Business services provider
) reported a net income of $0.4 million or a penny per share in
first quarter fiscal 2014 (ending Sep 30, 2013) compared to a
loss of $1.7 million or 5 cents per share in the year-earlier
Excluding one-time items, adjusted earnings were $11.3 million or
32 cents per share in the reported quarter compared with $8.9
million or 25 cents per share in the year-ago quarter. The
quarterly adjusted earnings beat the Zacks Consensus Estimate of
Total revenue in first quarter fiscal 2014 increased 9% year over
year to $275.1 million. The reported revenues beat the Zacks
Consensus Estimate of $273 million.
Geographically, revenues were up 14% year over year in North
America, followed by Europe (up 6%) and Most of the World (down
In the reported quarter, gross margin stood at 65.2% versus 65.0%
in the year-ago period. Operating income increased to $8.4
million in the reported quarter from $0.2 million in the
Balance Sheet & Cash Flow
The company exited the quarter with $64.7 million in cash and
cash equivalents versus $50.1 million as of Jun 30, 2013.
Long-term debt stood at $262.5 million. The company had $226.0
million available under its credit facility. Vistaprint did not
repurchase any share during the reported quarter.
The company generated ($0.1) million of cash from operations and
($19.6) million in free cash flow with capital expenditure of
For fiscal 2014, the company expects revenues in the range of
$1,250 million to $1,300 million. Fiscal 2014 GAAP earnings are
expected in the range of $1.35 -$1.70 per share. Adjusted
earnings for full fiscal are expected in the range of $2.49-$2.83
per share with capital expenditure of $85 million to $100
Vistaprint remains focused on leveraging its investments and
expects meaningful earnings growth and expansion in fiscal 2014.
The company expects lower year-over-year revenue growth in Europe
than in North America, primarily due to planned changes in its
business in Europe to improve its customer value proposition,
marketing execution and profitability.
Vistaprint currently has a Zacks Rank #3 (Hold). Other stocks
that look promising and are worth considering now are
Automatic Data Processing, Inc
Huron Consulting Group Inc
), each carrying a Zacks Rank #2 (Buy).
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