California (US)-based Electronics For Imaging (EFI) Inc., a world leader in customer-focused digital printing innovations, has disclosed its financial results for the second quarter ended June 30, 2017.
During the quarter under review, the company reported an increase of 1 per cent in its revenue to US $ 247.0 million against US $ 245.7 million during the same quarter of 2016.
GAAP net income, however, declined by 47 per cent for the technology provider from US $ 5.2 million in the corresponding period last year to US $ 2.8 million in the second quarter of this year.
The company’s revenue for the first six months of the current fiscal ended June 30 also dropped by 1 per cent year-over-year compared to US $ 479.8 million for the same period in 2016 to US $ 475.7 million in the second quarter of 2017.
Guy Gecht, CEO of EFI is content with the company’s second quarter performance in terms of cash generation and is optimistic about future as well.
In another development, EFI announced that its Board of Directors has approved a US $ 125 million increase in the firm’s share buyback authorization and supplemented the prior programme, which, as of September 8, 2017, had US $ 28.8 million available for purchases.
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