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VistaPrint Reports 73% Revenue Increase in Q1

Press release from the issuing company

Bermuda--Oct. 23, 2006-- VistaPrint Limited, the 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 first quarter of fiscal 2007, ended September 30, 2006. Revenue for the quarter was $50.0 million, an increase of 73 percent when compared to revenue of $28.9 million in the same quarter of fiscal 2006, which ended September 30, 2005. For the first quarter ended September 30, 2006, net income on a GAAP basis was $6.0 million, which is 12 percent of revenue, or $0.14 per share on a fully diluted basis. GAAP net income includes a $1.3 million charge related to share-based compensation. During the same quarter of the prior year, which ended September 30, 2005, the Company achieved net income of $2.9 million, which was 10 percent of revenue. On a non-GAAP basis, excluding expenses associated with share-based compensation, adjusted net income for the first quarter of fiscal 2007 was $7.3 million, which is 14.6 percent of revenue, and represents adjusted earnings per share of $0.16 on a fully diluted basis. "During the quarter VistaPrint acquired a record number of new customers while simultaneously driving a record percentage of bookings from existing customers. Both metrics affirm the value we deliver to our customers, the success of our business model, and our growth prospects," said Robert Keane, president and chief executive officer. "Our focus on investment, innovation, customer acquisition, retention and service continues to fuel our growth and yield strong returns. VistaPrint remains well positioned for growth thanks to the investments we are making today to build capabilities and demand."