FOSTER CITY, CA-Electronics For Imaging Inc. has reached an agreement to sell its headquarters building here for $180 million to Gilead Sciences Inc. The transaction is expected to close in October 2012, subject to various closing conditions.
The company will continue to occupy the building for up to 12 months after the closing, and expects to relocate its Foster City operations to a new San Francisco Bay Area location. “We are pleased to seize this opportunity to enter a win-win agreement with Gilead Sciences, one of the world's strongest biopharmaceutical companies,” says Guy Gecht, CEO of EFI, in a prepared statement. "The proceeds from this transaction will make EFI an even stronger company for our shareholders, customers and employees.”
The firm’s plan, says Gecht, is to find a new facility in the Bay Area that will foster innovation and creativity while minimizing the impact on our local employees' commutes.”
Electronics for Imaging recently reported its Q2 numbers and recorded a revenue of $163.9 million, up 16% compared to second quarter 2011 revenue of $141.2 million. Second quarter 2012 non-GAAP net income was $14.2 million or $0.30 per diluted share, which included an unfavorable non-operational currency impact of $0.03 per share, compared to non-GAAP net income of $11.3 million or $0.23 per diluted share for the same period in 2011, which included a favorable non-operational currency impact of $0.01 per share. GAAP net income was $7.0 million or $0.15 per diluted share, compared to $3.6 million or $0.07 per diluted share for the same period in 2011.
“Our team delivered a record revenue quarter with 16% growth in an increasingly challenging operating environment coupled with currency headwinds. Strong results in our Industrial Inkjet and Productivity Software business segments led to our tenth consecutive quarter of double-digit growth," says Gecht. “While our business isn't immune to broader economic trends even though EFI targets the growth areas of print, we continue to see growth opportunities in enabling our customers to transform their businesses and optimize their operations, which allows us both to continue to grow even in a tough environment."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
