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EFI reports third quarter 2007 results
Article Type: Industry news From: Pigment
EFI announced its results for the third quarter of 2007. For the quarter ended September 30, 2007, the company reported revenues of $158.3 million, up approximately 15 percent when compared to third quarter 2006 revenue of $138.2 million. For the nine months ended September 30, 2007 revenues were $468.6 million, up approximately 14 percent when compared to $411.2 million in the same period in 2006.
“While we are pleased that we were able to achieve 15 percent year-over- year revenue growth in the third quarter, the revenue shift to the lower margin inkjet business negatively impacted our earnings per share,” said Guy Gecht, CEO of EFI. “Our inkjet business, which grew 36 percent year- over-year, including a record quarter for ink revenues, largely offset the Fiery business, which came in below revenue expectations. We look for this trend to continue in Q4, as we maintain the strong growth in our inkjet business, putting continued pressure on margins.” Mr Gecht continued, “We are pleased that we have concluded the restatement of our financials and are now current with our SEC filings, allowing us to resume our share buyback activity.”