FREMONT, Calif., Nov. 13, 2017 (GLOBE NEWSWIRE) -- 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.
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 email@example.com or EFI’s Investor Relations website at www.efi.com.
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)
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Source:Electronics for Imaging, Inc.