Vistaprint Reports Big Income Hit, but Revenue Increase
VENLO, NETHERLANDS—Oct. 25, 2012—Vistaprint N.V. has released its financial results for the three month period ended Sept. 30, 2012, the first quarter of its 2013 fiscal year.
Financial Metrics (include Albumprinter and Webs results unless otherwise stated):
• Revenue for the first quarter of fiscal year 2013 grew to $251.4 million, an 18 percent increase over revenue of $212.4 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations and revenue from acquired businesses, total revenue grew 13 percent year over year in the first quarter.
• Operating income in the first quarter was $0.2 million, or 0.1 percent of revenue, and reflected a 98 percent decrease compared to operating income of $9.7 million, or 4.6 percent of revenue, in the same quarter a year ago. This result was in line with our expectations.
• Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the first quarter was 65.0 percent, compared to 63.2 percent in the same quarter a year ago.
• GAAP net income for the first quarter was $(1.7) million, or (0.7) percent of revenue, representing a 121 percent decrease compared to $8.2 million, or 3.8 percent of revenue in the same quarter a year ago. This result was in line with our expectations.
• Non-GAAP adjusted net income for the first quarter, which excludes amortization expense for acquisition-related intangible assets, tax charges related to the alignment of acquisition-related intellectual property with global operations, and share-based compensation expense and its related tax effect, was $8.9 million, or 3.5 percent of revenue, representing a 32 percent decrease compared to non-GAAP adjusted net income of $13.0 million, or 6.1 percent of revenue, in the same quarter a year ago.
• Capital expenditures in the first quarter were $27.8 million or 11.0 percent of revenue.