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VistaPrint Reports Q4 Revenue Growth of 69 Percent

Monday, August 07, 2006

Press release from the issuing company

HAMILTON, Bermuda--July 31, 2006-- VistaPrint Limited, a leading online supplier of high-quality graphic design services and customized printed products to small businesses and consumers, today announced its financial results for the fourth quarter and fiscal year ended June 30, 2006. Total company revenue for the quarter was $45.3 million, an increase of 69 percent as compared to total revenue of $26.8 million in the same quarter of fiscal 2005. For the fourth quarter ended June 30, 2006, net income on a GAAP basis was $5.6 million, which is 12 percent of revenue, or $0.12 per share on a fully diluted basis. GAAP net income includes a $2.3 million charge related to share-based compensation and a $686,000 tax benefit associated with the reversal of previously accrued income taxes. On a non-GAAP basis, excluding the charge associated with share-based compensation and the benefits associated with the reversal of the income tax accrual, adjusted net income was $7.2 million, which is 16 percent of revenue, and reflects adjusted earnings per share of $0.16 on a fully diluted basis. For the same quarter of the prior year, which ended June 30, 2005, the Company achieved net income of $1.9 million, which was 7 percent of revenue. For fiscal year 2006, total company revenue was $152.1 million, an increase of 67 percent as compared to total revenue of $90.9 million for fiscal year 2005. For fiscal year 2006, net income on a GAAP basis was $19.2 million, which is 13 percent of revenue, or $0.45 per share on a fully diluted basis. GAAP net income for fiscal year 2006 includes charges of $4.9 million related to share-based compensation and tax benefits of $938,000 associated with the reversal of previously accrued income taxes. On a non-GAAP basis, excluding charges associated with share-based compensation and benefits associated with the reversal of income tax accruals, adjusted net income for fiscal year 2006 was $23.1 million, which is 15 percent of revenue, and reflects adjusted earnings per share of $0.54 on a fully diluted basis. During fiscal year 2005, the Company reported a GAAP net loss of $16.2 million, which included a $21 million contract termination charge related to a payment made to its former North American print supplier. Excluding this contract termination loss, on a non-GAAP basis, adjusted net income was $4.8 million for fiscal year 2005. "VistaPrint's fourth quarter completes an excellent fiscal year. The investments we have made in our business contributed to our 69 percent revenue growth and many improvements to our customer value proposition," said Robert Keane, president and chief executive officer. "Most significantly, we acquired 564,000 new customers during the quarter while deriving 63 percent of our revenue from our existing customer base by offering value, service, and compelling new products designed to meet our customers' needs."

 

 

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