FREMONT, Calif., March 02, 2018 (GLOBE NEWSWIRE) -- Electronics For Imaging, Inc. (Nasdaq:EFII) announced today that the Company filed a Form 12b-25 regarding its Annual Report on Form 10-K for the year ended December 31, 2017.
In the filing, the Company stated that as a result of its previously disclosed material weaknesses, it requires additional time to complete its testing of the Company’s internal control over financial reporting and to complete and review the information to be presented in the Form 10-K, and for the Company’s independent registered public accounting firm to complete its audits of the Company’s consolidated financial statements and internal control over financial reporting as of December 31, 2017.
EFI expects to file its Form 10-K for the year ended December 31, 2017 within the grace period allowed by the filing of the Form 12b-25, which is before or by March 16, 2018.
EFI is not currently aware of any substantive changes to the results of operations for the year ended December 31, 2017 from those results of operations it previously reported on a preliminary basis on January 31, 2018.
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 “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-K before or by the prescribed due date pursuant to the Form 12b-25, 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, 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, the Company’s inability to file the Form 10-K before or by the prescribed due date pursuant to the Form 12b-25; potential differences between the results disclosed in the Company’s press release dated January 31, 2018 and the Company’s final results when disclosed in its Form 10-K; 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, 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 investor.relations@efi.com or EFI’s Investor Relations 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)
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Contact Information:
Investor Relations
JoAnn Horne
Market Street Partners
ir@efi.com
415-445-3233