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Electronics For Imaging's CEO Discusses Q1 2012 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 at the IR section at www.efi.com. There are also slides available that correspond to today’s comments.

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

Guy Gecht

Thank you, JoAnn. Good afternoon and thank you for joining us today. Our string of record quarterly achievements continued in Q1. At $160 million in revenues Q1 marked our best March quarter ever and EFI's ninth consecutive quarter of double-digit revenue growth. Our Productivity Software and Industrial Inkjet businesses both posted an all-time record quarters as well as record recurring revenues. In this seasonally low and pre-drupa quarter, we could not be more pleased with the execution by the team.

Our success in balancing the revenue drivers of the company is once again historic. While Fiery revenues came largely in line with normal, seasonally low expectations Industrial Inkjet revenues were up by 47% and Productivity Software grew 45% year over year. As we have long discussed, the Inkjet and Software businesses are becoming the key driver of the company as they now comprise more than 60% of our revenues.

Not only do the Inkjet and Software segments bring fast growth with both short and long-term opportunities, more importantly we have direct control in these two segments over the rate of innovation and the activity in the field. I could not be more pleased with how this played out in this pre-drupa quarter, when customers have all the reasons in the world to wait with their buying decisions. We were aggressive and determined to start the year on a high note.

While I don't have precise data yet we have strong indications that in those direct sales segments, our field team delivered the share gain in almost every category in which we compete. And perhaps the best part about our fast-growing Industrial Inkjet and Productivity Software segments is that every new sale lead to higher margin recurring revenues for years to come.

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