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Vistaprint Reports 18% Q1 Growth

November 02, 2010

Vistaprint, the popular Web-to-print service provider based in The Netherlands but with operations in Windsor, Ontario, has reported a 18 percent growth in its first financial quarter, compared to the same period a year ago. Its revenues for the first quarter grew to $170.5 million. Operating income for the company fell 14 percent to $12.3 million, however.

"Vistaprint delivered solid results in revenue and earnings per share in the first quarter of the new fiscal year relative to our guidance. Increased operational focus accompanied by currency tailwinds resulted in higher-than-anticipated quarterly revenue," said Robert Keane, President and Chief Executive Officer.

North American orders accounted for 59 percent of the company's revenues for the quarter, 36 percent for Europe, and five percent from the Asia-Pacific region. The average order size was $34.69. Repeat customers generated 68 percent of its first quarter sales, but the company also acquired 1.6-million new customers.

"We are encouraged by these results; however, we believe we have a lot more work to do, organizational evolution to come and investments to make to ensure that Vistaprint remains a high-growth company for the foreseeable future," said Keane.

Along these lines, the company has modified its organizational structure and created the roles of Chief Customer Officer and Chief Operating Officer. Wendy Cebula, currently President of Vistaprint's North American unit, will become the Chief Operating Officer while Janet Holian, the President of the European unit, will become Chief Customer Officer.

Cebula was previously named Chief Operating Officer in early 2007 before ascending to President of North American operations in a 2008 restructuring for the company.

Trynka Shineman and Nick Ruotolo will replace Cebula and Holian in their previous roles respectively, with both reporting to Cebula.

"The dedication, talent and leadership of Janet, Wendy, Trynka and Nick have been instrumental in building Vistaprint into the successful organization that it is today," said Robert Keane. "I congratulate them on their well deserved promotions and look forward to working with them to continue to build a transformational and enduring business institution for the mutual benefit of Vistaprint's customers, employees and shareholders."

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