EFI Reports First Quarter 2017 Results
For the quarter ended March 31, 2017, the Company reported revenue of $228.7 million, down 2% compared to first quarter 2016 revenue of $234.1 million. GAAP net income was $5.5 million, up 160% compared to $2.1 million for the same period in 2016 or $0.12 per diluted share, up 200% compared to $0.04 per diluted share for the same period in 2016. Non-GAAP net income was $25.8 million, down 2% compared to non-GAAP net income of $26.3 million for the same period in 2016 or $0.55 per diluted share, flat compared to $0.55 per diluted share for the same period in 2016. Cash flow from operating activities was $14.9 million, up 66% compared to $9.0 million during the same period in 2016.
“We are pleased that our financial discipline allowed EFI to achieve the midpoint of our non-GAAP EPS outlook despite a slow start to the year,” said Guy Gecht, CEO of EFI. “To address the challenges we faced in Q1 we are taking steps to better execute on our pipeline, while further leveraging the solid growth in the textile printing business, the start of the Nozomi beta rollout and our new product introductions in the back half of the year.”