Electronics For Imaging, Inc., the world leader in customer-focused digital printing innovation, today announced its results for the second quarter of 2009. For the quarter ended June 30, 2009, the Company reported revenues of $90.1 million, compared to second quarter 2008 revenue of $143.8 million.
GAAP net loss was $(13.3) million or $(0.27) per diluted share in the second quarter of 2009, compared to a GAAP net loss of $(0.1) million or $(0.00) per diluted share for the same period in 2008.
GAAP net income was $13.4 million or $0.26 per diluted share for the six months ended June 30, 2009, compared to a GAAP net loss of $(5.3) million or $(0.10) per diluted share for the same period in 2008.
Non-GAAP net loss was $(6.1) million or $(0.12) per diluted share in the second quarter of 2009, compared to non-GAAP net income of $12.0 million or $0.21 per diluted share for the same period in 2008.
Non-GAAP net loss was $(10.5) million or $(0.21) per diluted share for the six months ended June 30, 2009, compared to non-GAAP net income of $24.0 million or $0.41 per diluted share for the same period in 2008.
“Our results reflect the continued challenges in our industry compounded by the delay in broad availability of our new line-up of inkjet printers. While our overall results are disappointing, we are pleased with the approximately 14% sequential growth in our Inkjet business and the execution on our commitment to align spending with revenue, with operating expenses reduced by 22% year-over-year,” said Guy Gecht, CEO of EFI. “Despite the product delay, we remain very excited with the opportunities for our inkjet segment and the record number of industry-leading new products we plan to bring to market over the next several months.”
EFI will discuss the Company’s financial results by conference call at 2:00 p.m. PDT today. Instructions for listening to the conference call over the Web are available on the investor relations portion of EFI’s website at www.efi.com.
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About our Non-GAAP Net Income and Adjustments
To supplement our consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income and earnings per diluted share that are GAAP net income and GAAP earnings per diluted share adjusted to exclude certain recurring and non-recurring costs, expenses and gains.
We believe that the presentation of non-GAAP net income and non-GAAP earnings per diluted share provides important supplemental information to management and investors regarding non-cash expenses, significant recurring and nonrecurring items that we believe are important to understanding our financial and business trends relating to our financial condition and results of operations. Non-GAAP net income and non-GAAP earnings per diluted share are among the primary indicators used by management as a basis for planning and forecasting future periods and by management and our board of directors to determine whether our operating performance has met specified targets and thresholds. Management uses non-GAAP net income and non-GAAP earnings per diluted share when evaluating operating performance because it believes that the exclusion of the items described below, for which the amounts and/or timing may vary significantly depending upon the Company’s activities and other factors, facilitates comparability of the Company’s operating performance from period to period. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our business and the valuation of our Company.
We compute non-GAAP net income and non-GAAP earnings per diluted share by adjusting GAAP net income and GAAP earnings per diluted share to remove the impact of recurring amortization of acquisition-related intangibles, stock-based compensation expense, as well as restructuring related and non-recurring charges and gains and the tax effect of these adjustments. Such nonrecurring charges and gains include project abandonment costs, asset impairment charges, costs related to our stock option review completed in 2008, certain legal settlements, and our sale of certain real estate assets. Examples of these excluded items are described below:
Amortization of acquisition-related intangibles. Intangible assets acquired to date are being amortized on a straight-line basis.
Stock-based compensation expense is recognized in accordance with SFAS 123R.
Non-recurring charges and gains, including:
- Restructuring related charges. We have incurred restructuring charges as we reduce the number and size of our facilities and the size of our workforce.
- Asset impairment costs consist of equipment and non-cancellable purchase orders incurred relating to a planned product that was cancelled.
- Gain on sale of building and land. On January 29, 2009, we sold a portion of the Foster City, California campus for $137.3 million to Gilead Sciences, Inc., resulting in a gain on sale of $80.0 million.
* Tax effect of these adjustments.
These non-GAAP measures are not in accordance with or an alternative for GAAP and may be materially different from non-GAAP measures, including similarly titled non-GAAP measures, used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income or earnings per diluted share prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income and non-GAAP earnings per diluted share should not be construed as an inference that these costs are unusual, infrequent or non-recurring.
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