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William Blair & Company Initiates Coverage of VistaPrint Limited With Outperform Rating

Monday, February 27, 2006

Press release from the issuing company

CHICAGO, Feb. 24 -- William Blair & Company initiated research coverage of VistaPrint Limited, which provides custom graphic design and printing services to small businesses and consumers, with an Outperform rating and company profile of Aggressive Growth. Analyst Matthew Litfin estimated that the company would earn $0.43 per share in fiscal 2006, $0.69 per share in fiscal 2007, and $0.95 per share in fiscal 2008. "VistaPrint's proprietary technology and Internet-based business model enable the company to offer high-quality, custom-printed products at lower prices and faster delivery turnaround times than its competitors," Litfin said. "The company's primary target market consists of 39 million small businesses in the United States and Europe," he added. "VistaPrint has become one of the leading e-commerce destinations targeted to this market, as measured by Web site traffic. Recent initiatives to extend its services to consumers have met with early success, further expanding VistaPrint's market opportunity." Litfin also said that "compounded annual revenue growth over the past three fiscal years was 75%, and we expect 40%-plus growth over the next two years. VistaPrint's proprietary technology drives a streamlined graphic design and printing process that results in gross margins of about 65%, approximately triple that of a traditional printing shop."




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