Vistaprint Reports Lower Income on Double-Digit Revenue Increase

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.

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