EFI announced its preliminary results for the second quarter of 2007.
For the quarter ended June 30, 2007, the company reported record revenues of $162.5 million, up approximately 18.3% when compared to second quarter 2006 revenue of $137.3 million.
Non-GAAP net income was $21.7 million or $0.33 per diluted share in the second quarter of 2007, compared to $18.2 million, or $0.28 per diluted share for the same period in 2006.
GAAP net income was $8.8 million or $0.15 per diluted share in the second quarter of 2007, compared to $11.8 million or $0.18 per diluted share for the same period in 2006.
Non-GAAP net income is computed by adjusting GAAP net income by the impact of recurring amortization of acquisition-related intangibles, stock-based compensation expenses, certain tax charges, as well as other non-recurring charges and gains.
"We are pleased that we exceeded both revenue and earnings expectations in Q2, driven by strength across all three of our major product lines," said Guy Gecht, CEO of EFI. "The record revenues allowed us to increase investment in our business, while still achieving 18% year over year earnings growth. We are increasing our revenue outlook for the full year driven by robust demand for new Fiery products along with VUTEk's strong sales pipeline, that has been led by the QS product line."