*Net Sales — Net sales were $706 million in the first quarter of 2021, down 14% from the same period in 2020, primarily due to the economic impact from the COVID-19 pandemic, and ongoing print industry volume pressures. The first quarter decline represents a third quarter of sequential revenue improvement during the pandemic, as compared to a 21% decline in the fourth quarter of 2020, a 28% decline in the third quarter of 2020 and a 38% decline in the second quarter of 2020. *Net Earnings (Loss) From Continuing Operations — Net earnings from continuing operations were $10 million or $0.19 diluted earnings per share in the first quarter of 2021, an increase of $19 million compared to the first quarter of 2020, which recorded a net loss of $9 million or $0.17 diluted loss per share. *Net Cash Provided by Operating Activities — Net cash provided by operating activities increased by $28 million to $73 million in the first quarter of 2021, as compared to $45 million in the same period in 2020, primarily due to improvements in working capital.
In light of numerous market changes affecting costs for materials, components, chemicals, global freight and logistics, Electronics For Imaging, Inc. will be implementing price increases for its inkjet inks, parts and supplies. EFI™ will be implementing the price changes – which will apply to inks, supplies and printer parts across EFI’s VUTEk®, Wide-Format, Reggiani, Cretaprint®, Nozomi and Cubik product lines – as of July 1, 2021.
Price increases will vary by product; EFI will be communicating specific increases directly to customers and channel partners.
“Since the beginning of the pandemic, EFI has worked diligently to solidify our supply chains and maintain the best quality and consistency available with all of our inkjet products,” said Scott Schinlever, COO, EFI Inkjet. “While we have taken consequential action to contain costs, lingering market challenges have led to a price adjustment needed to ensure continued, uninterrupted supply to our global customer base.
“As always, EFI will effectively and closely manage the many cost and performance factors affecting our inkjet products, ensuring that our customers continue to stay at the forefront of technology using products that provide them exceptional value in terms of quality and total cost of ownership.”