For the quarter ended March 31, 2018, the company reported record first quarter revenue of $239.9 million, up 5% compared to first quarter 2017 revenue of $228.7 million. GAAP net loss was $3.6 million compared to GAAP net income of $4.8 million for the same period in 2017 or $(0.08) per diluted share compared to $0.10 per diluted share for the same period in 2017. Non-GAAP net income was $17.2 million, down 33% compared to non-GAAP net income of $25.8 million for the same period in 2017 or $0.38 per diluted share, down 31% compared to $0.55 per diluted share for the same period in 2017. Cash flow from operating activities was $6.3 million compared to $14.9 million during the same period in 2017.
“We began 2018 with a very strong Q1, as our direct business, which grew 17% and now comprises 77% of our sales, drove revenues above expectations. We also met our goals for Nozomi in Q1, and with increasing traction in the packaging market, look for sequential growth in unit shipments through the year,” said Guy Gecht, CEO of EFI. “With Nozomi and the solid lineup of new products planned for the second half of the year, the entire EFI team is excited and energized about the significant opportunities in 2018 and beyond.”
EFI defines its “direct business” as its Industrial Inkjet and Productivity Software segments.