EFI has reported record second quarter revenue of $247m for the period ending 30 June this year - a 1% rise on the same quarter in 2016. GAAP net income was $2.8m, down 47% compared to $5.2m for the same period last year. Non-GAAP net income was $25.5m, down 4% compared to the same 2016 period. Cashflow from operating activities was $24.1m, up 5% compared to $22.9m during second quarter, 2016.
For the six months ended 30 June, 2017, EFI reported revenue of $475.7m, down 1% year-on-year compared to $479.8m for the same period in 2016. Cashflow from operating activities over the half year was $39m, up 22% on the same period last year.
“While we sincerely regret the delay in announcing our second quarter results and the impact on our shareholders, we are pleased to report that the EFI team delivered record Q2 revenue with solid cash generation,” said Guy Gecht, CEO of EFI. “We expect this momentum to continue into the second half of the year, with anticipated record Q3 revenue, while making additional progress on our pipeline of new industry leading products, including the planned commercialization of the Nozomi.”
Separately, EFI announced that its board of directors has approved a $125m increase in the firm’s share buyback authorisation and supplemented the prior programme, which, as of 8 September 8, 2017, had $28.8m available for purchases.