California (US)-based Electronics For Imaging (EFI) Inc., a world leader in customer-focused digital printing innovations, has disclosed its financial results for the third quarter ended September 30, 2017.
During the quarter under review, the company reported an increase of 1 per cent in its revenue to US $ 248.4 million against US $ 245.6 million during the same quarter of 2016.
GAAP net income, however, noted a decline of 89 per cent to US $ 1.9 million in the reporting quarter from US $ 17.7 million in the third quarter of last fiscal. Non-GAAP income also noted an 18 per cent decline to US $ 22.7 million from US $ 27.6 million in the same period last fiscal.
The company’s revenue for the first nine months of the current fiscal ended September 30 also dropped by 0.2 per cent year-over-year compared to US $ 725.4 million last year to US $ 724.1 million this year.
“Below than expected result in the third quarter is an outcome of the delayed deals in our direct business. This result has made us disappointed,” said Guy Gecht, CEO of EFI.
The technology provider has now decided to reallocate budget and talent toward the largest opportunities in textile and packaging to reaccelerate growth.
Other organisational changes such as the addition of senior positions to improve focus and execution of plans and strategies are also on the cards.