Electronics For Imaging (EFI) CEO Guy Gecht is stepping down, but will remain in the role until his successor is picked by the company. Gecht will keep his position on the board of directors.
The company has also released its results for the second quarter of the US financial year, with revenue up six per cent, to US$261.1m from the prior corresponding period (pcp) result of US$247m.
Guy Gecht, CEO, EFI, says, “Stepping down as the leader of a great company is never an easy decision. With vast market opportunities, loyal customers and a robust product roadmap, reinforced by the unprecedented interest in Nozomi, EFI has never been better positioned for continued growth and success.
"I think this makes it the right time, after 19 years as CEO of this unique company, for me to hand the reins to the next leader. I will stay fully focused on leading the outstanding EFI team during the search period, and will assist in ensuring a smooth transition once the new CEO is in place. As a shareholder, Board member and a lifelong fan, nothing will be more gratifying for me than to see my successor leading EFI to achieve its full potential.”
Gill Cogan, chairman, EFI, says, “We are grateful for Guy’s 19 years as CEO of EFI. Together with his team, Guy transformed EFI from a single product line and OEM business model to a diverse, worldwide leader driving the transition from analogue to on-demand digital imaging in industries that touch our lives every day.
“He led the expansion into productivity software and industrial inkjet, which drove EFI’s rapid growth to over US$1bn ($1.35bn) in annual revenues. Guy is only EFI’s third CEO in its 30-year history, which has brought a stability that the board truly appreciates. As a global company with industry-leading technology and products, there is an unmatched opportunity for a new CEO to lead the charge in the years ahead.”
EFI has been successful in its Nozomi platform, which offers single-pass digital corrugated print, with multiple installations in Australia, and across the world. The Nozomi was also recently honoured with an InterTech award.
The company has grown strongly in the Asia-Pacific, increasing second quarter revenue by 41 per cent from the pcp result. Total sales came to US$44.76m for the quarter, from US$31.5m in 2017. The half-year saw growth of 27 per cent, to US$79m from $62.2m.
GAAP net income was US$3.8m compared to GAAP net income of US$2.8m for the same period in 2017 or US$0.08 per diluted share compared to $0.06 per diluted share for the same period in 2017.
Non-GAAP net income was US$22.6m, down 11 per cent compared to non-GAAP net income of US$25.5m for the same period in 2017 or US$0.50 per diluted share, down 7 per cent compared to US$0.54 per diluted share for the same period in 2017. Cash flow from operating activities was US$30.9m compared to US$24.1m during the same period in 2017.
For the six months ended June 30, 2018, the Company reported revenue of US$500.9m, up five per cent year-over-year compared to US$475.7m for the same period in 2017.
Gecht says, “The year continues to track well for EFI, with the team delivering record Q2 revenues and solid cash generation despite the significant impact of currency volatility during the quarter. I’m especially pleased with the continued progress and increased sales pipeline for our Nozomi platform, validating EFI’s leadership role in the digital transformation of industries such as packaging and fashion, where colourful images truly matter.”
Australian Printer sat down with Gecht during EFI Connect 2018, discussing his take on the future of the industry, where he sees growth, and what’s next for EFI. You can read that here.
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