- January 24, 2012
FOSTER CITY, CA | On the heels of an acquisition of Castellon, Spain-based Cretaprint, owner EFI, a leader in customer-focused digital printing innovation, releases its financials evidencing record double-digit revenue growth for both Q4 ending in December 2011 and the year.
For the quarter ending Dec. 31, 2011, the company reported record revenue of $163.1 million, up 12% year-over-year compared to fourth quarter 2010 revenue of $145.0 million. For the 12 months ended also on Dec. 31, 2011, EFI reported revenue of $591.6 million, up 17% year-over-year compared to 2010 revenue of $504.0 million.
"Our eighth consecutive quarter of double-digit revenue growth, which reflects records for both our Inkjet and APPS segments, completes a very successful year for EFI on many levels. Our team delivered 17% revenue growth in 2011, an approximate 90% increase in non-GAAP net income growth, strong cash flow from operations, and a record level of recurring revenue," said Guy Gecht, CEO of EFI. "We are excited about the opportunities ahead and plan to accelerate our innovation while continuing to execute on our strategy enabling customers to profit from the transition of analog print to digital technology while driving efficiencies in their businesses."
During a late afternoon press conference held today, Gecht fielded questions from a select group of editors serving the printing industry, including PFFC. Several questions dealt with how this reported revenue increase might impact the company's R&D efforts. Gecht repeatedly emphasized the importance of not only maintaining but increasing the company's future R&D efforts within all segments of EFI, including the Cretaprint acquisition. The company's growth lends credence to the belief the economy is in recovery from the recession and on a firm upswing.
For the first quarter of 2012, EFI expects double-digit increase of approximately 10% year-over-year revenue growth.