FREMONT, Calif., Jan. 30, 2019 (GLOBE NEWSWIRE) -- Electronics For Imaging, Inc. (Nasdaq: EFII), a world leader in customer-focused digital printing innovation, today announced its results for the fourth quarter and year ended December 31, 2018.

For the three months ended December 31, 2018, the Company reported revenue of $256.9 million, down 5% compared to $269.2 million for the same period in 2017. GAAP net loss was $3.1 million compared to GAAP net loss of $26.3 million for the same period in 2017 or $(0.07) per diluted share compared to $(0.58) per diluted share for the same period in 2017. Non-GAAP net income was $20.5 million, down 14% compared to $24.0 million for the same period in 2017 or $0.46 per diluted share, down 12% compared to $0.52 per diluted share for the same period in 2017. Cash flow from operating activities was $33.4 million, 162% of non-GAAP net income compared to $8.9 million, 37% of non-GAAP net income during the same period in 2017.

For the year ended December 31, 2018, the Company reported revenue of $1.02 billion, up 2% compared to $993.3 million in for the year ended December 31, 2017. GAAP net loss was $1.0 million compared to GAAP net loss of $15.3 million for 2017 or $(0.02) per diluted share compared to $(0.33) per diluted share for 2017. Non-GAAP net income was $82.9 million, down 18% compared to $100.7 million or $1.83 per diluted share, down 14% compared to $2.14 per diluted share for 2017. Cash flow from operating activities for the year ended December 31, 2018 was $83.5 million, 101% of non-GAAP net income compared to $51.3 million, 51% of non-GAAP net income for 2017.

“After spending last week at our Connect User Conference meeting passionate customers who shared how critical our products are in enabling their businesses, my enthusiasm regarding EFI’s opportunity has only increased,” said Bill Muir, CEO of EFI.  “At the same time, these conversations reinforce the need to improve execution, evolve our go-to-market strategy and accelerate innovation to help drive our customers’ success.  To that end, we have recently launched initiatives that will create value for both our customers and EFI.  These steps include a thorough supply chain review to identify cost savings, value stream mapping exercises to analyze our R&D process and identify waste, and a comprehensive assessment of our go-to-market approach.  These are just the first in a series of initiatives we will implement over the coming months.   While the benefits won’t be reflected in our results until late in the year, I am confident we have the right strategy in place to match EFI’s technological expertise with the superior execution that will delight our customers,” concluded Muir.

Conference Call
EFI will discuss the Company’s financial results by conference call at 5:00 pm ET/2:00 pm PT today. 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.

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)

Safe Harbor for Forward Looking Statements
Certain statements in this 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 “accelerate”, “address”, “ahead”, “anticipate”, “believe”, “consider”, “continue”, “develop”, "drive", “estimate”, “expect”, “further”, "initiative", "intend", “look”, “plan”, “progress” and "will" 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 strategy, plans, expectations regarding its revenue growth, introduction of new products, product portfolio, productivity, future opportunities for EFI and its customers, demand for products, the CEO transition, 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 Annual Report on Form 10-K for the year ended December 31, 2018. EFI undertakes no obligation to update information contained in this press release. Amounts are subject to rounding.

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.

Impact of the Tax Cuts and Jobs Act of 2017
In December 2017, the Tax Cuts and Jobs Act, which has wide-ranging impacts on EFI including, but not limited to, a Deemed Repatriation Transition Tax and the revaluation of U.S. deferred tax assets and liabilities, was enacted. We recorded a $27.4 million charge in the fourth quarter of 2017 as a provisional estimate related to the aforementioned items. In the first quarter of 2018, we also recorded an additional $1.2 million charge related to the state tax impact associated with the Deemed Repatriation Transition Tax. In the third quarter of 2018, we recorded a benefit of $0.7 million, consisting of an additional U.S. tax charge of $0.4 million and a reduction of the anticipated state tax charge of $1.1 million. In the fourth quarter of 2018, we have recorded a benefit of $0.3 million related to the remeasurement of our U.S. deferred tax assets and liabilities as a result of the filing of our 2017 U.S. federal tax return. The SEC staff issued Staff Accounting Bulletin (“SAB”) 118, which allows companies to record a provisional estimate of the income tax effects in the quarter in which it can make reasonable estimates of the effects of the new law, and our adjustments will be finalized with the filing of our Form 10-K.

Use of Non-GAAP Financial Information
To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we use non-GAAP measures of net income, operating income, and earnings per diluted share that are GAAP net income or GAAP net loss, GAAP operating income, and GAAP earnings per diluted share adjusted to exclude certain costs, expenses, and gains. A reconciliation of the adjustments to GAAP results for the three months and year ended December 31, 2018 and 2017 is provided below. In addition, an explanation of how management uses non-GAAP financial information to evaluate its business, the substance behind management's decision to use this non-GAAP financial information, the material limitations associated with the use of non-GAAP financial information, the manner in which management compensates for those limitations, and the substantive reasons management believes that this non-GAAP financial information provides useful information to investors is included under "About our Non-GAAP Net Income and Adjustments" after the tables below.

Our non-GAAP measures, including ex-currency are not in accordance with or an alternative to GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures, used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, revenue, gross profit, operating expenses, net income or earnings per diluted share prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income and non-GAAP earnings per diluted share should not be construed as an inference that these costs are unusual, infrequent, or non-recurring.

 
Electronics For Imaging, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
    
 Three Months Ended
December 31,		 Year Ended
December 31,
 2018 2017 2018 2017
Revenue$256,949  $269,163  $1,015,021  $993,260 
Cost of revenue131,590  140,946  516,448  486,804 
Gross profit125,359  128,217  498,573  506,456 
Operating expenses:       
Research and development40,240  39,157  159,941  157,358 
Sales and marketing46,050  44,679  183,498  173,697 
General and administrative19,483  25,714  76,576  92,953 
Amortization of identified intangibles10,490  12,510  45,291  47,339 
Restructuring and other3,104  2,141  13,581  7,562 
Total operating expenses119,367  124,201  478,887  478,909 
Income from operations5,992  4,016  19,686  27,547 
Interest expense(5,430) (4,967) (20,169) (19,505)
Interest income and other income, net334  1,286  1,604  4,088 
Income before income taxes896  335  1,121  12,130 
Provision for income taxes3,960  26,680  2,092  27,475 
Net loss$(3,064) $(26,345) $(971) $(15,345)
        
Diluted Earnings Per Share       
Net loss per diluted common share$(0.07) $(0.58) $(0.02) $(0.33)
Shares used in diluted per-share calculation43,583  45,805  44,429  46,281 
            


 
Electronics For Imaging, Inc.
Reconciliation of GAAP Net Loss to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited)
    
 Three Months Ended December 31, Year Ended December 31,
 2018 2017 Ex-Currency
2018		 2018 2017 Ex-Currency
2018
Net loss$(3,064) $(26,345) $(3,064) $(971) $(15,345) $(971)
Cost of revenue related to fair value inventory adjustments19  123  19  50  1,383  50 
Ex-currency adjustment—  —  631  —  —  1,209 
Stock based compensation – Cost of revenue1,055  576  1,055  3,770  2,561  3,770 
Stock based compensation – Research and development3,520  1,621  3,520  13,037  9,177  13,037 
Stock based compensation – Sales and marketing2,193  1,407  2,193  8,960  6,583  8,960 
Stock based compensation – General and administrative8,035  387  8,035  19,514  8,211  19,514 
Amortization of intangible assets10,490  12,510  10,490  45,291  47,339  45,291 
Restructuring and other3,104  2,140  3,104  13,581  7,562  13,581 
General and administrative:           
Acquisition-related transaction costs262  237  262  1,193  2,057  1,193 
Changes in fair value of contingent consideration(9,626) 4,285  (9,626) (21,486) 6,472  (21,486)
Revenue recognition accounting review costs and litigation and other settlements316  1,776  316  1,987  6,878  1,987 
Asset impairment charges527  880  527  527  880  527 
Interest income and other income (expense), net:           
Non-cash interest expense related to our convertible notes3,914  3,338  3,914  14,203  13,051  14,203 
Foreign exchange fluctuation related to contingent consideration—  4  —  8  49  8 
Loss on investments634  —  634  634  —  634 
Balance sheet currency remeasurement impact—  —  (65) —  —  (1,710)
Tax effect of non-GAAP adjustments(854) 21,054  (961) (17,362) 3,853  (17,268)
Non-GAAP net income$20,525  $23,993  $20,984  $82,936  $100,711  $82,529 
            
Non-GAAP net income per diluted common share$0.46  $0.52  $0.47  $1.83  $2.14  $1.82 
Shares used in diluted per share calculation44,528  46,345  44,528  45,307  47,066  45,307 
                  


 
Electronics For Imaging, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
    
 December 31, 2018 December 31, 2017
Assets   
Current assets:   
Cash and cash equivalents$309,052  $170,345 
Short-term investments102,349  148,697 
Accounts receivable, net of allowances of $32.3 million and $32.2 million, respectively241,841  244,416 
Inventories134,348  125,813 
Income taxes receivable4,926  4,565 
Assets held for sale2,800  4,200 
Other current assets44,623  41,799 
Total current assets839,939  739,835 
Property and equipment, net77,613  98,762 
Restricted cash equivalents39,809  32,531 
Goodwill390,109  403,278 
Intangible assets, net74,722  123,008 
Deferred tax assets39,449  45,083 
Other assets37,393  15,504 
Total assets$1,499,034  $1,458,001 
Liabilities and Stockholders’ Equity   
Current liabilities:   
Accounts payable$148,587  $123,935 
Accrued and other liabilities79,323  98,090 
Deferred revenue60,547  55,833 
Convertible senior notes, net – current334,274  — 
Income taxes payable5,077  5,309 
Total current liabilities627,808  283,167 
Convertible senior notes, net – non-current118,688  318,957 
Imputed financing obligation related to build-to-suit lease—  13,944 
Noncurrent contingent and other liabilities7,179  28,801 
Deferred tax liabilities3,770  11,652 
Noncurrent income taxes payable15,481  20,169 
Total liabilities772,926  676,690 
Total stockholders’ equity726,108  781,311 
Total liabilities and stockholders’ equity$1,499,034  $1,458,001 
        


 
Electronics For Imaging, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
  
 Year Ended
December 31,
 2018 2017
Cash flows from operating activities:   
Net loss$(971) $(15,345)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:   
Depreciation and amortization65,557  65,647 
Deferred taxes(11,381) 8,753 
Provision for bad debts and sales-related allowances7,034  12,416 
Provision for inventory obsolescence6,016  6,312 
Stock-based compensation, net of cash settlements45,281  26,532 
Contingent consideration payments related to businesses acquired(22,185) (5,906)
Non-cash accretion of interest expense on convertible notes and imputed financing obligation15,239  14,981 
Other non-cash charges and credits1,230  9,598 
Net change in derivative assets and liabilities(2,286) 2,938 
Changes in operating assets and liabilities, net of effect of acquired business(20,029) (74,631)
Net cash provided by operating activities83,505  51,295 
Cash flows from investing activities:   
Purchases of short-term investments—  (87,623)
Proceeds from sales and maturities of short-term investments46,624  233,633 
Purchases of restricted cash investments*—  5,115 
Purchases, net of proceeds from sales, of property and equipment(12,290) (13,754)
Proceeds from sale of held-for-sale building and land1,130  — 
Businesses and technology purchased, net of cash acquired and dispositions697  (29,559)
Net cash provided by investing activities*36,161  107,812 
Cash flows from financing activities:   
Proceeds from issuance of convertible senior notes150,000  — 
Debt issuance costs(3,750) — 
Proceeds from issuance of common stock10,522  12,074 
Purchases of treasury stock and net share settlements(113,510) (101,844)
Repayment of acquisition-related debt(11,209) (11,094)
Contingent consideration payments related to businesses acquired(2,503) (25,018)
Repayment of short-term obligations(754) — 
Net cash provided by (used for) financing activities28,796  (125,882)
Effect of foreign exchange rate changes on cash and cash equivalents(2,477) 4,196 
Increase (decrease) in cash and cash equivalents*145,985  37,421 
Cash, cash equivalents, and restricted cash at beginning of year*202,876  165,455 
Cash, cash equivalents, and restricted cash at end of year*$348,861  $202,876 
        

*Restricted Cash. ASU 2016-18, Statement of Cash Flows: Restricted Cash, which we adopted in Q1 2018, requires that the statement of cash flows explain the change in cash, cash equivalents, and restricted cash equivalents. Therefore, restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown above. This presentation is required to be presented retrospectively to prior periods.

 
Electronics For Imaging, Inc.
Revenue by Operating Segment and Geographic Area
(in thousands)
(unaudited)
    
 Three Months Ended
December 31,		 Year Ended
December 31,
 2018 2017 2018 2017
Revenue by Operating Segment       
Industrial Inkjet$154,014  $162,802  $607,559  $570,688 
Productivity Software42,445  45,269  168,284  156,561 
Fiery60,490  61,092  239,178  266,011 
Total$256,949  $269,163  $1,015,021  $993,260 
        
Revenue by Geographic Area       
Americas$128,650  $134,571  $502,820  $487,968 
EMEA93,844  94,975  364,908  369,610 
APAC34,455  39,617  147,293  135,682 
Total$256,949  $269,163  $1,015,021  $993,260 
        
Revenue Ex-Currency Adjustment$4,288  $(7,346) $(11,579) $(5,694)
Total$261,237  $261,817  $1,003,442  $987,566 
                

About our Non-GAAP Net Income and Adjustments

Use of Non-GAAP Financial Information
To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use non-GAAP measures of net income and earnings per diluted share that are GAAP net income or GAAP net loss, and GAAP earnings per diluted share adjusted to exclude certain costs, expenses, gains, and losses.

We believe that the presentation of non-GAAP net income, non-GAAP operating income, and non-GAAP earnings per diluted share provides important supplemental information regarding certain costs, expenses, gains, and significant items that we believe are important to understanding financial and business trends relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP operating income, and non-GAAP earnings per diluted share are among the primary indicators used by management as a basis for planning and forecasting future periods and by management and our Board of Directors to determine whether our operating performance has met specified targets and thresholds. Management uses non-GAAP net income, non-GAAP operating income, and non-GAAP earnings per diluted share when evaluating operating performance because it believes the exclusion of the items described below, for which the amounts and/or timing may vary significantly depending on our activities and other factors, facilitates comparability of our operating performance from period to period. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our business and the valuation of our Company.

Use and Economic Substance of Non-GAAP Financial Measures
We compute non-GAAP net income, non-GAAP operating income, and non-GAAP earnings per diluted share by adjusting GAAP net income or GAAP net loss, non-GAAP operating income, and GAAP earnings per diluted share to remove the impact of amortization of intangible assets, stock-based compensation expense, restructuring and other expenses, acquisition-related transaction costs, costs to integrate such acquisitions into our business, incremental cost of revenue due to the fair value adjustment to inventories acquired in business acquisitions, changes in the fair value of contingent consideration including the related foreign exchange fluctuation impact, revenue recognition and accounting review costs, litigation and other settlements and non-cash interest expense related to our $345 million of 0.75% convertible senior notes and $150 million of 2.25% convertible senior notes (“Notes”). We use a constant non-GAAP tax rate of 19%, which we believe reflects the long-term average tax rate based on our international structure and geographic distribution of revenue and profit.

Ex-Currency. To better understand trends in our business, we believe it is helpful to adjust our statement of operations to exclude the impact of year-over-year changes in the translation of foreign currencies into U.S. dollars. This is a non-GAAP measure that is calculated by adjusting revenue, gross profit, and operating expenses by using historical exchange rates in effect during the comparable prior year period and removing the balance sheet currency re-measurement impact from interest income and other income, net of expenses, including removal of any hedging gains and losses. We refer to these adjustments as “ex-currency”. Management believes the ex-currency measures provide investors with an additional perspective on year-over-year financial trends and enables investors to analyze our operating results in the same way management does. The year-over-year currency impact can be determined as the difference between year-over-year actual growth rates and year-over-year ex-currency growth rates.

These excluded items are described below:

  • Cost of revenue related to fair value adjustment of the Free Flow Print Server business (“FFPS”). Inventory acquired in an acquisition must be recorded at fair value rather than historical cost in accordance with ASC 805, Business Combinations. The fair value of FFPS inventory reflects the manufacturing cost plus a portion of the expected gross profit. In 2017, we adjusted our cost of revenue to reflect the expected gross profit that was included in the inventory valuation under ASC 805. We believe this adjustment is useful to investors to understand the gross profit trends of our ongoing business.

  • Amortization of intangible assets. Intangible assets acquired to date are being amortized on a straight-line basis.

  • Stock-based compensation expense recognized in accordance with ASC 718, Stock Compensation.

  • Restructuring and other consists of:

    •  Restructuring charges incurred as we consolidate the number and size of our facilities and reduce the size of our workforce.

    •  Integration-related expenses were $1.1 and $4.3 million for the three months and year ended December 31, 2018, respectively, and $1.2 and $2.2 million for the year ended December 31, 2017, respectively. We have made numerous acquisitions in recent years, which have required significant information technology investment to integrate them into our business.

  • Acquisition-related transaction costs associated with businesses acquired during the periods reported and anticipated transactions of $0.3 and $1.2 million for the three months and year ended December 31, 2018, respectively, and $0.2 and $2.1 million for the three months and year ended December 31, 2017, respectively.

  • Changes in fair value of contingent consideration. Our management determined that we should analyze the total return provided by the investment when evaluating operating results of an acquired entity. The total return consists of operating profit generated from the acquired entity compared to the purchase price paid, including the final amounts paid for contingent consideration without considering any post-acquisition adjustments related to changes in the fair value of the contingent consideration. Because our management believes the final purchase price paid for the acquisition reflects the accounting value assigned to both contingent consideration and to the intangible assets, we exclude the GAAP impact of any adjustments to the fair value of acquisition-related contingent consideration from the operating results of an acquisition in subsequent periods, including the related foreign exchange fluctuation impact. We believe this approach is useful in understanding the long-term return provided by our acquisitions and that investors benefit from a supplemental non-GAAP financial measure that excludes the impact of this adjustment.

  • Revenue recognition accounting review costs and litigation and other settlements. As described in “Item 9A, Controls and Procedures” of our annual report on Form 10-K, for the year ended December 31, 2017, as amended, our management concluded that we had material weaknesses in our internal control over financial reporting as of December 31, 2017 related to revenue recognition practices and the valuation of certain textile digital inkjet printer inventories. Therefore, we did not maintain effective internal control over financial reporting or effective disclosure controls and procedures, both of which are requirements of the Securities Exchange Act of 1934, as of that date. We have also incurred costs from time to time settling litigation and other matters. The review of our revenue recognition practices has required that we expend significant management time and incur significant accounting, legal, and other expenses, along with litigation and other settlements, which totaled $0.3 and $2.0 million during the three months and year ended December 31, 2018, and $1.8 and $6.9 million for the three months and year ended December 31, 2017, respectively.

  • Asset impairment charges. Our management approved a plan to sell approximately 31.5 acres of land and the related buildings (“facility”) located in Meredith, New Hampshire during the fourth quarter of 2017. Assets previously recorded within property and equipment, net were reclassified to assets-held-for sale within other current assets on our Condensed Consolidated Balance Sheets as of December 31, 2018 and 2017. As of December 31, 2017, we estimated the fair value of the facility based on the expected sales proceeds, less cost to sell, was less than the carrying amount of the assets. As a result, an impairment loss of approximate $0.9 million was recognized for the three and twelve months ended December 31, 2017.

    We recorded asset impairment charges of $0.5 million in the year ended December 31, 2018 representing an additional impairment on our held-for-sale asset in Meredith, New Hampshire and equipment that is no longer in use or recoverable.

  • Non-cash interest expense on our convertible notes. Our Notes may be settled in cash on conversion. We are required to separately account for the liability (debt) and equity (conversion option) components of the Notes in a manner that reflects our non-convertible debt borrowing rate. Accordingly, for GAAP purposes, we are required to amortize a debt discount equal to the fair value of the conversion option as interest expense on our Notes.

  • Loss on Investments. During the fourth quarter of 2018, we recognized $0.6 million loss on available-for-sale short-term investments that we intend to sell in 2019 and which we determined to be other-than-temporarily impaired per the accounting guidance.

  • Tax effect of non-GAAP adjustments. We use a constant non-GAAP tax rate of 19%, which we believe reflects the long-term average tax rate based on our international structure and geographic distribution of revenue and profit. The long-term average tax rate is calculated in accordance with the principles of ASC 740, Income Taxes, to estimate the non-GAAP income tax provision in each jurisdiction in which we operate after excluding the tax effect of the non-GAAP items described above, and $(0.3), $(0.7), $1.2 and $27.4 million of tax charges (benefits) recognized in Q4 18, Q3 18, Q1 18, and Q4 17, respectively, as a result of the 2017 Tax Act, which was enacted on December 22, 2017.
  
For more information:

Marc Olin
Chief Financial Officer
EFI
650-357-3500		Investor Relations:

JoAnn Horne
Market Street Partners
415-445-3235
  

Electronics For Imaging, Inc.