Electronics For Imaging Increases Earnings Guidance for Third Quarter 2003.Business Editors/High-Tech Writers FOSTER CITY, Calif.--(BUSINESS WIRE)--Sept. 3, 2003 Electronics For Imaging, Inc. (EFI See UEFI. EFI - Extensible Firmware Interface ) (Nasdaq:EFII EFII Electronics for Imaging Inc (Foster City, CA) ), the world leader in imaging solutions for network printing, announced today that it is increasing its earnings guidance for the third quarter ending Sept. 30, 2003. The company currently expects to achieve GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings in the range of $0.19 to $0.20 per fully diluted share, up from the prior forecast of $0.08 to $0.09 per fully diluted share provided on July 22, 2003. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, the company is increasing its earnings guidance from the $0.20 to $0.21 it announced previously, to a range of $0.21 to $0.22 per fully diluted share. The increase in pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. is due to a better product mix than previously anticipated, including increased sales of design-licensed color embedded Inserted into. See embedded system. products. The increased GAAP earnings expectations are based on the stronger product mix in combination with the currently expected timing for closing the acquisition of Printcafe. The company currently anticipates that the Printcafe acquisition will close early in the fourth calendar quarter as opposed to late in the third quarter as previously expected. EFI and Printcafe are both committed to finalizing the deal as rapidly as possible and are awaiting final SEC approval of the S-4, filed in conjunction with the deal. As soon as this approval is given, the companies will distribute the proxy to Printcafe shareholders. Due to the fourth quarter close, the Printcafe acquisition will have no impact on EFI's revenue or earnings in the third quarter. The company maintains its previous third quarter revenue outlook of $95 to $96 million, the guidance provided prior to the addition of Printcafe revenue. The $0.02 difference between forecasted GAAP and pro forma diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , as previously disclosed in this press release, is comprised of amortization of intangibles related to acquisitions. About Pro Forma Adjustments To supplement our consolidated financial results prepared under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP"), we use a pro forma measure of net income that is GAAP net income adjusted to exclude certain costs, expenses and gains. Our pro forma net income gives an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, pro forma net income is among the primary indicators management uses as a basis for planning and forecasting future periods. These measures are not in accordance with, or an alternative for, GAAP and may be materially different from pro forma measures used by other companies. We compute pro forma net income by adjusting GAAP net income with the impact of amortization of acquisition-related charges, and other non-recurring charges and gains as well as the tax effect of these charges. The presentation of this additional information should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : The statements such as "Electronics for Imaging Increases Earnings Guidance for Third Quarter 2003" and "The company currently expects to achieve GAAP earnings in the range of $0.19 to $0.20 per fully diluted share" and "On a pro forma basis, the company is increasing its earnings guidance from the $0.20 to $0.21 it announced previously, to a range of $0.21 to $0.22 per fully diluted share" and "The company currently anticipates that the Printcafe acquisition will close early in the fourth calendar quarter" and "The company maintains its previous third quarter revenue outlook of $95 to $96 million, the guidance provided prior to the addition of Printcafe revenue" are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934, as amended, and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not necessarily limited to, the following: (1) Management's ability to forecast revenues and control expenses, especially on a quarterly basis, continues to be a challenge. Unexpected declines in revenue without a corresponding and timely decline in expenses could have a material adverse effect on results of operations; (2) current world wide financial/economic difficulties continue; (3) variations in growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. or declines in the printing and imaging market across various geographic regions may cause a material impact in our results; (4) changes in historic customer order patterns, including changes in customer and channel inventory levels may cause a material impact in our results; (5) changes in the mix of products sold leads to variations in results; (6) market acceptance of new products and contribution to EFI's revenue cannot be assured; (7) delays in product delivery can cause quarterly revenues and income to fall significantly short of anticipated levels; (8) competition and/or market factors in the various markets may pressure EFI to reduce prices on certain products; (9) competition with products internally developed by EFI's customers may result in declines in EFI sales and revenues; (10) excess or obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. and variations in inventory valuation may cause a material impact in our results; (11) continued success in technological advances, including development and implementation of new processes and strategic products for specific market segments may not be assured; (12) timely and qualitative execution in the manufacturing of products may not be assured; (13) litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving intellectual property or other matters may cause a material impact in our results; (14) our ability to adequately service our debt and (15) other risk factors listed from time to time in the company's SEC reports. EFI undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with EFI's business, please refer to the Risk Factors section (entitled "Factors That Could Adversely Affect Performance'') of EFI Corporation's SEC filings, including, but not limited to, its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly reports on Form 10-Q Form 10-Q See 10-Q. , copies of which may be obtained by contacting EFI Corporation's Investor Relations Investor relations The process by which the corporation communicates with its investors. Department at 650-357-3828 or email at investor.relations@efi.com or EFI's Investor Relations website at http://www.efi.com. About Electronics For Imaging, Inc. Electronics For Imaging (www.efi.com) is the world leader in imaging solutions for network printing. EFI's industry-leading core technologies offer powerful document management tools, seamless networking, high fidelity high fidelity n. The electronic reproduction of sound, especially from broadcast or recorded sources, with minimal distortion. high color and black-and-white output, and greater productivity and cost efficiency. EFI products support a broad range of printers, copiers, multifunction devices and mobile communications devices delivering printer speeds of up to 2000 ppm in color. EFI's innovative imaging solutions include the Fiery(R), EDOX(R), Splash(TM) and DocStream(TM) brands of print controllers; Velocity(TM) suite of workflow software; Best(TM) inkjet proofing software; and PrintMe(TM) mobile printing solutions. EFI maintains 22 offices worldwide. NOTE TO EDITORS: EFI, Fiery and EDOX are registered trademarks of Electronics For Imaging, Inc. in the U.S. Patent and Trademark Office and/or certain other foreign jurisdictions. Command WorkStation, Fiery Scan, Fiery WebTools, Fiery FreeForm free·form adj. 1. Having or characterized by a usually flowing asymmetrical shape or outline: freeform sculpture. 2. , Fiery DocBuilder Pro, PrintMe, PrintMe Networks, Splash, DocStream, Velocity and Unimobile are trademarks of Electronics For Imaging, Inc. All other trademarks mentioned in this document are the property of their respective owners. BESTColor(R) is a registered trademark of Best GmbH. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion