Print powerhouse EFI has released its half year results after a month delay, with its revenue at US$475.7m down 1 per cent compared to $479.8m. The figures show EFI looking tantalisingly close to achieving its $1bn sales target for the year.
EFI delayed its results due to concerns over its internal accounting practices which saw its share price crash by 50 per cent, although it has since added back 50 per cent of that fall..
Its GAAP net income was up slightly at US$7.5m compared to the prior year at US$7.3m. Non-GAAP net income was at US$51.3m, compared to its non-GAAP net income of US$52.9m for the same period in 2016. Cash flow from operating activities for the six months was US$39m, up 22 per cent compared to $31.9m during the same period in 2016.
Its stock price on the New York Stock Exchange has slowly risen back since its collapse, with a current price of US$42.34 a leap compared to the low price at of US$26.05 caused by the company’s delay in its second quarter results. Its year high price was $51.15
Guy Gecht, CEO, EFI says, “While we sincerely regret the delay in announcing our second quarter results and the impact on our shareholders, we are pleased to report that the EFI team delivered record Q2 revenue with solid cash generation. We expect this momentum to continue into the second half of the year, with anticipated record Q3 revenue, while making additional progress on our pipeline of new industry leading products, including the planned commercialisation of the Nozomi.” That is the digital packaging printing system previewed at drupe.
For its second quarter, EFI reported revenue of US$247m up 1 per cent compared to the prior year at US$245.7m. Its GAAP net income is at US$2.8m, down 47 per cent compared to US$5.2m for the same period in 2016.
Its non-GAAP net income was US$25.5m, down 4 per cent compared to non-GAAP net income of US$26.7m for the same period in 2016 or $0.54 per diluted share, down 4 per cent compared to $0.56 per diluted share for the same period in 2016.
Cash flow from operating activities was $24.1m, up 5% compared to $22.9 million during the same period in 2016.
EFI has introduced a new Fiery the FS300 Pro Platform and Command WorkStation 6, which EFI says enables ten times the throughput than before on Fiery XB print servers, driving print engines all the way to 2,400 ppm and beyond, it believes this will also drive its revenue upwards.
Separately, EFI announced that its Board of Directors has approved a $125m increase in the firm’s share buyback authorisation and supplemented the prior program, which, as of September 8, had $28.8m available for purchases.
