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Vistaprint Reports 30 Percent Revenue Growth for its Fiscal Year

Vistaprint Reports 30 Percent Printing Revenue Growth for its Fiscal Year —PI News

July 28, 2010
VENLO, NETHERLANDS—July 28, 2010—Vistaprint N.V. (Nasdaq:VPRT), a leading online provider of professional marketing products and services to micro businesses, today announced financial results for the fourth quarter and fiscal year ended June 30, 2010.

Fourth quarter 2010 results:


• Revenue grew 22 percent year over year to $164.3 million

• GAAP net income per diluted share decreased 21 percent year over year to $0.26

• Non-GAAP adjusted net income per diluted share decreased 12 percent year over year to $0.38

Fiscal year 2010 results:

• Revenue grew 30 percent year-over-year to $670.0 million

• GAAP net income per diluted share grew 19 percent year over year to $1.49

• Non-GAAP adjusted net income per diluted share grew 18 percent year over year to $1.98

“Fourth quarter revenue was below our expectations,” said Robert Keane, president and CEO. “Since we established fourth quarter guidance in April, unfavorable currency movements impacted our revenue by over $3 million. We are also disappointed in our own constant currency revenue execution for the quarter. On the other hand, we are pleased that our culture of financial discipline enabled us to deliver earnings within our previously established guidance range.

“On an annual basis, we have much to be excited about as we continued our track record of delivering at or above our aggressive annual targets,” Robert Keane continued. “Compared to the guidance we established at the beginning of the fiscal year, we outperformed on revenue and delivered at the top end on earnings per share, while making important investments in our business. We delivered new products, tested new marketing channels and approaches, and enhanced our ability to lower our per-unit manufacturing costs through engineering and automation projects. Our customers increased their average annual spend with Vistaprint significantly, and satisfaction remains high. As we enter fiscal year 2011, I believe we are well positioned for continued growth and profitability.”

Financial Metrics:

--  Revenue for the fourth quarter of fiscal year 2010 grew to $164.3 million, a 22 percent increase over revenue of $135.2 million reported in the same quarter a year ago.  For the full fiscal year, revenue grew to $670.0 million, a 30 percent increase over revenue of $515.8 million in fiscal year 2009. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 22 percent year over year in the fourth quarter and 28 percent for the full year. Excluding revenue from membership programs, year-over-year constant currency revenue growth was 26 percent for the fourth quarter of fiscal 2010 and 32 percent for the full fiscal year 2010.
 

Companies Mentioned:

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