Vistaprint Announces New Organizational Structure, Reports Double-Digit Growth
• Nick Ruotolo, who joined the company in 2005 and is currently chief marketing officer of Vistaprint Europe, will become president of the European business unit reporting to Cebula.
• As president and CEO, Robert Keane will be most active in areas of strategy, executive and organizational development, company-wide culture and communications, corporate finance and governance, long-term R&D activities, and geographic expansion into Japan and emerging markets.
“The dedication, talent and leadership of Janet, Wendy, Trynka and Nick have been instrumental in building Vistaprint into the successful organization that it is today,” said Robert Keane. “I congratulate them on their well deserved promotions and look forward to working with them to continue to build a transformational and enduring business institution for the mutual benefit of Vistaprint’s customers, employees and shareholders.”
• Revenue for the first quarter of fiscal year 2011 grew to $170.5 million, an 18 percent increase over revenue of $145.1 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 20 percent from the first quarter a year ago. Excluding the impact of the termination of membership programs which generated 2.3 percent of total revenue in the first quarter of 2010, but 0 percent of total revenue in the first quarter of 2011, constant currency revenue growth was 23 percent year over year.
• Operating income in the first quarter was $12.3 million, or 7.2 percent of revenue, and reflected a 14 percent decrease compared to $14.4 million, or 9.9 percent of revenue in the same quarter a year ago.
• Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the first quarter was 63.1 percent, compared to 63.6 percent in the same quarter a year ago.
• GAAP net income for the first quarter was $10.8 million, or 6.3 percent of revenue, representing a 17 percent decrease compared to $13.0 million, or 8.9 percent of revenue in the same quarter a year ago.