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Vistaprint Reports Double-digit Increases in Financial Results

July 30, 2009
HAMILTON, BERMUDA—July 30, 2009—Vistaprint Limited (Nasdaq:VPRT), the small business marketing company, today announced financial results for the fourth quarter and fiscal year ended June 30, 2009.

"Vistaprint delivered outstanding results for the quarter and for the full year, despite the macroeconomic and currency-related headwinds we encountered most of the year," said Robert Keane, chairman, president and chief executive officer. "Our talented employees continued to execute across functions, geographies and product lines, which is especially impressive in the context of our decision nine months ago to slow down our rate of investment due to the onset of the recession and the deterioration of currency exchange rates. As a result, we showed significant leverage in our business in 2009."

Financial Metrics:


 * Revenue for the fourth quarter of fiscal year 2009 grew to $135.2 million, a 22 percent increase over revenue of $110.4 million reported in the same quarter a year ago.  For the full fiscal year, revenue grew to $515.8 million, a 29 percent increase over revenue of $400.7 million in fiscal year 2008.

 * Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the fourth quarter was 63.1 percent, compared to 60.6 percent in the same quarter a year ago.  For the full fiscal year, gross margin was 62.8 percent, compared to 61.5 percent in fiscal 2008.

 * Operating income in the fourth quarter was $15.1 million, or 11.2 percent of revenue, and reflected a 33 percent increase compared to operating income of $11.3 million, or 10.3 percent of revenue, in the same quarter a year ago.  For the full fiscal year, operating income was $61.6 million, or 11.9 percent of revenue, a 50 percent increase over operating income of $41.2 million, or 10.3 percent of  revenue, in the prior fiscal year.

 * GAAP net income for the fourth quarter was $14.7 million, or 10.9 percent of revenue, representing a 42 percent increase compared to $10.3 million, or 9.4 percent of revenue in the same quarter a year ago.  For the full fiscal year, GAAP net income was $55.7 million, or 10.8 percent of revenue, a 40 percent increase over GAAP net income of $39.8 million, or 9.9 percent of revenue, in the prior fiscal year.

 * GAAP net income per fully diluted share for the fourth quarter was $0.33, versus $0.22 in the same quarter a year ago. For the full year, GAAP net income per fully diluted share was $1.25, versus $0.87 in the prior full fiscal year.

 * Non-GAAP adjusted net income for the fourth quarter, which excludes share-based compensation expense and its related tax effect, was $19.5 million, or 14.4 percent of revenue, representing a 30 percent increase over non-GAAP adjusted net income of $15.0 million, or 13.6 percent of revenue, in the same quarter a year ago.  For the full fiscal year, non-GAAP adjusted net income, which excludes share-based compensation expense and its related tax effect, was $75.9 million, or 14.7 percent of revenue, a 38 percent  increase over non-GAAP adjusted net income of $55.1 million, or 13.8 percent of revenue, in the prior fiscal year.
 

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