to Generally Accepted Accounting Principles (GAAP), was $20.5m, almost double the $10.3m net income from Q4 2015. This translated to $0.43 per diluted share, up from $0.21 per diluted share for the same period in 2015. However, the raw non-GAAP net income was $36.3m versus $29.4m for the same period in 2015. Nonetheless, the company generated cash flow from operating activities of $65.2m, a considerable improvement over the previous year’s $27.1m.

The full year’s net income was $45.5m, up 36% on the $33.5m for 2015. The same income, with non-GAAP accounting, was $116.8m, up 19% on the 2015 income of $97.9m. Cash flow from operating activities for the year was $121.1m, up from $68.3m for 2015.

Guy Gecht, CEO of EFI, commented: “EFI delivered another record revenue quarter and our team’s execution drove significant improvements in margins, cash flow, and earnings per share, despite the negative impact of foreign currency.”

Gecht is upbeat for the coming year, pointing out that the company is moving into packaging with its Nozumi cardboard printer about to start commercial installations.


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