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Vistaprint Reports Double-Digit Growth, Releases Five-Year Plan

July 29, 2011
VENLO, NETHERLANDS—July 28, 2011—Vistaprint N.V., a leading online provider of professional marketing products and services to micro businesses and the home, announced financial results for the fourth quarter and fiscal year ended June 30, 2011.

Fourth quarter 2011 results:
  • Revenue grew 27 percent year over year to $208.8 million.
  • Operating income was $17.0 million, a 22 percent increase.
  • GAAP net income totaled $14.4 million, a 24 percent increase.

Fiscal year 2011 results:
  • Revenue grew 22 percent year over year to $817.0 million
  • Operating income was $93.1 million, a 21 percent increase.
  • GAAP net income was $82.1 million, a 21 percent increase.

“We are pleased to have just delivered another quarter and another fiscal year of healthy revenue and earnings per share growth,” said Robert Keane, president and chief executive officer. “We achieved solid financial and operational results, with record new customer additions, increased revenue from existing customers, continued geographic expansion, and healthy growth across our businesses. We also delivered outstanding free cash flow growth, which illustrates the power of our operating model during a year in which we made fewer capital expenditures. We also began to execute on several growth initiatives that we believe will better position us to capture more of our large market opportunity and drive competitive advantage.”

Financial Metrics:

Revenue for the fourth quarter of fiscal year 2011 grew to $208.8 million, a 27 percent increase over revenue of $164.3 million reported in the same quarter a year ago. For the full fiscal year, revenue grew to $817.0 million, a 22 percent increase over revenue of $670.0 million in fiscal year 2010. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 20 percent year over year in the fourth quarter and 22 percent for the full year.

Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the fourth quarter was 63.9 percent, compared to 63.6 percent in the same quarter a year ago. For the full fiscal year, gross margin was 64.8 percent, compared to 64.2 percent in fiscal 2010.

Operating income in the fourth quarter was $17.0 million, or 8.1 percent of revenue, and reflected a 22 percent increase compared to operating income of $13.9 million, or 8.5 percent of revenue, in the same quarter a year ago. For the full fiscal year, operating income was $93.1 million, or 11.4 percent of revenue, a 21 percent increase over operating income of $76.8 million, or 11.5 percent of revenue, in the prior fiscal year.
 

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