EFI has announced its financial results for the second quarter of 2011. For the quarter ended June 30, 2011, the Company reported revenue of $141.2 million, compared to second quarter 2010 revenue of $119.1 million.
- For the second quarter of 2011, Non-GAAP net income was $11.3 million or $0.23 per diluted share, compared to Non-GAAP net income of $4.0 million or $0.09 per diluted share for the same period in 2010
- For the second quarter of 2011, GAAP net income was $3.6 million or $0.07 per diluted share, compared to GAAP net loss of $(2.5) million or $(0.06) per diluted share for the same period in 2010.
- For the six months ended June 30, 2011, Non-GAAP net income was $24.8 million or $0.51 per diluted share, compared to Non-GAAP net income of $3.9 million or $0.08 per diluted share for the same period in 2010.
- For the six months ended June 30, 2011, GAAP net income was $9.9 million or $0.20 per diluted share, compared to GAAP net loss of $(13.9) million or $(0.31) per diluted share for the same period in 2010.
"EFI again delivered a solid quarter with double-digit revenue growth in all three segments, record recurring revenues, the third consecutive quarter of double-digit operating margin, and strong cash generation," said Guy Gecht, Chief Executive Officer. "Our results reflect our focus on the fastest growing segments of the printing industry, and our ability to provide business process automation that allows our customers to more efficiently run their businesses. With new innovative inkjet products beginning to ship this quarter, we believe that our Company is well positioned to maintain our growth momentum into the third quarter."
Separately, the Company announced that Fred Rosenzweig, EFI's President, has informed the Company that he intends to retire following the completion of the 2011 fiscal year. Mr. Rosenzweig will take on a transitional part time role during the first eight months of 2012. The Company has no plans to replace Mr. Rosenzweig in his current role.
"We can't be more thankful to Fred for his outstanding contribution to EFI in over 18 years," said Mr. Gecht. "While it is always hard to say goodbye to a great individual like Fred, we could not ask for better timing for this transition when the Company's business and trajectories are strong and the management team is complete, experienced and eager to take on future growth opportunities."