Electronics For Imaging, Inc., the world leader in customer-focused digital printing innovation, today announced its results for the first quarter of 2009. For the quarter ended March 31, 2009, the Company reported revenues of $96.1 million, compared to first quarter 2008 revenue of $136.6 million.
GAAP net income was $26.7 million or $0.52 per diluted share in the first quarter of 2009, compared to a net (loss) of $(5.2) million or $(0.10) per diluted share for the same period in 2008.
Non-GAAP net (loss) was $(4.3) million or $(0.08) per diluted share in the first quarter of 2009, compared to net income of $12.0 million or $0.20 per diluted share for the same period in 2008.
Non-GAAP net income is computed by adjusting GAAP net income with the impact of recurring amortization of acquisition-related intangibles, stock based compensation expense, project abandonment costs, certain tax charges, as well as non-recurring charges and gains, such as asset impairment charges and our sale of certain real estate assets.
“Our results reflect the continued weakness in the global economy as well as our ongoing cost reduction efforts, which resulted in a 14% year-over-year decrease in operating expenses,” said Guy Gecht, CEO of EFI. “While our industry is not seeing any significant improvement in market demand, we are managing our resources to emerge from this slowdown a stronger company. Our recent introduction of the VUTEk GS3200 and GS5000r UV printers as well as new Fiery applications are key steps in maintaining our industry leadership. We will continue to take proactive steps to mitigate the impact of the current environment with more product innovations as well as an additional reduction in costs in Q2.”