Electronics for Imaging Inc. (EFII, Financial) filed Quarterly Report for the period ended 2009-03-31.
Electronics for Imaging Inc. designs and markets products that support color and black-and-white printing on a variety of peripheral devices. Its products incorporate hardware and software technologies that transform digital copiers and printers from many leading copier manufacturers into fast high-quality networked printers. The company's products include stand-alone servers which are connected to digital copiers and other peripheral devices and controllers which are embedded in digital copiers and desktop color laser printers. Electronics for Imaging Inc. has a market cap of $543.5 million; its shares were traded at around $10.49 with and P/S ratio of 1.
In the individual regions, Fiery product revenues in the first quarter of 2009 represented 42%, 54%, 94%, and 51% of revenue in the Americas, EMEA, Japan, and Other international locations, respectively, compared with 47%, 44%, 93%, and 52% in the same quarter of 2008.
Inkjet product revenues in the first quarter of 2009 represented 35%, 39%, 6%, and 35% of revenue in the Americas, EMEA, Japan, and Other international locations, respectively, compared with 37%, 50%, 6%, and 37% in the same quarter of 2008.
A substantial portion of our revenue over the years has been attributable to sales of products through our OEM customers and independent distributor channels. For the three months ended March 31, 2009, three customers Canon, Konica Minolta, and Xerox each provided more than 10% of our revenue individually and approximately 35% of revenue in the aggregate. For the three months ended March 31, 2008, two customers Canon and Xerox each provided more than 10% of our revenue individually and approximately 33% of revenue in the aggregate.
For the three months ended March 31, 2009 Fiery products gross profit was 68.5% compared to 67.1% for the same period in 2008. Gross profits in the Fiery operating segment improved from the same quarter in 2008 despite lower revenue levels primarily due to product mix.
For the three months ended March 31, 2009 APPS gross profit was 68.1% compared to 64.1% for the same period in 2008. Gross profits in the APPS operating segment improved from the same quarter in 2008 primarily due to operating efficiencies gained through the Pace acquisition.
Read the The complete ReportEFII is in the portfolios of Third Avenue Management, Bruce Sherman of Private Capital Management.
Electronics for Imaging Inc. designs and markets products that support color and black-and-white printing on a variety of peripheral devices. Its products incorporate hardware and software technologies that transform digital copiers and printers from many leading copier manufacturers into fast high-quality networked printers. The company's products include stand-alone servers which are connected to digital copiers and other peripheral devices and controllers which are embedded in digital copiers and desktop color laser printers. Electronics for Imaging Inc. has a market cap of $543.5 million; its shares were traded at around $10.49 with and P/S ratio of 1.
Highlight of Business Operations:
On a sequential basis, the revenue performance in the first quarter of 2009 was $39.1 million or 28.9% lower than fourth quarter of 2008 results, with all product categories contributing to the decrease. Revenue in the Fiery category decreased by $21.1 million, or 30%, largely due to the decline in sales of external print servers and embedded servers. Inkjet Products decreased by $15.7 million or 33% was primarily driven by decreased sales of VUTEk super-wide format printers and inks and Jetrion industrial inkjet printers while Rastek revenues increased in their first full quarter within our Inkjet Products operating segment. Revenue in the APPS category decreased by $2.4 million, or 14%, mainly due to decreased license revenue partially offset by increased service revenue.In the individual regions, Fiery product revenues in the first quarter of 2009 represented 42%, 54%, 94%, and 51% of revenue in the Americas, EMEA, Japan, and Other international locations, respectively, compared with 47%, 44%, 93%, and 52% in the same quarter of 2008.
Inkjet product revenues in the first quarter of 2009 represented 35%, 39%, 6%, and 35% of revenue in the Americas, EMEA, Japan, and Other international locations, respectively, compared with 37%, 50%, 6%, and 37% in the same quarter of 2008.
A substantial portion of our revenue over the years has been attributable to sales of products through our OEM customers and independent distributor channels. For the three months ended March 31, 2009, three customers Canon, Konica Minolta, and Xerox each provided more than 10% of our revenue individually and approximately 35% of revenue in the aggregate. For the three months ended March 31, 2008, two customers Canon and Xerox each provided more than 10% of our revenue individually and approximately 33% of revenue in the aggregate.
For the three months ended March 31, 2009 Fiery products gross profit was 68.5% compared to 67.1% for the same period in 2008. Gross profits in the Fiery operating segment improved from the same quarter in 2008 despite lower revenue levels primarily due to product mix.
For the three months ended March 31, 2009 APPS gross profit was 68.1% compared to 64.1% for the same period in 2008. Gross profits in the APPS operating segment improved from the same quarter in 2008 primarily due to operating efficiencies gained through the Pace acquisition.
Read the The complete ReportEFII is in the portfolios of Third Avenue Management, Bruce Sherman of Private Capital Management.
