), an online provider of professional marketing products and
services, reported a net income of $5.9 million or 17 cents per
share in third quarter fiscal 2013 (ending Mar 31, 2013) compared
to $0.3 million or 1 cent in the year-earlier quarter. The
increase in earnings was driven by low advertising and operating
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VISTAPRINT NV (VPRT): Free Stock Analysis
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Excluding one-time items, adjusted earnings were $16.9 million or
48 cents per share compared to $11.2 million or 29 cents in the
year-ago quarter. The quarterly adjusted earnings were well above
the Zacks Consensus Estimate of 9 cents.
Total revenue increased 12% year over year to $287.7 million in
third quarter 2013. The reported earnings missed the Zacks
Consensus Estimate of $289 million.
Geographically, revenues was up 15% year over year in North
America, followed up with Europe (up 8%) and Most of world
(up 6%) year over year in the reported quarter.
In the reported quarter, gross margin was flat year over year at
65.5%. Operating income increased to $9.7 million from $7.8
million in the prior-year quarter.
Balance Sheet & Cash Flow
The company exited the quarter with $51.3 million in cash and
cash equivalents. Debt stood at $238.5 million, with $237.3
million available under its credit facility. Vistaprint purchased
410,400 shares for $16.2 million in the quarter under its
existing share repurchase program.
Subsequent to the end of the quarter, the company purchased an
additional 493,700 shares for $18.7 million,
The company generated $8.1 million in cash from operations with
capital expenditure of $11.2 million
For the fourth quarter of fiscal 2013, the company expects
revenues in the range of of $263 million to $278 million. Fiscal
2013 revenues are expected in the range of $1,150 million -
$1,165 million with GAAP earnings in the range of 60 cents-80
cents per share. Adjusted earnings for full fiscal are expected
in the range of $1.94-$2.14 per share with capital expenditures
of $85 million to $95 million.
Vistaprint remains focused on leveraging its investment and
expect meaningful earnings growth and margin expansion in fiscal
Vistaprint currently has a Zacks Rank #3 (Hold). Other stocks
that look promising and are worth considering in the industry are
Automatic Data Processing, Inc
Barrett Business Services Inc
), each carrying a Zacks Rank #2 (Buy).