“Congratulations on your 20-year listing anniversary on NASDAQ,” said executive host David Wicks, vice president of NASDAQ, in his opening remarks. “When we look at EFI, we see a company that is driven by the entrepreneurial spirit, as EFI helps drive their customers’ business success with a scalable digital product and service portfolio that increases their profits, cuts costs and improves productivity on every job from creation to print. Just three days ago, EFI announced fourth quarter results. EFI saw record revenue up twelve percent year over year and the eighth consecutive quarter of double-digit growth. The stock is up over nineteen percent year to date. EFI represents a visionary, a game changer, and an innovator.”
At the event, EFI CEO Guy Gecht said: “In twenty years of being public it has been a great journey with our customers, shareholders and employees as we are revolutionizing the industry. Today we remember what it took for us to achieve eight consecutive quarters of double-digit growth – a focus on customer success and helping customers be very competitive with the best technology, as they are fighting on quality and value. We continue to innovate for our many tens of thousands of customers worldwide. We will continue to innovate with Silicon Valley DNA and hard work for our customers. We will not stop except for this one very brief half an hour, ringing the Opening Bell at NASDAQ.”
He added: “This might be the first time anyone has opened NASDAQ in sneakers, and we’re happy to help drive awareness of the annual Coaches vs. Cancer event.”
In announcing its Q4 and full 2011 results, which show its eighth consecutive quarter of double-digit revenue growth, Gecht says:
“Our eighth consecutive quarter of double-digit revenue growth, which reflects records for both our Inkjet and APPS segments, completes a very successful year for EFI on many levels. Our team delivered 17 percent revenue growth in 2011, an approximate 90 percent increase in non-GAAP net income growth, strong cash flow from operations, and a record level of recurring revenue,” says Gecht. “We are excited about the opportunities ahead and plan to accelerate our innovation while continuing to execute on our strategy enabling customers to profit from the transition from analog print to digital technology while driving efficiencies in their businesses.”
For the quarter ended December 31, 2011, EFI reported record revenue of $163.1 million, up 12 percent year-over-year compared to fourth quarter 2010 revenue of $145.0 million. Fourth quarter 2011 non-GAAP net income was $16.6 million or $0.36 per diluted share, including $0.03 of unfavorable non-operational currency impact, compared to non-GAAP net income of $13.3 million or $0.28 per diluted share for the same period in 2010. GAAP net income was $11.5 million or $0.25 per diluted share, compared to $8.1 million or $0.17 per diluted share for the same period in 2010.
For the 12 months ended December 31, 2011, EFI reported revenue of $591.6 million, up 17 percent year-over-year compared to 2010 revenue of $504.0 million. Non-GAAP net income for the year was $53.1 million or $1.12 per diluted share, compared to non-GAAP net income of $27.8 million or $0.59 per diluted share for the same period in 2010. GAAP net income for the year was $27.5 million or $0.58 per diluted share, compared to GAAP net income of $7.5 million or $0.16 per diluted share for the same period in 2010.
For the first quarter of 2012, the company is expecting approximately 10 percent year-over-year revenue growth.