and Earnings for the Second Quarter of 1996SAN MATEO, CALIF. (JULY 11, 1996) Electronics for Imaging, Inc. (NASDAQ:EFII), announced record financial results for its second quarter of 1996. Revenue for the second quarter was a record $69.0 million, up 54% from $44.8 million recorded in the second quarter last year, and up 8% from the first quarter of 1996. Net income increased 68%, to a record $13.9 million or $0.51 per share for the second quarter of 1996, compared to $8.3 million, or $0.31 per share for the same period last year.
For the six months ended June 30, 1996, revenue was $132.7 million compared to $85.2 million in the six month period a year earlier, a 56% increase. Net income for the six months ended June 30, 1996 increased 71% to $26.5 million, or $0.97 per share, compared to $15.5 million and $0.59 per share for the same period in 1995.
The company's balance sheet was further strengthened with cash and short term investments totaling $163.6 million, up $19.6 million from December 31, 1995. Total assets stood at $234.7 million.
"We are delighted with our twentieth consecutive quarter of revenue growth and the company's continued leadership in the short-run color printing marketplace," said Dan Avida, President and Chief Executive Officer. "For the high end of the color printing market, we announced a Fiery Color Server to drive the Xerox 40 page-per-minute color copier, broadening the use of our technology in production printing environments. On the desktop front, IBM selected the Fiery controller for its color laser printer, increasing EFI's presence in the corporate arena.
Fiery Color Servers are installed around the world in leading corporations, advertising agencies, graphic design studios and print-for-pay businesses. Founded in 1989, the company has its headquarters in San Mateo, Calif. EFI employs approximately 300 people and has 22 worldwide sales offices. Its stock is traded on the NASDAQ national market system under the symbol EFII.
More information regarding Electronics for Imaging may be obtained by calling the company directly at (415) 286-8600, or through public sources, including the company's SEC filings. Electronics for Imaging may also be reached on the World Wide Web at http://www.efi.com.
EFI, the EFI logo, Fiery and the Fiery logo are trademarks registered in the U.S. Patent and Trademark Office. Fiery XJ, Fiery XJe, Fiery Driven, the Fiery Driven logo, XJ RipChips, Rip-While-Print, Continuous Print, and Memory Multiplier are trademarks of Electronics for Imaging, Inc. All other terms and product names may be trademarks or registered trademarks of their respective owners, and are hereby acknowledged.
| Quarter Ended | Six Months Ended | |||
| June 30, | June 30, | |||
| 1996 | 1995 | 1996 | 1995 | |
| Revenue | $ 69,046 | $ 44,798 | $132,695 | $ 85,162 |
| Cost of revenue | 34,555 | 22,393 | 67,798 | 42,789 |
| 34,491 | 22,405 | 64,897 | 42,373 | |
| Operating expenses: | ||||
| Research and development | 5,091 | 2,931 | 9,246 | 5,740 |
| Sales and marketing | 6,983 | 5,970 | 12,843 | 11,505 |
| General and administrative | 2,387 | 1,769 | 4,753 | 3,361 |
| 14,461 | 10,670 | 26,842 | 20,606 | |
| Income from operations | 20,030 | 11,735 | 38,055 | 21,767 |
| Other income | 1,690 | 1,213 | 3,349 | 2,389 |
| Income before income taxes | 21,720 | 12,948 | 41,404 | 24,156 |
| Provision for income taxes | 7,819 | 4,661 | 14,906 | 8,696 |
| Net income | $ 13,901 | $ 8,287 | $ 26,498 | $ 15,460 |
| Net income per share | $ 0.51 | $ 0.31 | $ 0.97 | $ 0.59 |
| Shares used in computing net income per share | 27,413 | 26,358 | 27,242 | 26,274 |
Electronics for Imaging, Inc.
Consolidated Balance Sheets
(in thousands)
(unaudited)
| June 30, | December 31, | |
| 1996 | 1995 | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $ 26,503 | $ 46,006 |
| Short-term investments | 137,112 | 98,012 |
| Accounts receivable | 39,581 | 27,588 |
| Inventories | 9,372 | 7,809 |
| Other current assets | 11,847 | 8,173 |
| Total current assets | 224,415 | 187,588 |
| Property and equipment | 8,776 | 5,469 |
| Other assets | 1,529 | 1,412 |
| Total assets | $234,720 | $194,469 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities | ||
| Accounts payable | $ 18,146 | $ 10,630 |
| Accrued liabilities | 13,558 | 12,023 |
| Income taxes payable | 9,766 | 7,876 |
| Total current liabilities | 41,470 | 30,529 |
| Stockholders' equity | ||
| Preferred stock | - | - |
| Common stock | 254 | 250 |
| Additional paid-in-capital | 92,487 | 89,679 |
| Retained earnings | 100,509 | 74,011 |
| Total stockholders' equity | 193,250 | 163,940 |
| Total liabilities and stockholders' equity | $234,720 | $194,469 |
For more information contact:
Dave Warner
Vice President, Finance
415-286-7221
