EFI, a world leader in customer-focused digital printing innovation, today announced the company's $45,000 donation to the Red Cross for the Japan earthquake and tsunami relief efforts. This amount was generated by a 30-day employee donation matching programme EFI put in place specifically for the relief fund.
"Our hearts go out to the Japanese people, who have shown such strength and resilience in the face of tragedy," said Guy Gecht, EFI's CEO. "With our EFI office in Tokyo and several long-standing strategic partnerships with Japan-based companies, our employees worldwide have developed many close friendships there. We have great admiration for the people of Japan, who have been an inspiration to us all."
With an office in Shinjuku-ku, Tokyo, and several of its OEM partners headquartered in Japan, EFI has close ties to many affected by the devastating events, which added to the company's already strong desire to help financially. EFI's operations in Japan include sales, customer service and support. Thankfully, no EFI employees or their immediate family members have been physically harmed in the disaster.
This contribution follows donations from EFI to the Red Cross and other humanitarian organisations renowned for meeting people's immediate emergency disaster-caused needs. EFI continues to encourage its employees to consider making personal donations to the philanthropic organisations based on personal preference.
Over a month has passed since Japan was struck by the devastating earthquake and subsequent tsunami on 11 March 2011. In the meantime, Océ has carefully monitored and assessed the delivery situation of products and consumables as a consequence of the tragic events in Japan.
Based upon information received from our main suppliers, for the time being, Océ anticipates an ordinary product flow of its printing systems.
Océ is a Canon Group Company. For information on Canon printing systems, please visit www.canon.com .
The supply status can change during the coming period. If necessary, an updated statement will be provided.
Electronics For Imaging, Inc., a world leader in customer-focused digital printing innovation, today announced the appointment of Eric Brown to its Board of Directors. The addition of Brown increases the Board to seven members, with five of them independent. Brown will serve on the Board's audit committee.
Commenting on the appointment, Guy Gecht, CEO of EFI, said, "Eric is a great addition to our Board and a proven leader in the technology industry. We are excited to have him join the Board and look forward to benefiting from his expertise as we execute our global growth strategy."
Brown brings a wealth of financial and operational experience to the role. He is currently the Executive Vice President, Chief Financial Officer of Electronic Arts, the $3.7 billion global interactive entertainment software company. Prior to his current role with Electronic Arts, he was Chief Operating Officer and Chief Financial Officer at McAfee Inc., after serving as President and Chief Financial Officer of MicroStrategy, Inc., the parent company of Strategy.com, where he served as Chief Financial Officer. Earlier in Brown's career he was co-founder and Chief Financial Officer and Vice President of Business Development of DataSage Inc., after holding various financial management positions at the Haagen-Dazs Company, working in Hong Kong and Paris. Brown earned his bachelor's degree from the Massachusetts Institute of Technology (MIT) and his MBA from the MIT Sloan School of Management.
"Eric's deep financial and operational experience with several high growth technology companies, will be a great asset to EFI at a time when the company is working to continue to take market share and grow shareholder value," said Gill Cogan, chairman of EFI's Board of Directors.
"I am impressed by EFI's success in diversifying the company's product portfolio and implementing a very solid, strategic growth strategy," said Eric Brown. "I look forward to leveraging my experience to help the company pursue the numerous opportunities before it."
The recently released Big Print Plan by the Canon UK Distributor, Velmex has seen impressive sales of the UK’s only pay as you go large format rental scheme. The high level of support and ease of upgrading products is thought to be the reason the plan is exceeding sales expectations.
Velmex the UK distributor for Canon’s large format printers has witnessed a significant sales response to the recently released Big Print Plan, pay as you go large format rental scheme. The Surrey based distributor devised the scheme for customers wanting an easy monthly payment solution to owning a large format printer. The Big Print Plan provides customers with a fully inclusive service and support solution, whilst offering a simple monthly billing system for rental and ink usage.
"The introduction of the Big Print Plan gives users a fully supported, cash flow friendly approach to large format printing" says Brendan Wright, Velmex Sales Manager. "We have been very pleased with the customer take up and customer installations are well ahead of projected levels. The Big Print Plan has been very successful with both first time large format users and experienced high volume users. We have already seen clients upgrade within the scheme to meet their customer’s requirements. One client using a 24” printer on the Big Print Plan soon discovered a higher than planned volume of print meant a 44” printer was quickly needed. The Big Print Plan offers an easy solution, as customers can upgrade with no penalty. We simply delivered a 44” unit and removed the existing product."
All Big Print Plan installations have a highly specified support function that provides total support from the moment of installation. It’s this high level of support which is intrinsic to the success of the Big Print Plan.
"The advanced reporting and support system is a standard feature with the Big Print Plan and allows us to take our customer support to a new level" says Mark Keeley, Managing Director of Velmex. "We have completed a number of very successful support issues that would have been impossible to detect with a standard installation. We noticed that one customer’s ink usage was much higher than expected for the volume of prints produced. One of our technicians alerted the customer, connected into the system and found that the user had accidently set the wrong output settings. Within minutes we had corrected the problem and reduced the customers ink usage by over 50%. This level of customer support is only possible because of the advanced reporting system built into the Big Print Plan."
The Big Print Plan allows customers to rent the printer and only pay for the ink they have used. There is no large upfront outlay for ink. All inks, waste ink cartridges, print heads, warranty and support are provided for the full rental term. As part of the ongoing Big Print Plan agreement Velmex will update the printer software, drivers and add new media profiles as they become available. For any significant software upgrades they will not only install but also train customers on the upgrade. Keeley said ‘The Big Print Plan customers will always have the latest options available to them giving them the best possible chance to maximise profit from their printer’.
The Big Print Plan covers the entire Canon image PROGRAF LFP range from 17” to 60”, including the twelve colour photo printers, the 24” to 60” eight colour production printers, all the 24” to 44” CAD printers and even Canon’s large format scan to print /copy systems.
In LFR's travels around the show today, we have discovered that the NEC hosts The Gadget Show tomorrow which attracts in the region of 20,000 visitors - as well as Sign & Digital UK - and therefore the venue is likely to be extremely busy. You may want to adapt your plans accordingly to allow yourself extra time...
Electronics For Imaging, Inc. (NASDAQ:EFII), a world leader in customer-focused digital printing innovation, today announced preliminary unaudited results for the quarter ended March 31, 2011. Based on preliminary data, the Company expects to report revenues in the range of $139 million to $140 million and non-GAAP earnings per share (EPS) in the range of $0.27 to $0.28 per share, including a $0.03 benefit from currency. The Company had previously provided an outlook for the first quarter of 2011 of approximately $128 million in revenues, and non-GAAP EPS of $0.14 to $0.16 per share.
Guy Gecht, CEO of EFI, noted that the outstanding preliminary results reflect robust demand across the company's three business segments, particularly in the Fiery product line. "We were very pleased with the approximately 25% year-over-year increase in revenues, driven by the growth and efficiencies our customers are achieving with EFI's innovative technology. We continued to see strong customer loyalty for our Fiery digital print servers, along with accelerating demand globally for our software application products. At the same time, the strategic initiatives implemented to improve inkjet margins are showing solid results."
Commenting on the tragic events in Japan, headquarters for several of EFI's OEM partners, Gecht continued, "Our hearts go out to the Japanese people. With our long-standing strategic partnerships in Japan, we have developed many close friendships there. We have always had great admiration for the Japanese people's strength and resilience and are confident in their ability to recover and rebuild. We will continue to monitor the recovery efforts for any potential impact on EFI's operations or on our OEM partners."
Q1 2011 Earnings Conference Call Information
EFI will report final, complete financial results on its first quarter 2011 earnings conference call scheduled for April 25, 2011 after the market closes. Investors will be able to access the conference call and slide presentation at the Investor Relations/Events & Presentations portion of EFI's website at www.efi.com or by phone at (866) 613-9183 for domestic callers and (973) 409-9232 for international callers. The conference call ID is 59047043.
A replay of the webcast will also be available at the aforementioned website following the completion of the call.
About our Non-GAAP Net Income and Adjustments
To supplement our consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income (loss) and earnings per diluted share that are GAAP net income (loss) and GAAP earnings per diluted share adjusted to exclude certain recurring and non-recurring costs, expenses and gains.
We believe that the presentation of non-GAAP net income (loss) and non-GAAP earnings per diluted share provides important supplemental information to management and investors regarding non-cash expenses, significant recurring and non-recurring items that we believe are important to understanding our financial and business trends relating to our financial condition and results of operations. Non-GAAP net income (loss) and non-GAAP earnings per diluted share are among the primary indicators used by management as a basis for planning and forecasting future periods and by management and our board of directors to determine whether our operating performance has met specified targets and thresholds. Management uses non-GAAP net income (loss) and non-GAAP earnings per diluted share when evaluating operating performance because it believes that the exclusion of the items described below, for which the amounts and/or timing may vary significantly depending upon the Company's activities and other factors, facilitates comparability of the Company's operating performance from period to period. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our business and the valuation of our Company.
We compute non-GAAP net income (loss) and non-GAAP earnings per diluted share by adjusting GAAP net income (loss) and GAAP earnings per diluted share to remove the impact of recurring amortization of acquisition-related intangibles, stock-based compensation expense, as well as restructuring related and non-recurring charges and gains and the tax effect of these adjustments. Such non-recurring charges and gains include end-of-life inventory purchase and related obsolescence, asset impairment charges, acquisition-related transaction costs and legal expenses, and costs to integrate such acquisitions into our business.
These non-GAAP measures are not in accordance with or an alternative for GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures, used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income or earnings per diluted share prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income (loss) and non-GAAP earnings per diluted share should not be construed as an inference that these costs are unusual, infrequent or non-recurring.
Safe Harbor for Forward Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact including words such as "anticipate", "believe", "estimate", "expect", "consider" and "plan" and statements in the future tense are forward looking statements. The statements in this press release that could be deemed forward-looking statements include statements regarding EFI's financial results for the quarter ended March 31, 2011 (including revenues and non-GAAP EPS), EFI's positioning in the growth segments of digital printing, accelerating demand globally for EFI's software application products, continuation of the execution of its strategy and momentum, and any statements or assumptions underlying any of the foregoing.
Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially, or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not necessarily limited to, inaccurate data or assumptions; unforeseen expenses; the difficulty of aligning expense levels with revenue changes; execution of actions to reduce our operational costs and ability to maintain effective cost control measures; unexpected declines in revenues or increases in expenses; management's ability to forecast revenues, expenses and earnings, especially on a quarterly basis; the market prices of the Company's common stock; the uncertainty regarding the amount and timing of future share repurchases by the Company and the origin of funds used for such repurchases; any world-wide financial and economic difficulties and downturns, including contraction in credit markets and adverse variations in foreign exchange rates, that could affect demand for our products, and increase the volatility of our profitability, as well as the risk of bank failures, insolvency or illiquidity of other financial institutions and other adverse conditions in financial markets that could cause a loss of our cash deposits and invested cash and cash equivalents; uncertainty to accurately predict the outcome of foreign tax audits and determine our tax provisions; uncertainty regarding our effective tax rate in the future that may be impacted by various factors, including but not limited to new U.S. tax legislative proposals; changes in, or the failure or inability to comply with U.S., foreign and local governmental regulations, including import/export regulations or duties; failure to retain key employees; product cancellation costs; a significant decline or delay in demand for our products by any of our important OEM partners; the unpredictability of development schedules and commercialization of the products manufactured and sold by our OEM partners; variations in growth rates or declines in the printing and imaging markets across various geographic regions; changes in historic customer order patterns, including changes in customer and channel inventory levels; changes in the mix of products sold leading to variations in operating results; the uncertainty of market acceptance of new product introductions; delays in product deliveries that cause quarterly revenues and income to fall significantly short of anticipated levels; competition and/or market factors, which may adversely affect margins; competition in each of our businesses, including competition from products internally developed by EFI's customers; challenge of managing assets levels, including inventory and variations in inventory valuation; intense competition in the industrial and commercial digital inkjet market; the uncertainty of continued success in technological advances, including development and implementation of new processes and strategic products; the challenges of obtaining timely, efficient and quality product manufacturing and components supplying; litigation involving intellectual property rights or other related matters; our ability to successfully integrate acquired businesses, without operational disruption to our existing businesses; the potential that investments in new business strategies and initiatives could disrupt the Company's ongoing businesses and may present risks not originally contemplated; the potential loss of sales, unexpected costs or adverse impact on relations with customers or suppliers as a result of acquisitions; differences between the financial results as filed with the SEC and the preliminary results included in our earnings or other press releases, among other things, due to the complexity in accounting rules; and any other risk factors that may be included from time to time in the Company's SEC reports.
or EFI's Investor Relations website at www.efi.com.
Large Format Review provides daily breaking news on digital printer technology as used for commercial production of print for wide-format sign and display, dye-sublimation textile and fabric printing, packaging and industrial applications. We also cover 3D print and additive manufacturing.