EFI takes encouragement from Q1 figures

EFI reported its results for the first quarter of this year, which while not being exactly the record results trumpeted by the press release, do at least show the company starting to get back on track after a slump in last year’s figures.

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

Thus these results show revenue of $239.9 million, which is up 5% on the first quarter 2017 of $228.7 million. However, according to Generally Accepted Accounting Principles, or GAAP, this amounted to a net loss of $3.6 million, whereas in Q1 2017 EFI made GAAP net income of $4.8 million. Cash flow from operating activities was $6.3 million compared to $14.9 million during the same period in 2017.

Essentially these figures show that EFI is managing to diversify its business. Most of its problems last year were caused by a dramatic fall in the demand for Fiery servers, down 23 percent year on year. I believe that this is down to falling demand for toner-based digital presses, many of which use Fiery front ends, as customers instead move to inkjet, where many vendors have developed their own front ends. However, Gecht believes that this quarter will mark “the bottom of the cycle” saying that a number of new products had recently been launched. He added: “we are on track for revenues to bounce back to be approximately $60 million per quarter for the remainder of the year.”

EFI has also seen growth in its industrial inkjet products, where revenues increased by 15 percent to $142.2 million, as well as the productivity software, which saw revenue of $43.8 million, up by 25 percent.

Guy Gecht, CEO of EFI, commented: “From a market segment perspective, we’re experiencing solid demand for both our Textile and Packaging portfolios. We are seeing this momentum continue into Q2, leading to a solid sequential and year-over-year outlook despite Fiery continued to report results significantly below prior year levels.”

The Nozomi corrugated printer is starting to sell in numbers. Gecht pointed out that the company had met its target of shipping four in March, with plans to ship five in Q2 and seven in Q3. He added: “We are increasingly confident in our ability to generate $60 million in revenues for Nozomi for the full year.”



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