EFI Reports Record Revenue for Fourth Quarter

Electronics For Imaging (EFI), a world leader in customer-focused digital printing innovation, has announced its results for the quarter and year ended Dec. 31, 2015.

For the quarter ended Dec. 31, 2015, the company reported record revenue of $256.5 million, up 22 percent compared to fourth quarter 2014 revenue of $211.1 million. Non-GAAP net income was $29.4 million or $0.61 per diluted share, which was reduced by 3 cents due to balance sheet currency translation impact, compared to non-GAAP net income of $25.1 million or $0.52 per diluted share for the same period in 2014, which was reduced by 2 cents due to balance sheet currency translation impact. GAAP net income was $10.3 million or $0.21 per diluted share, compared to $11.9 million or $0.25 per diluted share for the same period in 2014.

For the year ended Dec. 31, 2015, the company reported revenue of $882.5 million, up 12 percent year-over-year compared to $790.4 million for the same period in 2014. Non-GAAP net income was $97.9 million or $2.03 per diluted share, compared to non-GAAP net income of $87.1 million or $1.80 per diluted share for the same period in 2014. GAAP net income was $33.5 million or $0.70 per diluted share, compared to $33.7 million or $0.70 per diluted share for the same period in 2014.

"Our team capped another strong year for EFI by delivering an outstanding quarter despite the continued macro headwinds we have had to overcome all year," Guy Gecht, CEO of EFI, said. "As we begin 2016, we remain deeply committed to developing innovative technology to make our customers more competitive and productive."

Ex-Currency

To better understand trends in its business, EFI believes that it is helpful to adjust revenue and earnings per share to exclude the impact of year-over-year changes in the translation of foreign currencies into U.S. dollars. This is accomplished by using the exchange rate in effect during the comparable prior period. EFI refers to this adjusted revenue and earnings per share as "ex-currency." Management believes the ex-currency measure provides investors an additional perspective on year-over-year financial trends. The year-over-year currency impact can be determined as the difference between year-over-year actual growth rates and year-over-year ex-currency growth rates.

Source: EFI.