Thursday, Electronics For Imaging, Inc. (EFII), posted fourth quarter loss narrowed from the year-ago period, as the company gained about $80 million from the sale of its California campus, despite a decline in the revenue.
The Foster City, California-based company's fourth quarter net loss narrowed to $3.4 million or $0.07 per share from $104.5 million or $2.03 per share in the year-ago period. Results include recurring amortization of acquisition-related intangibles, stock-based compensation expense, restructuring and non-recurring charges and gains.
In the fourth quarter 2008, the company recognized a goodwill impairment charge of about $104 million. On January 29, 2009, the company gained about $80 million from the sale of Foster City, California campus for $137.3 million to Gilead Sciences, Inc. Excluding these items, net income for the quarter was $2.3 million or $0.05 per share, compared to $6.7 million or $0.13 per share in the same quarter last year.
On an average, four analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the fourth quarter. Analysts' estimates typically exclude one-time items.
Revenue for the fourth quarter declined to $114.0 million, from $135.3 million in the comparable quarter last year. Analysts expected revenue of $109.07 million for the quarter.
In the recent quarter, gross profit decreased to $59.6 million from $76.14 million and total operating expenses decreased to $64.9 million from $192.3 million in the year-ago period.
Loss from operations narrowed to $5.4 million from $116.2 million in the same quarter last year.
For the full year 2009, the company's net loss narrowed to $2.2 million or $0.04 per share, from $113.4 million or $2.16 per share last year. Non-GAAP net loss was $10.7 million or $0.22 per share, compared to net income of $41.2 million or $0.74 per share in the prior year period. Revenue for the full year decreased to $401.1 million from $560.3 million in the same period last year.
Analysts expected the company to post a loss of $0.23 per share on revenues of 396.13 million for the full year.
Guy Gecht, chief executive officer said,"Our results continue to show improvement as we delivered 13% sequential revenue growth driven by a strong rebound in our Fiery business posting 26% quarter over quarter growth. As we look to 2010, we will be focused on profitable growth while continuing to provide the print industries' most innovative technology."
EFII closed Thursday's regular trading session at $12.82, down $0.23 or 1.76% on a volume of 155,578 shares on the Nasdaq.
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