Vistaprint Reports Double-Digit Increases, but European Business Lags
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.
Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the fourth quarter was 64.6 percent, compared to 63.9 percent in the same quarter a year ago. For the full fiscal year, gross margin was 65.2 percent, compared to 64.8 percent in fiscal year 2011.
Capital expenditures in the fourth quarter were $13.5 million or 5.4 percent of revenue. During the full fiscal year capital expenditures were $46.4 million or 4.5 percent of revenue.
The company had net debt of $166.8 million, which consisted of $62.2 million in cash and cash equivalents and $229.0 million in long-term debt, with $157.0 million available under its credit facility as of June 30, 2012.
Vistaprint acquired approximately 2.2 million new customers in the fourth fiscal quarter ended June 30, 2012, compared with 1.8 million in the same quarter a year ago, reflecting an increase of 22 percent. For the full fiscal year 2012, the number of new customer acquisitions totaled approximately 9.4 million, a 27 percent increase compared with 7.4 million in fiscal year 2011.
On a trailing 12-month basis, the company’s unique active customer count was 14.4 million. Unique active customer count is the number of individual customers who purchased from us in a given period, with no regard to the frequency of purchase. This was a 26 percent increase compared to 11.4 million in the twelve month period ended June 30, 2011.