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Electronics For Imaging (EFI) more than doubled its second quarter pre-tax profit following strong double-digit growth in both its Industrial Inkjet and Productivity Software business units.

The Foster City, California-based business posted a pre-tax profit of $9.1m for the quarter to 30 June, up 117% year-on-year, on group sales that were up 16% at $163.9m.

However, while revenue from Industrial Inkjet and Productivity Software (previously referred to as APPS) rose 39% to $79.8m and 33% to $25.7m respectively, fiery revenue declined 9.6% to $58.4m.

EFI chief executive Guy Gecht attributed this to the cyclical nature of the Fiery business, where revenues are reliant on sales of OEM partners production print equipment. Gecht said that the quarter had been characterised by soft sales across all OEM partners and product lines.

"Unlike with our direct businesses we don't have the ability to accelerate time to market of new products [and] as we won't see an uptick in new products until late this year we expect Fiery revenues to be down roughly 20% in the September quarter," he added.

Gecht said that one new product from one of EFI's OEM partners would ship towards the end of the year, with further launches expected from the rest of EFI's partners in the first half of 2013.

Discussing the results on the firm's Q2 analyst's conference call, Gecht said that the key takeaway from the second quarter was thatthe strong growth in EFI's direct businesses had "more thanoffset the weakness in Fiery".

However, he added: "We anticipate that even 20-25% growth for our inkjet and software will not offset the current pressure on Fiery results [and] we are taking steps to more closely align our expenses with our revenue expectations."

"Taking all factors into account we expect revenue growth of 2-3%," added Gecht.

Meanwhile, the firm is set to boost its already healthy cash balance, which currently stands at $101.8m, after entering an agreement to sell its Foster City headquarters to Gilead Sciences for $180m. The transaction is expected to close in October 2012.