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Vistaprint Reports Double-digit Growth in Revenue, Income

April 30, 2010
VENLO, THE NETHERLANDS—04/29/10—Vistaprint N.V. (Nasdaq:VPRT), the company that provides high-impact personalized products and services for small businesses and the home, today announced financial results for the three month period ended March 31, 2010, the third quarter of its 2010 fiscal year.

Financial Metrics:

Revenue for the third quarter of fiscal year 2010 grew to $166.0 million, a 30 percent increase over revenue of $127.5 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 25 percent from the third quarter a year ago. Excluding the termination of membership programs which generated 3.9 percent of total revenue in the third quarter of 2009, but 0 percent of total revenue in the third quarter of 2010, constant currency revenue growth was 30 percent year over year.

Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the third quarter was 64.1 percent, compared to 63.5 percent in the same quarter a year ago.

Operating income in the third quarter was $17.8 million, or 10.7 percent of revenue, and reflected an 11 percent increase compared to $16.0 million, or 12.5 percent of revenue in the same quarter a year ago.

GAAP net income for the third quarter was $16.2 million, or 9.7 percent of revenue, representing a 14 percent increase compared to $14.2 million, or 11.1 percent of revenue in the same quarter a year ago. GAAP net income per diluted share for the third quarter was $0.35, versus $0.33 in the same quarter a year ago.

Non-GAAP adjusted net income for the third quarter, which excludes share-based compensation expense and its related tax effect, was $21.5 million, or 12.9 percent of revenue, representing a 14 percent increase compared to $18.9 million, or 14.8 percent of revenue in the same quarter a year ago. Non-GAAP adjusted net income per diluted share for the third quarter, which excludes share-based compensation expense and its related tax effect, was $0.46, versus $0.44 in the same quarter a year ago.

Capital expenditures in the third quarter were $22.9 million, or 13.8 percent of revenue.

During the third quarter, the company generated $32.8 million in cash from operations and $8.3 million in free cash flow, defined as cash from operations less purchases of property, plant and equipment, and capitalization of software and website development costs.

The company had $172.3 million in cash, cash equivalents, and short-term marketable securities as of March 31, 2010.

"Vistaprint delivered strong third quarter revenue in line with our guidance," said Robert Keane, president and chief executive officer. "Our earnings performance exceeded our expectations due to strong gross margins and lower than anticipated expenses during the quarter. We continued to execute toward our accelerated investment plans for the fiscal year, although the timing of some of our investments has shifted into the fourth quarter. We are pleased with our results and believe that we remain well positioned to continue to drive competitive advantage and deliver strong financial results for years to come."
 

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