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Electronics For Imaging CEO Discusses Q4 2011 Results - Earnings Call Transcript

In addition, reference will be made to non-GAAP financial measures. Information regarding the reconciliation of the non-GAAP and GAAP measures can be found in the press release that was issued this afternoon on our website on the IR section at www.efi.com. There are also slides available there that corresponds to today’s comments.

I’ll now turn the call over to Guy Gecht. Guy?

Guy Gecht

Thank you, JoAnn. Good afternoon everyone and thank you for joining us today. At the $163 million Q4 represents the highest quarterly revenue EFI has ever recorded and our eight consecutive quarter of greater than double-digits growth. Perhaps this number is most meaningful, because we have continued this core play as we move fast to easy compared quarters when the industry was just beginning to recover from the recession. And despite concerns about the softening economy we delivered 12% top line growth in the quarter, but it's not just the top line.

In the fourth quarter we saw about 48% increase in operating income and 29% increase in non-GAAP EPS despite the negative currency impact. So, we are not just generating more revenue we are dropping more and more away to the bottom line.

We are particularly excited about the record Inkjet and APPS revenue, delivering record revenue in the softer and the inkjet part of our business highlight the progress we have achieved in balancing the revenue drivers of the company. And while Fiery segment had a challenging compared to the prior year as Q4 2010 included the initial revenues from product launches by a number of our partners and perhaps more favorable macro conditions a year ago. We were able to see modest growth in the segment and expect normal seasonality in Q1. This relative stability would not have been possible if it wasn’t for the disciplined approach we implemented to carefully monitor our partner’s inventory levels and adjust for changes based on those results.

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