EFI Reports Third Quarter 2017 Results

Electronics For Imaging, Inc. (EFI) announced its results for the third quarter of 2017. 
 
For the quarter ended Sept. 30, 2017, the company reported record third quarter revenue of $248.4 million, up 1% compared to third quarter 2016 revenue of $245.6 million.GAAP net income was $1.9 million, down 89% compared to $17.7 million for the same period in 2016 or $0.04 per diluted share, down 89% compared to $0.37 per diluted share for the same period in 2016.Cash flow from operating activities was $3.4 million, down 86% compared to $24.0 million during the same period in 2016.
 
For the nine months ended Sept. 30, 2017, the company reported revenue of $724.1 million, down 0.2% year-over-year compared to $725.4 million for the same period in 2016.GAAP net income was $9.4 million or $0.20 per diluted share, compared to $25.0 million or $0.52 per diluted share for the same period in 2016.Cash flow from operating activities for the nine months ended Sept. 30, 2017, was $42.4 million, down 24% compared to $55.8 million during the same period in 2016. 
 
“We are clearly disappointed in the third quarter results, which fell below our expectations largely due to delayed deals in our direct business,” said Guy Gecht, CEO of EFI.“To reaccelerate growth, we are reallocating budget and talent toward our largest opportunities, in textile and packaging, along with making organizational changes and adding senior positions to improve focus and execution.”