Electronics For Imaging, Inc. (Nasdaq: EFII), a world leader in
customer-focused digital printing innovation, today announced that its
Board of Directors (the "Board”) has approved the repurchase of up to
$70 million worth of shares of its common stock through the use of a
"modified Dutch auction” tender offer. This approval utilizes the
balance of the previously authorized $100 million share repurchase
program. EFI currently expects that it will commence the tender offer
during the fourth quarter of 2009, at which time it will announce, among
other things, the price range in which it will offer to purchase shares.
The tender offer will be financed from EFI’s existing cash reserves. The
funding of the $100 million share repurchase authorization represents
the approximate after tax cash proceeds received from the sale of EFI’s
excess real estate holdings earlier this year.
"The decision by the Board and Management to immediately deploy the
remaining balance of our $100 million repurchase program through a
tender offer completes our goal of returning the cash generated from our
real estate sale to our stockholders,” said Guy Gecht, CEO of EFI. "We
believe repurchasing our shares combined with bringing new innovative
products to market will create value for our stockholders.”
The tender offer announced in this press release has not yet commenced.
This press release is for informational purposes only, and is not an
offer to purchase or the solicitation of an offer to sell any shares of
EFI common stock. The tender offer, if commenced, will be made solely by
and subject to the terms and conditions set forth in the tender offer
documents, including the Offer to Purchase and the Letter of
Transmittal, that will be distributed to holders of EFI’s common stock
and filed with the Securities and Exchange Commission ("SEC”). Before
any decision is made with respect to the tender offer, holders of EFI’s
common stock are urged to read the Schedule TO, including the Offer to
Purchase, the Letter of Transmittal and other related materials when
they become available and any other documents filed with the SEC because
they will contain important information about the tender offer.
Holders of common stock will be able to obtain these documents as they
become available free of charge at the SEC’s website at www.sec.gov,
or at the SEC’s public reference room located at 100 F Street, N.E.,
Washington, DC 20549. In addition, holders of common stock may also
request copies of the Schedule TO, the Offer to Purchase, the Letter of
Transmittal and other related materials filed with the SEC free of
charge by contacting EFI’s information agent for the tender offer. The
tender offer will not be made to, and tenders of EFI’s common stock will
not be accepted from or on behalf of holders, of EFI’s common stock in
any jurisdiction in which the making or acceptance of such tender offer
is not permissible.
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 intended
tender offer, the amount of the tender offer, its expected timing, EFI’s
goals of returning the cash generated from its real estate sale to its
stockholders, bringing new, innovative products to market and creating
value for its stockholders.
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 EFI’s results and
trading price of EFI’s common stock. Potential risks and uncertainties
include, but are not necessarily limited to, the market prices of EFI’s
common stock prior to, during the term and after the intended tender
offer, the uncertainty regarding EFI’s ability to commence the tender
offer within the proposed timing or at all; the uncertainty regarding
the amount and timing of future share repurchases by EFI and the origin
of funds used for such repurchases; current world-wide financial,
economic and political difficulties and downturns, including the ongoing
contraction in credit, and adverse variations in foreign exchange rates,
that could affect demand for our products, as well as the risk of bank
failures, insolvency or illiquidity of other financial institutions and
other adverse conditions in financial markets that could cause a loss of
our cash deposits and invested cash and cash equivalents; differences
between the financial results as filed with the SEC and the preliminary
results included in our earnings press releases due to the complexity in
accounting rules; and any other risk factors that may be included from
time to time in EFI’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 "Factors That Could Adversely Affect Performance” in
the EFI’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 http://www.efi.com.
About EFI
EFI (www.efi.com)
is a world leader in customer-focused digital printing innovation. EFI's
award-winning solutions, integrated from creation to print, deliver
increased performance, cost savings and productivity. The company's
robust product portfolio includes Fiery® digital color print servers;
VUTEk® superwide digital inkjet printers, UV and solvent inks; Rastek UV
wide-format inkjet printers; Jetrion® industrial inkjet printing
systems; print production workflow and management information software;
and corporate printing solutions. EFI maintains 23 offices worldwide.