Key Developments For Electronics for Imaging, Inc.
Electronics for Imaging, Inc. (EFII.O) (Nasdaq)
Electronics For Imaging, Inc. Announces Commencement Of Tender Offer To Purchase Up To 4,500,000 Shares Of Its Common Stock
Electronics For Imaging, Inc. announced that it has commenced a modified Dutch Auction tender offer to purchase up to 4,500,000 shares of its common stock at a price not less than $11.25 per share or more than $12.75 per share. The number of shares proposed to be purchased in the tender offer represents approximately 9% of the Company's currently outstanding shares. The last reported sales price per share of the Company's common stock on the NASDAQ Global Select Market on November 19, 2009 was $11.59 per share. The tender offer will expire on December 18, 2009 at 12:00 midnight, New York City time, unless extended. Tenders of shares must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer.
Electronics For Imaging, Inc. Declares Victory Over L&P In Important Patent Litigation On Inkjet Technology
Electronics For Imaging, Inc. announced victory in patent litigation with Leggett & Platt (L&P) involving the Company's ultra-violet (UV) ink curing technology. L&P first filed the lawsuit in May 2005 against VUTEk during EFI`s acquisition of the innovative superwide format printer business. L&P claimed that its patent (U.S. Patent No. 6,755,518) covered VUTEk's technology. From the outset EFI maintained that VUTEk invented and patented the technologies first (U.S. Patent Nos. 6,457,823 and 6,616,355). The US District Court in St. Louis agreed with EFI, invalidating all of L&P's asserted patent claims and ordering L&P to pay EFI's costs to defend the lawsuit. The US Federal Circuit Court of Appeals affirmed that conclusion in its entirety. In July 2009, the US District Court held that a second L&P patent (U.S. Patent No. 7,290,874) is also invalid in light of EFI`s patents and printer design technology.
Leggett & Platt Won Agreement To Dismissal Of Electronics For Imaging, Inc.'s Vutek, Inc. Lawsuit
Leggett & Platt announced that it has won an agreement to dismissal of a lawsuit by Vutek, Inc. which challenged the validity of two of Leggett & Platt's U.S. patents on Leggett's groundbreaking technology for ultraviolet (UV) curing of ink in superwide format ink jet printers. Vutek agreed to withdraw its challenges to the validity of both of the Leggett patents. Vutek, a subsidiary of Electronics For Imaging, Inc., sued Leggett & Platt in federal court for the Eastern District of Missouri in November 2007, initially alleging invalidity of Leggett's U.S. Patent No. 7,290,874 and later of Leggett's U.S. Patent No. 7,520,602. These patents were based on Leggett's invention of methods for quickly curing UV ink under the print head of superwide ink jet printers. The U.S. Patent & Trademark Office issued one of the patents after full review of an earlier appellate court decision declaring a related patent invalid, thus recognizing the importance of Leggett's invention of the first practical 'on the printhead' UV ink curing technology for superwide inkjet printers. The printing association, the Specialty Graphic Imaging Association (SGIA), also recognized Leggett's pioneering technology by awarding the 2006 DPI Innovator Award to Leggett's inventor, Mr. Richard Codos.
Electronics For Imaging, Inc. To Commence Tender Offer To Repurchase Up To $70 Million Worth Of Shares Of Common Stock
Electronics For Imaging, Inc. announced that its Board of Directors 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. Electronics For Imaging 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 Electronics For Imaging's existing cash reserves.
Electronics For Imaging, Inc. Issues Q4 2009 Net Profit Outlook Above Analysts' Estimates
Electronics For Imaging, Inc. announced that for fourth quarter of 2009, it expects to return to profitability. According to Reuters Estimates, analysts were expecting the Company to report net loss of $1.23 million for the same period.
