EFI announced its results for the fourth quarter of 2008. For the quarter ended Dec. 31, 2008, the company reported revenues of $135.3 million, compared to fourth quarter 2007 revenues of $152 million. The company also announced that in the fourth quarter of 2008, it will recognize a non-cash charge currently estimated in the range of $100 million to $130 million related to the impairment of goodwill and long-lived assets.
Non-GAAP net income was $41.2 million or $0.73 per diluted share for the 12 months ended December 31, 2008, down from $78.0 million or $1.19 per diluted share for the same period in 2007.
“The deteriorating economic environment continued to impact our business during the quarter. In particular, our inkjet business was affected by a difficult credit environment and the global slowdown in advertising and marketing spend,” said Guy Gecht, CEO of EFI. “At the same time, the relative strength of our Fiery and software businesses helped to offset the impact from the equipment spending environment, once again proving the value of our diversified business model. We took significant measures to rationalize our spending to reflect the current business conditions while at the same time focusing on providing innovative tools to help our customers grow new sources of revenues, increase productivity, and identify areas where their costs can be trimmed.”