Electronics For Imaging, Inc. (Nasdaq:EFII) announced today that
the Company filed a Form 12b-25 regarding its Form 10-Q for the
period ended September 30, 2017.
In the filing, the Company stated that the preliminary
earnings announcement for the quarter ended September 30, 2017
included an expense related to a write-off during the quarter of
certain inventory, a majority of which the Company acquired as part
of its July 2015 acquisition of Reggiani Macchine S.P.A. EFI
has just concluded negotiations with the prior owners to recover
part of this expense, and, as a result, the expense has been
reduced.
The Company is evaluating the accounting impacts of the
write-off and reduction of the inventory expense and related
settlement, and whether this affects management’s assessment of the
effectiveness of its current and historical disclosure controls and
internal control over financial reporting. The Company does not
expect any negative impact to any previously reported financial
results.
Accordingly, EFI was not able to complete the preparation,
review and filing of its Form 10-Q for the quarter ended September
30, 2017 within the prescribed time period without unreasonable
effort or expense, and expects to file its Form 10-Q as soon as
practicable.
Conference Call Management will host a
conference call to discuss the filing on November 14, 2017 at 8:30
am ET/5:30 am PT. Instructions for listening to the
conference call over the Web are available on the investor
relations portion of EFI’s website at www.efi.com.
Safe Harbor for Forward Looking Statements
Certain statements in this Form press release are
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Statements other
than statements of historical fact including words such as
“address”, “anticipate”, “believe”, “consider”, “continue”,
“develop”, “estimate”, “expect”, “further”, “look”, and “plan” and
statements in the future tense are forward looking
statements. The statements in this press release that could be
deemed forward-looking statements include statements regarding
EFI’s intention to file the Form 10-Q on or before the prescribed
due date pursuant to this press release EFI’s strategy, plans,
expectations regarding the scope or the outcome of EFI’s review of
the accounting matter, its revenue growth, introduction of new
products, product portfolio, productivity, future opportunities for
EFI and its customers, demand for products, and any statements or
assumptions underlying any of the foregoing.
Forward-looking statements are subject to certain risks and
uncertainties that could cause our actual future results to differ
materially, or cause a material adverse impact on our results.
Potential risks and uncertainties include, but are not necessarily
limited to, intense competition in each of our businesses,
including competition from products developed by EFI’s customers;
our ability to remediate the material weaknesses identified in
EFI’s internal control over financial reporting; the uncertainty of
the outcome of the pending securities lawsuits against EFI;
unforeseen expenses; fluctuations in currency exchange rates; the
difficulty of aligning expense levels with revenue; management’s
ability to forecast revenues, expenses and earnings; our ability to
successfully integrate acquired businesses; changes in the mix of
products sold; the uncertainty of market acceptance of new product
introductions; challenge of managing asset levels, including
inventory and variations in inventory levels; the uncertainty of
continued success in technological advances; the challenges of
obtaining timely, efficient and quality product manufacturing and
supply of components; any world-wide financial and economic
difficulties and downturns; adverse tax-related matters
such as tax audits, changes in our effective tax rate or new tax
legislative proposals; the unpredictability of development
schedules and commercialization of products by the leading printer
manufacturers and declines or delays in demand for our related
products; the impact of changing consumer preferences on demand for
our textile products; litigation involving intellectual property
rights or other related matters; the uncertainty regarding the
amount and timing of future share repurchases by EFI and the origin
of funds used for such repurchases; the market prices of EFI’s
common stock prior to, during and after the share repurchases; and
any other risk factors that may be included from time to time in
the Company’s SEC reports.
The statements in this press release are made as of the date of
this press release and are subject to revision until the
Company will have filed its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2017. EFI undertakes no obligation to
update information contained in this press release.
For further information regarding risks and uncertainties
associated with EFI’s businesses, please refer to the section
entitled “Risk Factors” in the Company’s SEC filings, including,
but not limited to, its annual report on Form 10-K and its
quarterly reports on Form 10-Q, copies of which may be obtained by
contacting EFI’s Investor Relations Department by phone at
650-357-3828 or by email at investor.relations@efi.com or
EFI’s Investor Relations website at www.efi.com.
About EFI
EFI™ is a global technology company, based in Silicon Valley,
and is leading the worldwide transformation from analog to
digital imaging. We are passionate about fueling customer
success with products that increase
competitiveness and boost productivity. To do that, we
develop breakthrough technologies for the manufacturing of signage,
packaging, textiles, ceramic tiles, and personalized documents,
with a wide range of printers, inks, digital front ends, and a
comprehensive business and production workflow suite that
transforms and streamlines the entire production
process. (www.efi.com)
Follow EFI Online:
Follow us on Twitter: @EFI_Print_Tech
Find us on Facebook: www.facebook.com/EFIPrint/
View us on
YouTube: www.youtube.com/EFIDigitalPrintTech
The Electronics For Imaging, Inc. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=15847
Contact Information:
Investor RelationsJoAnn HorneMarket Street
Partnersir@efi.com 415-445-3233
Electronics For Imaging (NASDAQ:EFII)
Historical Stock Chart
From Aug 2024 to Sep 2024
Electronics For Imaging (NASDAQ:EFII)
Historical Stock Chart
From Sep 2023 to Sep 2024