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Vistaprint Reports Lower Income on Double-Digit Revenue Increase

October 27, 2011
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VENLO, NETHERLANDS—Oct. 27, 2011—Vistaprint N.V. announced its financial results for the three-month period ended Sept. 30, 2011, the first quarter of its 2012 fiscal year.

“First-quarter revenue and earnings met our expectations, and our full year is off to a good start,” said Robert Keane, president and CEO. “This was a quarter of solid performance against our plan. Four months into our multiyear plan, we remain confident that we are making the right decisions in funding our long-term strategy for growth and competitive advantage. This quarter we made disciplined investments designed to better position us to capture what we believe to be a large opportunity, and build a strong company for many years to come.”

Financial Metrics:

• Revenue for the first quarter of fiscal year 2012 grew to $212.4 million, a 25 percent increase over revenue of $170.5 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 20 percent from the same quarter a year ago.

• Operating income in the first quarter was $9.7 million, or 4.6 percent of revenue, and reflected a 21 percent decrease compared to operating income of $12.3 million, or 7.2 percent of revenue in the same quarter a year ago.

• GAAP net income for the first quarter was $8.2 million, or 3.8 percent of revenue, representing a 24 percent decrease compared to $10.8 million, or 6.3 percent of revenue in the same quarter a year ago. Non-GAAP adjusted net income for the first quarter, which excludes share-based compensation expense and its related tax effect, was $13.0 million, or 6.1 percent of revenue, representing a 20 percent decrease compared to non-GAAP adjusted net income of $16.3 million, or 9.6 percent of revenue, in the same quarter a year ago.

• Capital expenditures in the first quarter were $11.0 million or 5.2 percent of revenue.

• During the first quarter, the company generated $30.5 million of cash from operations and $17.8 million in free cash flow, defined as cash from operations less purchases of property, plant and equipment, purchases of intangible assets, and capitalization of software and website development costs.

Operating Highlights:

Vistaprint acquired approximately 1.9 million new customers in the first fiscal quarter ended September 30, 2011.
On a trailing 12-month basis, unique active customer count was 11.9 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.)
Total order volume in the first quarter of fiscal 2012 was approximately 5.9 million, reflecting an increase of approximately 18 percent over total orders of approximately 5.0 million in the same quarter a year ago.
 

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