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Form 10-K
VISTAPRINT N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
2010 2009 2008
Year Ended June 30,
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 670,035 $ 515,826 $ 400,657
Cost of revenue (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240,195 191,944 154,122
Technology and development expense (1) . . . . . . . . . . . . . 78,387 60,921 44,828
Marketing and selling expense (1) . . . . . . . . . . . . . . . . . . . 216,574 159,143 127,975
General and administrative expense (1) . . . . . . . . . . . . . . . 58,031 42,236 32,572
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . 76,848 61,582 41,160
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441 1,725 4,160
Other (expense) income, net. . . . . . . . . . . . . . . . . . . . . . . (1,491) (803) 427
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 784 1,401 1,655
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . 75,014 61,103 44,092
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,273 5,417 4,261
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 67,741 $ 55,686 $ 39,831
Basic net income per share . . . . . . . . . . . . . . . . . . . . . . . $ 1.56 $ 1.29 $ 0.91
Diluted net income per share . . . . . . . . . . . . . . . . . . . . . . $ 1.49 $ 1.25 $ 0.87
Weighted average shares outstanding—basic. . . . . . . . . . . 43,365,872 43,330,166 43,913,119
Weighted average shares outstanding—diluted. . . . . . . . . . 45,336,561 44,634,191 46,016,364
(1) Share-based compensation is allocated as follows:
2010 2009 2008
Year Ended June 30,
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 840 $ 745 $ 755
Technology and development expense . . . . . . . . . . . . . . . . . . . 5,790 5,053 4,108
Marketing and selling expense . . . . . . . . . . . . . . . . . . . . . . . . . 4,965 4,021 3,722
General and administrative expense . . . . . . . . . . . . . . . . . . . . . 10,785 9,654 6,162
See accompanying notes.
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