Electronics for Imaging Inc. Reports Operating Results (10-Q)

Author's Avatar
Nov 08, 2010
Electronics for Imaging Inc. (EFII, Financial) filed Quarterly Report for the period ended 2010-09-30.

Electronics For Imaging Inc. has a market cap of $660.23 million; its shares were traded at around $14.58 with a P/E ratio of 76.74 and P/S ratio of 1.65. EFII is in the portfolios of Third Avenue Management, Richard Blum of Blum Capital Partners, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors, Charles Brandes of Brandes Investment.

Highlight of Business Operations:

On a sequential basis, revenue performance in the third quarter of 2010 was $9.9 million, or 8%, higher than second quarter 2010 results. After adjusting second quarter results for the reclassification of proofing software revenue from the APPS to the Fiery operating segment, Fiery revenue increased 8% as this segment continues to benefit from the conversion from analog to digital technology. Fiery revenue was driven by strong demand for our most advanced, high speed, digital color controllers in the high-end production market. Recent new and refreshed OEM engine launches contributed to the revenue increase. Inkjet revenue increased 4% driven by continued strong demand for our UV products resulting from the continuing rapid transition from solvent to UV technology. APPS revenue increased 27% primarily due to the Radius acquisition.

APPS revenue increased by 10% during the nine months ended September 30, 2010 compared to the same period in 2009. APPS revenue increased by 8% during the nine months ended September 30, 2010 compared to the same period in 2009 due to the Radius acquisition, with the remainder of the increase relating to other products.

Europe, Middle East, and Africa (EMEA) revenue increased 25% for the three months ended September 30, 2010 compared to the same period in 2009, primarily due to increased Fiery revenue. Fiery revenue benefited from new OEM product launches and the transition from analog to digital technology. Fiery revenue increased from 43% to 51% of EMEA revenue. Inkjet revenue was comparable with the same period in 2009. APPS revenue increased primarily as a result of the Radius acquisition.

Fiery revenue in the third quarter of 2010 represented 40%, 51%, 88%, and 32% of revenue in the Americas, EMEA, Japan, and Other international locations, respectively, compared with 39%, 43%, 88%, and 36% in the same quarter of 2009.

Inkjet revenue in the third quarter of 2010 represented 41%, 45%, 12%, and 64% of revenue in the Americas, EMEA, Japan, and Other international locations, respectively, compared with 42%, 55%, 11%, and 60% in the same quarter of 2009.

APPS revenue in the third quarter of 2010 represented 19%, 4%, 0%, and 4% of revenue in the Americas, EMEA, Japan, and Other international locations, respectively, compared with 19%, 2%, 1%, and 4% in the same quarter of 2009.

Read the The complete Report