EFI announced its results for the fourth quarter and year ended 31 December, 2018.
The company reported a revenue of $1.02 billion, up 2% compared to $993.3 million in for the year at the close 2017.
“After spending last week at our Connect User Conference meeting passionate customers who shared how critical our products are in enabling their businesses, my enthusiasm regarding EFI’s opportunity has only increased,” said Bill Muir, CEO of EFI.
“At the same time, these conversations reinforce the need to improve execution, evolve our go-to-market strategy and accelerate innovation to help drive our customers’ success. To that end, we have recently launched initiatives that will create value for both our customers and EFI.
"These steps include a thorough supply chain review to identify cost savings, value stream mapping exercises to analyze our R&D process and identify waste, and a comprehensive assessment of our go-to-market approach. These are just the first in a series of initiatives we will implement over the coming months.
"While the benefits won’t be reflected in our results until late in the year, I am confident we have the right strategy in place to match EFI’s technological expertise with the superior execution that will delight our customers.”
For the three months ended 31 December 2018, the company reported revenue of $256.9 million, down 5% compared to $269.2 million for the same period in 2017. GAAP net loss was $3.1 million compared to GAAP net loss of $26.3 million for the same period in 2017 or $(0.07) per diluted share compared to $(0.58) per diluted share for the same period in 2017. Non-GAAP net income was $20.5 million, down 14% compared to $24.0 million for the same period in 2017 or $0.46 per diluted share, down 12% compared to $0.52 per diluted share for the same period in 2017. Cash flow from operating activities was $33.4 million, 162% of non-GAAP net income compared to $8.9 million, 37% of non-GAAP net income during the same period in 2017.
GAAP net loss was $1.0 million compared to GAAP net loss of $15.3 million for 2017 or $(0.02) per diluted share compared to $(0.33) per diluted share for 2017. Non-GAAP net income was $82.9 million, down 18% compared to $100.7 million or $1.83 per diluted share, down 14% compared to $2.14 per diluted share for 2017. Cash flow from operating activities for the year ended 31 December 2018 was $83.5 million, 101% of non-GAAP net income compared to $51.3 million, 51% of non-GAAP net income for 2017.