Electronics For Imaging, Inc., has revealed its Q3 2017 earnings, which “fell below” expectations.
On Thursday, ink world revealed that EFI had reported its results for the third quarter of 2017, announcing a “record third quarter revenue of $248.4 million (€213 million)” which is a rise of 1 per cent from the same period in 2016, when they reported a Q3 revenue of $245.6 million (€211 million).
EFI’s “cash flow from operating activities was $3.4 million (€2.92 million), down 86% compared to $24.0 million (€20.6 million) during the same period in 2016.”
For the nine months ending on 30 September 2017, the company reported a revenue of $724.1 million (€622.3 million), down 0.2% year-over-year compared to $725.4 million (€623.4 million) for the same period in 2016.
Cash flow from operating activities for the nine months ended 30 September 2017, was $42.4 million (€36.4 million), down 24% compared to $55.8 million (€47.9 million) during the same period in 2016.
“We are clearly disappointed in the third quarter results, which fell below our expectations largely due to delayed deals in our direct business,” EFI’s CEO, Guy Gecht, said. “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.”