Electronics For Imaging (EFII) Reports Preliminary Q1 Results Below the Street

April 7, 2009 4:13 PM EDT

Electronics For Imaging, Inc. (Nasdaq: EFII) reports preliminary Q1 sales of $95-$96 million, versus the consensus of $116.37 million. Non-GAAP loss for the quarter is expected to be $0.08-$0.10, which compares to the Street estimate which is looking for a gain of $0.04.

Sees Q1 opex down 13% from the same quarter last year to about $60 million.

Further steps to realign costs are expected to result in Q2 non-GAAP operating expenses down approximately 20% year-over-year and 5% sequentially. These steps include employee salary reductions of 5%, senior management team salary reductions of 10% to 15%, as well as additional headcount reductions, among other initiatives.

"Our Q1 revenue was impacted by the deteriorating spending environment as well as the difficulty for customers to obtain financing,” said Guy Gecht, CEO of EFI. “As previously committed, we took aggressive actions to reduce our operational costs to reflect these lower revenue levels. Given the current market demand, we are implementing further steps to realign our cost structure while focusing on gaining market share through leveraging our industry leading products."

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