8-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
April 16, 2003

ELECTRONICS FOR IMAGING, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 0-18805
(Commission
File Number) 94-3086355
(IRS Employer
Identification No.)

303 Velocity Way, Foster City, CA 94404
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code:(650) 357 – 3500

(Former name or former address, if changed since last report)

TABLE OF CONTENTS

	Item 9. Regulation FD Disclosure
SIGNATURE
EXHIBIT INDEX
EXHIBIT 99.1

Item 9. Regulation FD Disclosure

On April 16, 2003, Electronics for Imaging, Inc. issued a press release regarding its financial results for its first quarter of fiscal year 2003 ended March 31, 2003. A copy of the press release is attached as Exhibit 99.1 to this report.

This report is identical to an 8-K Current Report filed on April 16, 2003, under Item 5, corrected to be furnished under Item 12 Results of Operations and Financial Condition and Item 9 in accordance with SEC Release Nos. 33-8216.

The information contained in this report, including the attached Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Electronics for Imaging, Inc.
Date: May 5, 2003	By:	/s/ Joseph Cutts Joseph Cutts Chief Financial Officer

EXHIBIT INDEX

99.1 Text of Press Release, dated April 16, 2003, titled “Electronic for Imaging Exceeds Earnings Estimates”

EX-99.1 3 f89863exv99w1.txt EXHIBIT 99.1 EFI First Quarter 2003 Results Exhibit 99.1 ELECTRONICS FOR IMAGING EXCEEDS EARNINGS ESTIMATES COMPANY AFFIRMS SECOND QUARTER EPS CONSENSUS Foster City Calif. - April 16, 2003 - Electronics For Imaging, Inc. (EFI) (NASDAQ: EFII), the world leader in imaging solutions for network printing, announced today that, for the quarter ended March 31, 2003, revenues were $85.7 million as compared to $82.9 million for the same quarter in 2002. GAAP net income was $5.1 million or $0.09 per fully diluted share in the first quarter of 2003. This compares to $2.0 million, or $0.04 per fully diluted share, in the same period for 2002. For the first quarter, pro forma net income was $7.0 million, or $0.13 per fully diluted share, as compared to pro forma net income of $2.7 million, or $0.05 per fully diluted share, in the same period for 2002. As of March 31, 2003, the company's total assets were $738.9 million, up from $727.1 million reported as of December 31, 2002. Cash, short term and restricted long-term investments increased $2.0 million to $543.4 million as of March 31, 2003, from the December 31, 2002 balance of $541.4 million. "We are pleased with our strong year over year EPS improvement resulting from our introduction of compelling new products that help printing professionals be more efficient and profitable," said Guy Gecht, Chief Executive Officer of EFI. "Our strategy of increasing our high end printing solutions, combined with encouraging early sales activity from our recent acquisition of Best, enabled us to deliver our ninth consecutive quarter of margin improvement despite the ongoing challenging business environment." Mr. Gecht continued: "We expect that many of these new products will further our advance into our target markets in the coming year. Thus, while we are still cautious regarding the overall economic climate, we remain committed to strong year over year bottom-line growth and are comfortable that we can achieve the consensus second quarter EPS estimates and a modest sequential revenue increase." EFI will discuss the company's financial results by conference call at 2:00 p.m. PDT 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. EFI First Quarter 2003 Results ABOUT PRO FORMA ADJUSTMENTS To supplement our consolidated financial results prepared under generally accepted accounting principles ("GAAP"), we use a pro forma measure of net income that is GAAP net income adjusted to exclude certain costs, expenses and gains. Our pro forma net income gives an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, pro forma net income is among the primary indicators management uses as a basis for planning and forecasting future periods. These measures are not in accordance with, or an alternative for, GAAP and may be materially different from pro forma measures used by other companies. We compute pro forma net income by adjusting GAAP net income with the impact of amortization of acquisition-related charges, and other non-recurring charges and gains such as the 1997 shareholder class action lawsuit as well as the tax effect of these charges. The presentation of this additional information should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP. SAFE HARBOR FOR FORWARD LOOKING STATEMENTS: The statements "Company affirms second quarter EPS consensus" and "We expect that many of these new products will further our advance into our target markets in the coming year. Thus, while we are still cautious regarding the overall economic climate, we remain committed to strong year over year bottom-line growth and are comfortable that we can achieve the consensus second quarter EPS estimates and a modest sequential revenue increase" are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934, as amended, and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not necessarily limited to, the following: (1) Management's ability to forecast revenues and control expenses, especially on a quarterly basis, continues to be a challenge. Unexpected declines in revenue without a corresponding and timely decline in expenses could have a material adverse effect on results of operations; (2) current world wide financial/economic difficulties continue; (3) variations in growth rates or declines in the printing and imaging market across various geographic regions may cause a material impact in our results; (4) changes in historic customer order patterns, including changes in customer and channel inventory levels may cause a material impact in our results; (5) changes in the mixes of products sold leads to variations in results; (6) market acceptance of new products and contribution to EFI's revenue cannot be assured; (7) delays in product delivery can cause quarterly revenues and income to fall significantly short of anticipated levels; (8) competition and/or market factors in the various markets may pressure EFI to reduce prices on certain products; (9) competition with products internally developed by EFI's customers may result in declines in EFI sales and revenues; (10) excess or obsolete inventory and variations in inventory valuation may cause a material impact in our results; (11) continued success in technological advances, including development and implementation of new processes and strategic products for specific market segments may not be assured; (12) timely and qualitative execution in the manufacturing of products may not be assured; (13) litigation involving intellectual property or other matters may cause a material impact in our results; and (14) other risk factors listed from time to time in the company's SEC reports. EFI undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with EFI's business, please refer to the Risk Factors section (entitled "Factors That Could Adversely Affect Performance") of EFI Corporation's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting EFI Corporation's Investor Relations Department at 650-357- 3828 or email at investor.relations@efi.com or EFI's Investor Relations website at http://www.efi.com. ABOUT ELECTRONICS FOR IMAGING Electronics For Imaging (www.efi.com) is the world leader in imaging solutions for network printing. EFI's industry-leading core technology offers powerful document management tools, seamless networking, high fidelity color and black-and-white output, and greater productivity and cost efficiency. EFI products support a broad range of printers, copiers, multifunction devices and mobile communications devices and printer speeds of up to 2000 ppm in color. EFI has pioneered many innovative imaging solutions, including the Fiery(R), EDOX(R), Splash(TM) and DocStream(TM) brands of print controllers, Velocity(TM) workflow software, eBeam(R) Web-enabled whiteboards and PrintMe Networks(TM) which enables anytime, anywhere printing. Best, headquartered in Germany, is a division of EFI offering an array of inkjet proofing solutions for the Graphic Arts market. Unimobile(TM) is EFI's mobile messaging solution for interactive data delivery. EFI maintains 20 offices worldwide. NOTE TO EDITORS: EFI, Fiery, EDOX and eBeam are registered trademarks of Electronics For Imaging, Inc. in the U.S. Patent and Trademark Office and/or certain other foreign jurisdictions. Command WorkStation, Fiery Scan, Fiery WebTools, Fiery FreeForm, Fiery DocBuilder Pro, PrintMe, PrintMe Networks, Splash, DocStream, Velocity and Unimobile are trademarks of Electronics For Imaging, Inc. All other trademarks mentioned in this document are the property of their respective owners. BESTColor(R) is a registered trademark of Best GmbH. EFI First Quarter 2003 Results ELECTRONICS FOR IMAGING, INC. CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)

THREE MONTHS ENDED MARCH, 31 2003 2002 Revenue $ 85,715 $ 82,893 Cost of revenue 36,228 42,103 -------- -------- Gross profit 49,487 40,790 -------- -------- Research and development 22,810 22,403 Sales and marketing 14,730 12,289 General and administrative 4,991 5,425 Amortization of goodwill and other acquisition-related charges 2,545 1,004 -------- -------- Total operating expenses 45,076 41,121 -------- -------- Income from operations 4,411 (331) Other income 2,578 3,221 -------- -------- Income before income taxes 6,989 2,890 Provision for income taxes (1,887) (867) -------- -------- Net income $ 5,102 $ 2,023 ======== ======== Shares used in per share calculation 55,190 54,949 ======== ======== Net income per diluted common share $ 0.09 $ 0.04 ======== ======== RECONCILIATION OF REPORTED GAAP RESULTS TO PRO FORMA NET INCOME Net income $ 5,102 $ 2,023 Amortization of acquisition related charges 2,545 1,004 Tax effect of pro forma adjustments (687) (302) -------- -------- Pro forma net income $ 6,960 $ 2,725 ======== ======== Shares used in per share calculation 55,190 54,949 ======== ======== Pro forma net income per diluted common share $ 0.13 $ 0.05 ======== ========

EFI First Quarter 2003 Results ELECTRONICS FOR IMAGING, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)

MARCH 31, DECEMBER 31, 2003 2002 ASSETS Current assets: Cash and cash equivalents $ 172,221 $ 153,905 Short-term investments 328,117 344,465 Accounts receivable, net 40,940 42,267 Inventories, net 5,222 4,125 Other current assets 20,218 18,053 --------- --------- Total current assets 566,718 562,815 Property and equipment, net 52,575 53,187 Restricted investments 43,080 43,080 Goodwill 48,598 43,552 Other intangible assets 21,167 17,386 Other assets 6,794 7,086 --------- --------- Total assets $ 738,932 $ 727,106 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 18,669 $ 13,067 Accrued and other liabilities 42,148 47,353 Taxes payable 34,982 32,341 --------- --------- Total current liabilities 95,799 92,761 --------- --------- Long-term obligations, less current portion 278 278 --------- --------- Stockholders' equity: Common stock 593 590 Treasury stock (99,959) (99,959) Additional paid-in-capital 276,141 272,456 Retained earnings 466,080 460,980 --------- --------- Total liabilities and stockholders' equity $ 738,932 $ 727,106 ========= =========

EFI First Quarter 2003 Results ELECTRONICS FOR IMAGING, INC. REVENUE BREAK-DOWN (IN THOUSANDS) (UNAUDITED)

THREE MONTHS ENDED MARCH 31, 2003 2002 REVENUE BY PRODUCT Stand-alone Color Servers $38,551 $39,649 Embedded & Chipset Color Solutions 25,928 21,726 Digital Black-and-White Solutions 6,655 11,238 Other Sources 14,581 10,280 ------- ------- TOTAL $85,715 $82,893 ======= ======= SHIPMENTS BY GEOGRAPHIC AREA North America $42,783 $44,686 Europe 28,721 25,552 Japan 9,717 8,755 Rest of World 4,494 3,900 ------- ------- TOTAL $85,715 $82,893 ======= =======

-----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

EFI First Quarter 2003 Results

                                                                    Exhibit 99.1


               ELECTRONICS FOR IMAGING EXCEEDS EARNINGS ESTIMATES
                  COMPANY AFFIRMS SECOND QUARTER EPS CONSENSUS

Foster City Calif. - April 16, 2003 - Electronics For Imaging, Inc. (EFI)
(NASDAQ: EFII), the world leader in imaging solutions for network printing,
announced today that, for the quarter ended March 31, 2003, revenues were $85.7
million as compared to $82.9 million for the same quarter in 2002.

GAAP net income was $5.1 million or $0.09 per fully diluted share in the first
quarter of 2003. This compares to $2.0 million, or $0.04 per fully diluted
share, in the same period for 2002.

For the first quarter, pro forma net income was $7.0 million, or $0.13 per fully
diluted share, as compared to pro forma net income of $2.7 million, or $0.05 per
fully diluted share, in the same period for 2002.

As of March 31, 2003, the company's total assets were $738.9 million, up from
$727.1 million reported as of December 31, 2002. Cash, short term and restricted
long-term investments increased $2.0 million to $543.4 million as of March 31,
2003, from the December 31, 2002 balance of $541.4 million.

"We are pleased with our strong year over year EPS improvement resulting from
our introduction of compelling new products that help printing professionals be
more efficient and profitable," said Guy Gecht, Chief Executive Officer of EFI.
"Our strategy of increasing our high end printing solutions, combined with
encouraging early sales activity from our recent acquisition of Best, enabled us
to deliver our ninth consecutive quarter of margin improvement despite the
ongoing challenging business environment."

Mr. Gecht continued: "We expect that many of these new products will further
our advance into our target markets in the coming year. Thus, while we are still
cautious regarding the overall economic climate, we remain committed to strong
year over year bottom-line growth and are comfortable that we can achieve the
consensus second quarter EPS estimates and a modest sequential revenue
increase."

EFI will discuss the company's financial results by conference call at 2:00 p.m.
PDT 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.



EFI First Quarter 2003 Results

ABOUT PRO FORMA ADJUSTMENTS

To supplement our consolidated financial results prepared under generally
accepted accounting principles ("GAAP"), we use a pro forma measure of net
income that is GAAP net income adjusted to exclude certain costs, expenses and
gains. Our pro forma net income gives an indication of our baseline performance
before gains, losses or other charges that are considered by management to be
outside of our core operating results. In addition, pro forma net income is
among the primary indicators management uses as a basis for planning and
forecasting future periods. These measures are not in accordance with, or an
alternative for, GAAP and may be materially different from pro forma measures
used by other companies. We compute pro forma net income by adjusting GAAP net
income with the impact of amortization of acquisition-related charges, and other
non-recurring charges and gains such as the 1997 shareholder class action
lawsuit as well as the tax effect of these charges. The presentation of this
additional information should not be considered in isolation or as a substitute
for net income prepared in accordance with GAAP.

SAFE HARBOR FOR FORWARD LOOKING STATEMENTS: The statements "Company affirms
second quarter EPS consensus" and "We expect that many of these new products
will further our advance into our target markets in the coming year. Thus, while
we are still cautious regarding the overall economic climate, we remain
committed to strong year over year bottom-line growth and are comfortable that
we can achieve the consensus second quarter EPS estimates and a modest
sequential revenue increase" are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended and Section 21E of the
Securities and Exchange Act of 1934, as amended, and are subject to certain
risks and uncertainties that could cause actual results to differ materially,
including, but not necessarily limited to, the following: (1) Management's
ability to forecast revenues and control expenses, especially on a quarterly
basis, continues to be a challenge. Unexpected declines in revenue without a
corresponding and timely decline in expenses could have a material adverse
effect on results of operations; (2) current world wide financial/economic
difficulties continue; (3) variations in growth rates or declines in the
printing and imaging market across various geographic regions may cause a
material impact in our results; (4) changes in historic customer order patterns,
including changes in customer and channel inventory levels may cause a material
impact in our results; (5) changes in the mixes of products sold leads to
variations in results; (6) market acceptance of new products and contribution to
EFI's revenue cannot be assured; (7) delays in product delivery can cause
quarterly revenues and income to fall significantly short of anticipated levels;
(8) competition and/or market factors in the various markets may pressure EFI to
reduce prices on certain products; (9) competition with products internally
developed by EFI's customers may result in declines in EFI sales and revenues;
(10) excess or obsolete inventory and variations in inventory valuation may
cause a material impact in our results; (11) continued success in technological
advances, including development and implementation of new processes and
strategic products for specific market segments may not be assured; (12) timely
and qualitative execution in the manufacturing of products may not be assured;
(13) litigation involving intellectual property or other matters may cause a
material impact in our results; and (14) other risk factors listed from time to
time in the company's SEC reports. EFI undertakes no obligation to update
information contained in this release. For further information regarding risks
and uncertainties associated with EFI's business, please refer to the Risk
Factors section (entitled "Factors That Could Adversely Affect Performance") of
EFI Corporation's SEC filings, including, but not limited to, its annual report
on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained
by contacting EFI Corporation's Investor Relations Department at 650-357-



3828 or email at investor.relations@efi.com or EFI's Investor Relations website
at http://www.efi.com.

ABOUT ELECTRONICS FOR IMAGING

Electronics For Imaging (www.efi.com) is the world leader in imaging solutions
for network printing. EFI's industry-leading core technology offers powerful
document management tools, seamless networking, high fidelity color and
black-and-white output, and greater productivity and cost efficiency. EFI
products support a broad range of printers, copiers, multifunction devices and
mobile communications devices and printer speeds of up to 2000 ppm in color. EFI
has pioneered many innovative imaging solutions, including the Fiery(R),
EDOX(R), Splash(TM) and DocStream(TM) brands of print controllers, Velocity(TM)
workflow software, eBeam(R) Web-enabled whiteboards and PrintMe Networks(TM)
which enables anytime, anywhere printing. Best, headquartered in Germany, is a
division of EFI offering an array of inkjet proofing solutions for the Graphic
Arts market. Unimobile(TM) is EFI's mobile messaging solution for interactive
data delivery. EFI maintains 20 offices worldwide.

NOTE TO EDITORS: EFI, Fiery, EDOX and eBeam are registered trademarks of
Electronics For Imaging, Inc. in the U.S. Patent and Trademark Office and/or
certain other foreign jurisdictions. Command WorkStation, Fiery Scan, Fiery
WebTools, Fiery FreeForm, Fiery DocBuilder Pro, PrintMe, PrintMe Networks,
Splash, DocStream, Velocity and Unimobile are trademarks of Electronics For
Imaging, Inc. All other trademarks mentioned in this document are the property
of their respective owners. BESTColor(R) is a registered trademark of Best GmbH.



EFI First Quarter 2003 Results

ELECTRONICS FOR IMAGING, INC.
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)



                                                            THREE MONTHS ENDED
                                                                MARCH, 31
                                                            2003          2002
                                                                 
Revenue                                                  $ 85,715      $ 82,893

Cost of revenue                                            36,228        42,103
                                                         --------      --------
          Gross profit                                     49,487        40,790
                                                         --------      --------

Research and development                                   22,810        22,403
Sales and marketing                                        14,730        12,289
General and administrative                                  4,991         5,425
Amortization of goodwill and other
acquisition-related charges                                 2,545         1,004
                                                         --------      --------
          Total operating expenses                         45,076        41,121
                                                         --------      --------
Income from operations                                      4,411          (331)

Other income                                                2,578         3,221
                                                         --------      --------
          Income before income taxes                        6,989         2,890

Provision for income taxes                                 (1,887)         (867)
                                                         --------      --------
                   Net income                            $  5,102      $  2,023
                                                         ========      ========
Shares used in per share calculation                       55,190        54,949
                                                         ========      ========
Net income per diluted common share                      $   0.09      $   0.04
                                                         ========      ========


RECONCILIATION OF REPORTED GAAP RESULTS TO PRO FORMA
NET INCOME

Net income                                               $  5,102      $  2,023

Amortization of acquisition related charges                 2,545         1,004

Tax effect of pro forma adjustments                          (687)         (302)
                                                         --------      --------
Pro forma net income                                     $  6,960      $  2,725
                                                         ========      ========
Shares used in per share calculation                       55,190        54,949
                                                         ========      ========
Pro forma net income per diluted common share            $   0.13      $   0.05
                                                         ========      ========




EFI First Quarter 2003 Results

ELECTRONICS FOR IMAGING, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)



                                                      MARCH 31,     DECEMBER 31,
                                                        2003            2002
                                                              
ASSETS

Current assets:
            Cash and cash equivalents                 $ 172,221      $ 153,905
            Short-term investments                      328,117        344,465
            Accounts receivable, net                     40,940         42,267
            Inventories, net                              5,222          4,125
            Other current assets                         20,218         18,053
                                                      ---------      ---------
                        Total current assets            566,718        562,815

Property and equipment, net                              52,575         53,187
Restricted investments                                   43,080         43,080
Goodwill                                                 48,598         43,552
Other intangible assets                                  21,167         17,386
Other assets                                              6,794          7,086
                                                      ---------      ---------
                        Total assets                  $ 738,932      $ 727,106
                                                      =========      =========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
            Accounts payable                          $  18,669      $  13,067
            Accrued and other liabilities                42,148         47,353
            Taxes payable                                34,982         32,341
                                                      ---------      ---------
                        Total current liabilities        95,799         92,761
                                                      ---------      ---------
Long-term obligations, less current portion                 278            278
                                                      ---------      ---------
Stockholders' equity:
            Common stock                                    593            590
            Treasury stock                              (99,959)       (99,959)
            Additional paid-in-capital                  276,141        272,456
            Retained earnings                           466,080        460,980
                                                      ---------      ---------
                        Total liabilities and
                        stockholders' equity          $ 738,932      $ 727,106
                                                      =========      =========




EFI First Quarter 2003 Results

ELECTRONICS FOR IMAGING, INC.
REVENUE BREAK-DOWN
(IN THOUSANDS)
(UNAUDITED)



                                              THREE MONTHS
                                                  ENDED
                                               MARCH 31,
                                              2003        2002
                                                  
REVENUE BY PRODUCT
     Stand-alone Color Servers              $38,551     $39,649
     Embedded & Chipset Color Solutions      25,928      21,726
     Digital Black-and-White Solutions        6,655      11,238
    Other Sources                            14,581      10,280
                                            -------     -------
TOTAL                                       $85,715     $82,893
                                            =======     =======

SHIPMENTS BY GEOGRAPHIC AREA
    North America                           $42,783     $44,686
    Europe                                   28,721      25,552
    Japan                                     9,717       8,755
    Rest of World                             4,494       3,900
                                            -------     -------
TOTAL                                       $85,715     $82,893
                                            =======     =======