) reported a net income of $2.3 million or 7 cents per share in
fourth quarter fiscal 2013 (ending Jun 30, 2013) compared with
$3.9 million or 10 cents in the year-earlier quarter. The
quarterly earnings were in line with the Zacks Consensus
For fiscal 2013, Vistaprint reported a net income of $29.4
million or 85 cents per share compared with $44.0 million or
$1.13 in the year-earlier quarter. The fiscal earnings beat the
Zacks Consensus Estimate of 63 cents. Strategic investments,
acquisitions, minority investment in China and higher share-based
compensation expense dragged the earnings lower.
Excluding one-time items, adjusted earnings were $14.1 million or
41 cents per share in the reported quarter compared with $14.9
million or 40 cents in the year-ago quarter.
For fiscal 2013, adjusted earnings were $75.8 million or $2.15
per share compared with $77.0 million or $1.95 a share in the
Total revenue in fourth quarter fiscal 2013 increased 12% year
over year to $280.1 million. The reported revenues beat the Zacks
Consensus Estimate of $272 million.
For fiscal 2013, revenues increased to $1,167.5 million, up 14.0%
year over year. Full year revenues also beat the Zacks Consensus
Estimate of $1,156 million.
Geographically, fiscal revenues were up 18% year over year in
North America, followed by Europe (up 3%) and Asia Pacific (up
In the reported quarter, gross margin was flat year over year at
64.6%. Operating income increased to $3.1 million from $5.1
million in the year-ago period.
Balance Sheet & Cash Flow
The company exited the quarter with $50.1 million in cash and
cash equivalents versus $62.2 million in the year-ago period.
Long-term debt stood at $238.8 million with $228.6 million
available under its credit facility. Vistaprint purchased 613,000
shares for $23.4 million in the quarter under its existing share
The company generated $37 million in cash from operations and
$21.8 million in free cash flow with capital expenditure of $12.5
For fiscal 2014, the company expects revenues in the range of
$1,235 million to $1,285 million. Fiscal 2014 GAAP earnings is
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 expenditures of $85 million to $100
Vistaprint remains focused on leveraging its investments and
expect meaningful earnings growth and expansion in fiscal year
2014 with a ramp-up in profitability of its organic business.
Vistaprint currently has a Zacks Rank #3 (Hold). Other stocks
that look promising in the industry and are worth a look include
Barrett Business Services Inc
Cap Gemini S.A.
Portfolio Recovery Associates Inc
), each carrying a Zacks Rank #1 (Strong Buy).
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VISTAPRINT NV (VPRT): Free Stock Analysis
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