EF Johnson Technologies, Inc. Updates Year End Guidance
Posted: 12/17/2009
Irving, TX – December 17, 2009 – EF Johnson Technologies, Inc. (NASDAQ: EFJI) announced today that the Company would not make its previously announced goal of achieving operating profitability for fiscal year 2009.
Based on our current visibility into state funding initiatives, our fourth quarter order receipt pattern and related order-to-revenue conversion cycles, we believe our fourth quarter revenue and gross margins will be lower than previously anticipated. Therefore, we do not expect to be profitable for the fourth quarter or for the year. As a result, we may be unable to meet our fourth quarter Minimum EBITDA covenant under our credit facility. We are currently in discussions with our lender regarding this matter.
About EF Johnson Technologies, Inc.
Headquartered in Irving, Texas, EF Johnson Technologies, Inc. focuses on innovating, developing and marketing the highest quality secure communications solutions to organizations whose mission is to protect and save lives. The Company’s customers include first responders in public safety and public service, the federal government, and industrial organizations. The Company’s products are marketed under the EFJohnson, 3e Technologies International, and Transcrypt International names and are Made in America. For more information, visit http://www.EFJohnsonTechnologies.com.
About Francisco Partners
With approximately $5.0 billion of committed capital and offices in San Francisco and London, Francisco Partners is one of the world’s largest technology-focused private equity funds. The firm was founded to pursue structured investments in technology companies undergoing strategic, technological, and operational inflection points. Francisco Partners targets majority and minority investments in private companies, public companies, and divisions of public companies. The principals of Francisco Partners have a proven track record, having invested in excess of $4.0 billion of equity capital in over 50 technology companies. For additional information, visit www.franciscopartners.com.
