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Electronics For Imaging, Inc (EFII) has reported 159.87 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $5.46 million, or $0.12 a share in the quarter, compared with $2.10 million, or $0.04 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $25.81 million, or $0.55 a share compared with $26.29 million or $0.55 a share, a year ago. Revenue during the quarter went down marginally by 2.32 percent to $228.69 million from $234.13 million in the previous year period. Gross margin for the quarter expanded 351 basis points over the previous year period to 54.08 percent. Total expenses were 95.90 percent of quarterly revenues, down from 97.02 percent for the same period last year. This has led to an improvement of 112 basis points in operating margin to 4.10 percent.
Operating income for the quarter was $9.38 million, compared with $6.97 million in the previous year period.
“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, Chief executive officer 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.”
Operating cash flow improves significantly
Electronics For Imaging, Inc has generated cash of $14.90 million from operating activities during the quarter, up 66.18 percent or $5.93 million, when compared with the last year period. The company has spent $10.81 million cash to meet investing activities during the quarter as against cash inflow of $38.90 million in the last year period.
The company has spent $18.28 million cash to carry out financing activities during the quarter as against cash outgo of $24.12 million in the last year period.
Cash and cash equivalents stood at $151.10 million as on Mar. 31, 2017, down 20.54 percent or $39.06 million from $190.16 million on Mar. 31, 2016.
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