FOSTER CITY, Calif., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Electronics For Imaging, Inc. (Nasdaq:EFII), a world leader in customer-focused digital printing innovation, announced today that its Board of Directors has authorized a new share repurchase program of up to $30 million of its common stock. No amounts remain available under the prior authorizations. The share repurchase program will be funded from existing cash on hand and cash generated from operations. No date was established for the completion of the share repurchase program.
Repurchases will be made in accordance with applicable securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The company has no obligation to repurchase shares under the authorization, and the timing, actual number and value of the shares which are repurchased will be at the discretion of management. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.
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 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 the funding of the share repurchase program, the timing, duration and methods of share repurchases 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 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 and after the share repurchases, the uncertainty regarding the amount and timing of future share repurchases by EFI and the origin of funds used for such repurchases; world-wide financial, economic and political difficulties and downturns; adverse variations in foreign exchange rates 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 Securities and Exchange Commission (the "SEC") and the preliminary results included in our earnings press releases due, among other things, 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.
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