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Vistaprint Reports Double-Digit Increases, but European Business Lags

July 26, 2012
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VENLO, THE NETHERLANDS—July 26, 2012—Vistaprint N.V. announced its financial results for the fourth quarter and fiscal year ended June 30, 2012.

Fourth quarter 2012 highlights:

  • Revenue grew 20 percent year over year to $250.4 million
  • Revenue grew 25 percent year over year excluding the impact of currency exchange rate fluctuations

Fiscal year 2012 highlights:
  • Revenue grew 25 percent year over year to $1.02 billion
  • Revenue grew 25 percent year over year excluding the impact of currency exchange rate fluctuations

“We are generally pleased with our accomplishments in fiscal 2012,” said Robert Keane, president and CEO. “We sustained strong annual revenue growth while executing on key strategy initiatives. We delivered earnings above our guidance range for the fourth quarter and fiscal year due to favorability on a number of cost items.

“In the fourth quarter, we were pleased with revenue performance in North America and Asia Pacific; however, we were disappointed with the deterioration of revenue growth rates in Europe. Over the last two quarters, we have seen lower growth rates in Europe than in North America, which is a break from the past,” continued Keane.

“Although we expected near-term revenue headwinds from the implementation of customer-centric user experience improvements, we have been more successful in mitigating these headwinds in North America than in Europe. We continue to believe that Europe has significant potential for us and are targeting improved growth rates over time.”

Financial Metrics

Vistaprint’s revenue for the fourth quarter of fiscal year 2012 grew to $250.4 million, a 20 percent increase over revenue of $208.8 million reported in the same quarter a year ago. Excluding Albumprinter and Webs combined revenue of $15.4 million, total fourth quarter revenue was $235.0 million.

For the full fiscal year, revenue grew to $1.02 billion, a 25 percent increase over revenue of $817 million in fiscal year 2011. Excluding the estimated impact from currency exchange rate fluctuations and revenue from acquired businesses, total revenue grew 17 percent year over year in the fourth quarter and 20 percent for the full year.

Operating income in the fourth quarter totaled $5.1 million, or 2.0 percent of revenue, and reflected a 70 percent decrease compared to operating income of $17.0 million, or 8.1 percent of revenue, in the same quarter a year ago.

For the full fiscal year, operating income was $55.2 million, or 5.4 percent of revenue, a 41 percent decrease compared to operating income of $93.1 million, or 11.4 percent of revenue, in the prior fiscal year.
 

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