Guy Gecht, CEO, calls ‘mission accomplished’ for billion dollar revenue as negative currency shifts steals some of the glory.
Achingly close to hitting the ambitious target set three years ago of boosting EFI’s revenue over the billion dollar, Gecht announces the company got to 99.2% or $992M in revenues for 2016. “In my view, the billion dollar mission was accomplished! In fact, if the dollar exchange rate remained constant since 2015, we would have delivered $1.002B this year! From about $500M in 2010, our growth story is quite impressive, especially at a time when others in our industry have shrunk,” he said.
Gecht's unusual publicly announced target, featured in Print21 2014, will be easily accomplished this year as the leading print technology company continues on its growth trajectory. The 'billion dollar man' said he's happy with the results and prefers to look ahead to the next goals.
For the year ended December 31, 2016, EFI reported revenue of $992.1 million, up 12% year-over-year compared to $882.5 million for the same period in 2015. Net income was $45.5 million, up 36% compared to $33.5 million for the same period in 2015. Cash flow from operating activities was $121.1 million, up 77% compared to $68.3 million during the same period in 2015.
"EFI delivered another record revenue quarter and our team's execution drove significant improvements in margins, cash flow, and earnings per share, despite the negative impact of foreign currency," said Gecht. "As we start the New Year we are even more excited about the road ahead, especially with our upcoming introduction of the Nozomi platform targeted at digital printing for packaging."