SiliconBeat

The three top executives at Electronics for Imaging have volunteered to have their salaries cut “in support of the Company’s cost reduction activities due to deteriorating global economic and industry conditions,” the company said in a filing today that also included a preliminary look at earnings for its just completed first quarter.

The company sees sales coming in between $95-$96 million, some 18 percent below the $116 million most analysts had been expecting. Excluding some items, the company said it will likely have a loss of between 8 and 10 cents a share. Analysts had expected had expected a profit of between 2 and 5 cents.

Chief Executive Guy Gecht and President Fred Rosenzweig will each have his salary trimmed by 15 percent to $527,000 and $450,000, respectively, while Chief Financial Officer John Ritchie volunteered for a 10 percent reduction to $279,000. The pay cuts begin April 16.

“We took aggressive actions to reduce our operational costs to reflect these lower revenue levels,” said Gecht in a statement. “Given the current market demand, we are implementing further steps to realign our cost structure while focusing on gaining market share through leveraging our industry leading products.”

In addition to pay reductions for its senior executives, EFI is reducing salaries for all other employees by five percent. It will also be making “additional headcount reductions, among other initiatives.”