Electronics For Imaging (EFI) has reported a 1% increase in its revenue to $248.4m for the third quarter of 2017, compared to $245.6m the same period last year.
The Silicon Valley-based technology company which specializes in customer-focused digital printing innovation said that its revenue for the nine months that ended 30 September 2017 was down 0.2% to $724.1m, compared to the $725.4m it made during the same period last year.
EFI CEO Guy Gecht said: “We are clearly disappointed in the third quarter results, which fell below our expectations largely due to delayed deals in our direct business.
“To reaccelerate growth, we are reallocating budget and talent toward our largest opportunities, in textile and packaging, along with making organizational changes and adding senior positions to improve focus and execution.”
The company’s GAAP net income for Q3 2017 was down by 89% to $1.9m in comparison to $17.7m it made in Q3 2016. The non-GAAP net income dropped by 18% to $22.7m compared to the $27.6m registered for the same period last year.
For the nine months period up to 30 September 2017, EFI’s GAAP net income was $9.4m, compared to the $25.0m figure registered for the same period in 2016.
Its non-GAAP net income saw a decline to $74.0m for the nine-month period compared to non-GAAP net income of $80.5m earned for the same period in 2016.
EFI develops technologies for the manufacturing of packaging, signage, textiles, ceramic tiles, and personalized documents.
It claims to use a line up of printers, inks, digital front ends, to go along with a complete business and production workflow suite that is said to transform and optimize the entire production process.
