Electronics For Imaging (EFII) 8-K Double-Digit Growth in All Business Segments Accelerates Profit Expansion and Cash Generation

Exhibit 99.1

For more information:	Investor Relations:
Marc Olin	JoAnn Horne
Chief Financial Officer	Market Street Partners
EFI	415-445-3235
650-357-3500

EFI Reports Record Third Quarter with Revenue of $179M, Up 16%

Double-Digit Growth in All Business Segments Accelerates Profit Expansion and Cash Generation

Foster City, Calif. – October 17, 2013– Electronics For Imaging, Inc. (Nasdaq: EFII), a world leader in customer-focused digital printing innovation, today announced its results for the third quarter of 2013.

For the quarter ended September 30, 2013, the Company reported record third quarter revenue of $178.8 million, up 16% compared to third quarter 2012 revenue of $154.1 million. Third quarter 2013 non-GAAP net income was $18.7 million or $0.39 per diluted share, up 41% and 39%, respectively, compared to non-GAAP net income of $13.3 million or $0.28 per diluted share for the same period in 2012. GAAP net income was $16.1 million or $0.33 per diluted share, up 20% and 18%, respectively, compared to $13.4 million or $0.28 per diluted share for the same period in 2012.

For the nine months ended September 30, 2013, the Company reported revenue of $530.5 million, up 11% year-over-year compared to $478.0 million for the same period in 2012. Non-GAAP net income was $52.8 million or $1.09 per diluted share, up 27% and 25%, respectively, compared to non-GAAP net income of $41.7 million or $0.87 per diluted share for the same period in 2012. GAAP net income was $33.9 million or $0.70 per diluted share, also up 27% and 25%, respectively, compared to GAAP net income of $26.7 million or $0.56 per diluted share for the same period in 2012.

“The EFI team delivered a very strong third quarter and a terrific increase in profitability,” said Guy Gecht, CEO of EFI. “With breakthrough products across our portfolio, we expect the demand to continue as EFI’s innovation helps customers around the globe win new business and boost productivity.”

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 atwww.efi.com.

About EFI

EFI™ (www.efi.com) is a worldwide provider of products, technology, and services leading the transformation of analog to digital imaging. Based in Silicon Valley with offices around the globe, the company’s powerful integrated product portfolio includes digital front-end servers; superwide, wide-format, label, and ceramic inkjet presses and inks; production workflow, web-to-print, and business automation software; and office, enterprise, and mobile cloud solutions. These products allow users to produce, communicate and share information in an easy and effective way, and enable businesses to increase their profits, productivity, and efficiency.

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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 “anticipate”, “believe”, “estimate”, “expect”, “consider” 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 strategy, plans, expectations regarding its revenue growth, 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, unforeseen expenses; the difficulty of aligning expense levels with revenue; management’s ability to forecast revenues, expenses and earnings; 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; changes in the mix of products sold; the uncertainty of market acceptance of new product introductions; intense competition in each of our businesses, including competition from products developed by EFI’s customers; 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; litigation involving intellectual property rights or other related matters; our ability to successfully integrate acquired businesses; 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; any disruptions in our operations, the difficulty to retain employees, and additional expenses that we may incur as a result of our relocation from the Foster City campus; the compliance with the new requirements regarding the “conflict minerals,” if they are found to be used in our products, 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. 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 atinvestor.relations@efi.com or EFI’s Investor Relations website atwww.efi.com.

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 (loss), as the case may be, and earnings per diluted share that are GAAP net income (loss), as the case may be, and GAAP earnings per diluted share adjusted to exclude certain recurring and non-recurring costs, expenses and gains. A reconciliation of the adjustments to GAAP results for the three and nine months ended September 30, 2013 and 2012 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.

These non-GAAP measures 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, net income (loss), as the case may be, or earnings per diluted share prepared in accordance with GAAP.

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Electronics For Imaging, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013			2012
Revenue	$	178,823	$	154,074	$	530,480		$	478,031
Cost of revenue		81,610		70,997		241,424			217,495
Gross profit		97,213		83,077		289,056			260,536
Operating expenses:
Research and development		32,021		29,068		95,180			90,194
Sales and marketing		34,885		30,329		102,133			93,480
General and administrative		10,468		12,775		37,509			36,831
Amortization of identified intangibles		4,767		4,619		14,640			13,434
Restructuring and other		960		2,280		4,097			4,530
Total operating expenses		83,101		79,071		253,559			238,469
Income from operations		14,112		4,006		35,497			22,067
Interest and other income (expense), net		882		1,555		(2,464	)		800
Income before income taxes		14,994		5,561		33,033			22,867
Benefit from income taxes		1,147		7,850		894			3,783
Net income	$	16,141	$	13,411	$	33,927		$	26,650
Fully Diluted EPS calculation
Net income	$	16,141	$	13,411	$	33,927		$	26,650
Net income per diluted common share	$	0.33	$	0.28	$	0.70		$	0.56
Shares used in diluted per share calculation		48,622		48,009		48,387			47,670

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Electronics For Imaging, Inc.

Reconciliation of GAAP Net Income to Non-GAAP Net Income

(in thousands, except per share data)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Net income	$	16,141		$	13,411		$	33,927		$	26,650
Amortization of identified intangibles		4,767			4,619			14,640			13,434
Stock based compensation – Cost of revenue		484			293			1,335			826
Stock based compensation – Research and development		1,986			1,365			5,524			4,189
Stock based compensation – Sales and marketing		1,303			790			3,138			2,404
Stock based compensation – General and administrative		2,494			2,457			8,712			6,919
Restructuring and other		960			2,280			4,097			4,530
General and administrative:
Acquisition-related transaction costs		145			384			836			1,208
Change in fair value of contingent consideration		403			—			(403	)		(1,404	)
Litigation settlements		(3,277	)		506			(3,277	)		255
Sublease income related to our deferred property sale		(1,022	)		—			(2,739	)		—
Depreciation expense related to our deferred property sale		410			—			1,230			—
Interest and other income (expense), net:
Interest expense related to our deferred property sale		308			—			1,799			—
Relocation expenses related to deferred property sale		236			—			346			—
Tax effect of non-GAAP adjustments		(6,591	)		(12,797	)		(16,380	)		(17,355	)
Non-GAAP net income	$	18,747		$	13,308		$	52,785		$	41,656
Non-GAAP net income per diluted common share	$	0.39		$	0.28		$	1.09		$	0.87
Shares used in per share calculation		48,622			48,009			48,387			47,670

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Electronics For Imaging, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

	September 30,		December 31,
	2013		2012
Assets
Cash and cash equivalents	$	200,730	$	283,996
Short-term investments		161,904		80,966
Accounts receivable, net		126,083		135,110
Inventories		73,739		58,343
Other current assets		94,976		74,877
Total current assets		657,432		633,292
Property and equipment, net		141,051		86,582
Goodwill		225,552		219,456
Intangible assets, net		68,350		80,244
Other assets		61,105		55,397
Total assets	$	1,153,490	$	1,074,971
Liabilities & Stockholders’ equity
Accounts payable	$	81,277	$	63,446
Deferred proceeds from property transaction		182,870		180,216
Accrued and other liabilities		130,339		119,247
Income taxes payable		5,809		7,562
Total current liabilities		400,295		370,471
Imputed financing obligation		11,267		—
Contingent and other liabilities		9,398		17,742
Deferred tax liabilities		6,691		6,210
Long term taxes payable		33,513		29,755
Total liabilities		461,164		424,178
Total stockholders’ equity		692,326		650,793
Total liabilities and stockholders’ equity	$	1,153,490	$	1,074,971

Note: In accordance with ASC 805, we revised previously issued financial information to reflect adjustments to the accounting for business acquisitions as if they occurred on the acquisition date. Accordingly, we have increased goodwill and accrued and other liabilities by $1.2 million at December 31, 2012 to reflect opening balance sheet adjustments related to our acquisitions of Cretaprint, OPS, and Technique.

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Electronics For Imaging, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Nine Months Ended September 30,
	2013			2012
Cash flows from operating activities:
Net income	$	33,927		$	26,650
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		21,479			19,558
Deferred taxes		(13,996	)		1,317
Tax benefit from employee stock plans		6,958			281
Excess tax benefit from stock-based compensation		(7,130	)		(1,186	)
Stock-based compensation		18,708			14,338
Provisions for inventory obsolescence		3,939			2,574
Provisions for bad debts and sales-related allowances		5,252			1,689
Contingent consideration payment related to business acquired		(619	)		—
Other non-cash charges and adjustments		271			1,897
Changes in operating assets and liabilities		(10,849	)		(41,508	)
Net cash provided by operating activities		57,940			25,610
Cash flows from investing activities:
Purchases of short-term investments		(120,821	)		(34,611	)
Proceeds from sales and maturities of short-term investments		39,379			50,851
Purchases, net of proceeds from sales, of property and equipment		(32,725	)		(5,319	)
Businesses purchased, net of cash acquired		(4,533	)		(45,133	)
Proceeds from notes receivable of acquired businesses		—			5,216
Net cash used for investing activities		(118,700	)		(28,996	)
Cash flows from financing activities:
Proceeds from issuance of common stock		11,980			18,557
Purchases of treasury stock and net settlement of restricted stock		(28,852	)		(18,392	)
Repayment of acquired business debt		(1,693	)		(6,817	)
Contingent consideration payments related to businesses acquired		(9,998	)		(382	)
Excess tax benefit from stock-based compensation		7,130			1,186
Net cash used for financing activities		(21,433	)		(5,848	)
Effect of foreign exchange rate changes on cash and cash equivalents		(1,073	)		46
Increase (decrease) in cash and cash equivalents		(83,266	)		(9,188	)
Cash and cash equivalents at beginning of year		283,996			120,058
Cash and cash equivalents at end of period	$	200,730		$	110,870

Note: If we excluded $5.5 million of taxes paid related to the sale of our corporate headquarters facility, then our net cash provided by operating activities would be $63.4 million for the nine months ended September 30, 2013.

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Electronics For Imaging, Inc.

Revenue by Operating Segment and Geographic Area

(in thousands)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Revenue by Operating Segment
Industrial Inkjet	$	87,117	$	79,096	$	255,423	$	234,008
Productivity Software		28,532		24,252		84,770		74,043
Fiery		63,174		50,726		190,287		169,980
Total	$	178,823	$	154,074	$	530,480	$	478,031
Revenue by Geographic Area
Americas	$	102,393	$	86,445	$	296,806	$	251,351
EMEA		52,189		41,137		152,219		147,823
APAC		24,241		26,492		81,455		78,857
Japan		4,349		7,471		17,383		22,290
APAC, ex Japan		19,892		19,021		64,072		56,567
Total	$	178,823	$	154,074	$	530,480	$	478,031

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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 and GAAP earnings per diluted share adjusted to exclude certain recurring and non-recurring costs, expenses, and gains.

We believe that the presentation of non-GAAP net income and non-GAAP earnings per diluted share provides important supplemental information regarding non-cash expenses and significant recurring and non-recurring 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 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 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 the Company’s activities and other factors, facilitates comparability of the Company’s 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 and non-GAAP earnings per diluted share by adjusting GAAP net income and GAAP earnings per diluted share to remove the impact of recurring amortization of acquisition-related intangibles and stock-based compensation expense, as well as restructuring-related and non-recurring charges and gains and the tax effect of these adjustments. Such non-recurring charges and gains include acquisition-related transaction expenses and the costs to integrate such acquisitions into our business, changes in the fair value of contingent consideration, litigation settlement charges and credits, corporate headquarters relocation expenses, and imputed interest expense and depreciation, net of accrued sublease income and capitalized interest, related to the sale of our corporate headquarters facility and related land.

These excluded items are described below:

• Recurring charges and gains, including:

• Amortization of acquisition-related intangibles. Intangible assets acquired to date are being amortized on a straight-line basis. Post-acquisition non-competition agreements are amortized over their term.

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

• Non-recurring charges and gains, including:

• Restructuring and other consists of:

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

• Acquisition-related executive deferred compensation costs, which are dependent on the continuing employment of a former shareholder of an acquired company, are being amortized on a straight-line basis.

• Expenses incurred to integrate businesses acquired during the periods reported.

• Acquisition-related transaction costs associated with businesses acquired during the periods reported and anticipated transactions.

• 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 each 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. 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.

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• Imputed net expenses related to sale of building and land. On November 1, 2012, we sold the 294,000 square foot building located at 303 Velocity Way in Foster City, California, which serves as our corporate headquarters, along with approximately four acres of land and certain other assets related to the property, to Gilead Sciences, Inc. for $179.7 million. We will continue to use the facility until November 1, 2013, for which rent is not required to be paid. This constitutes a form of continuing involvement that prevents gain recognition. Until we vacate the building, the proceeds from the sale will be recognized as deferred proceeds from property transaction on our condensed consolidated balance sheet, which is currently $182.9 million, including imputed interest costs. Imputed interest expense and depreciation, net of accrued sublease income, of $1.5 million has been accrued at September 30, 2013, related to the deferred property transaction, partially offset by capitalized interest of $0.9 million related to the Fremont facility.

• Expenses incurred during the period related to the upcoming relocation of our corporate headquarters facility.

• In conjunction with our acquisition of Cretaprint, which closed on January 10, 2012, we assumed a contingent liability related to the alleged infringement of certain patents owned by Jose Vicente Tomas Claramonte, the President of Kerajet. Because the former owners of Cretaprint agreed to indemnify EFI against any potential liability in the event that Mr. Claramonte were to prevail in his action against Cretaprint, we accrued a contingent liability based on a reasonable estimate of the legal obligation that was probable as of the acquisition date and we accrued a contingent asset based on the portion of any liability for which the former Cretaprint owners would indemnify EFI. The net obligation accrued in the opening balance sheet on the acquisition date was EU 2.5 million (or approximately $3.3 million). The Spanish Court of Appeal reached a final determination on July 15, 2013, which resulted in EFI having no liability related to any potential infringement of the Claramonte patent. Because this matter is no longer subject to appeal, we have reversed this liability by recognizing a credit against general and administrative expense during the three months ended September 30, 2013.

• During the third quarter of 2012, we incurred $0.5 million in settlement of a dispute with the lessor of a facility in the U.K., which was partially offset by the receipt, during the second quarter of 2012, of an additional $0.3 million in insurance proceeds, net of legal fees and costs, related to our previously disclosed settlement of the shareholder derivative litigation concerning our historical stock option granting practices.

• Tax effect of non-GAAP adjustments

• After excluding the items described above, we apply the principles of ASC 740, Income Taxes, to estimate the non-GAAP income tax provision in each jurisdiction in which we operate. The expected annual non-GAAP income tax rate for the three and nine months ended September 30, 2012, assumed the achievement of the operational efficiencies related to our foreign operations that were implemented during the fourth quarter of 2012.

• To facilitate comparability of our operating performance between 2013 and 2012, we have excluded the following from our non-GAAP net income:

• Tax charge of $0.3 million resulting from the filing of tax returns by foreign subsidiaries for periods prior to their acquisition by EFI for the nine months ended September 30, 2013.

• Tax benefit of $3.2 and $0.2 million from the retroactive renewal of both the 2012 U.S. federal research and development tax credit and certain international tax provisions, respectively, on January 2, 2013, for the nine months ended September 30, 2013. The tax benefit for these items had been previously recognized in our non-GAAP net income for the year ended December 31, 2012.

• We excluded the recognition of previously unrecognized tax benefits from our non-GAAP net income of $3.2 million for the three and nine months ended September 30, 2013 and $9.7 million for the three and nine months ended September 30, 2012 to facilitate comparability of our operating performance between the periods. These tax benefits primarily resulted from the release of previously unrecognized tax benefits resulting from the expiration of U.S. federal statutes of limitations.

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• Interest expense accrued on prior year tax reserves of $0.1 and $0.3 million for the three and nine months ended September 30, 2013 and 2012, respectively, as well as other tax benefits of $0.3 million for the nine months ended September 30, 2013.

Usefulness of Non-GAAP Financial Information to Investors

These non-GAAP measures 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, net income or earnings per diluted share prepared in accordance with GAAP. Non-GAAP financial measures have limitations as 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.

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