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Electronics for Imaging Books 3Q Profit
Electronics for Imaging Swings to Profit in 3rd-Quarter, but Misses Wall Street Forecasts
October 2007 NEW YORK – Electronics for Imaging Inc. said Tuesday it swung to a profit in the third quarter, but the digital printer company failed to meet Wall Street forecasts because of increased sales of less profitable products.EFI shares plunged $6.15, or 22.1 percent, to $21.70 in morning trading.Third-quarter earnings totaled $8.1 million, or 13 cents per share, compared with a loss of $27.7 million, or 49 cents per share, in the prior year.Excluding amortization acquisition-related intangibles and other one-time items, quarterly earnings gained 17 percent to $22.3 million, or 34 cents per share, compared with $18.5 million, or 29 cents per share, in the third quarter of 2006.Third-quarter revenue rose 15 percent to $158.3 million from $138.2 million.Analysts surveyed by Thomson Financial, who typically exclude one-time items, forecast earnings of 37 cents per share on revenue of $159.3 million.EFI Chief Executive Guy Gecht said a revenue shift to lower-margin inkjet business hurt the company’s earnings results.Gecht also noted that the company’s inkjet business, which grew 36 percent and booked record ink revenues, mostly offset its Fiery business, which missed revenue expectations.
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