Vistaprint 2007 Annual Report Download - page 3

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Dear Fellow Shareholder:
Fiscal year 2007 was another great year for VistaPrint, with outstanding financial results and the continued
building of foundations for a promising future.
Revenue increased 68% to $256 million and our earnings per share grew from $0.45 in fiscal year 2006 to
$0.60 this fiscal year. Net earnings grew 41% to $27 million and cash flow from operations was
approximately $54 million.
Looking beyond those results, we believe that VistaPrint remains at the beginning of a long growth curve,
and that great companies are built over decades, not quarters or years. In line with our well-articulated
strategy, we seek to build shareholder value by consistently investing for long-term growth and competitive
advantage, while remaining committed to delivering strong EPS growth. Below are several examples of
VistaPrint’s investments over the past year:
‰We recruited hundreds of highly talented employees, and we invested in training, career path and
skills development programs, organizational infrastructure, long-term planning and scalable systems
and processes throughout the organization.
‰We introduced new products and services that broadened and enhanced our offering and customer
value proposition. This included foil-accented business cards, sticky notes, T-Shirts, micro web sites
dedicated to franchise business partners, and comprehensive new mailing and creative services.
VistaPrint now offers a more complete marketing solution that can help our customers write their
copy, design and print their collateral, and then address and mail the materials.
‰We improved product quality, delivery timeliness and customer service, advanced the scope and
sophistication of our marketing activities and our software technologies, and invested in facilities
expansion worldwide.
‰We expanded our geographic reach by adding new country sites serving Norway and Denmark.
VistaPrint now has localized web sites for 18 countries worldwide. We opened and ramped up our
marketing office in Barcelona, Spain to better take advantage of the large market opportunity in
Europe.
‰Finally, we invested to develop a compelling retail version of our web site which led to a private label
strategic partnership with OfficeMax to supply a line of custom printed products through in-store
kiosks in 850 stores throughout the U.S.
VistaPrint’s vision is to help millions of small businesses worldwide grow their businesses. We achieve this
via our easy-to-use and affordable marketing products and services. We have a unique set of assets to fulfill
that vision: millions of active, satisfied customers; a superior competency in internet direct marketing to the
small business segment; a robust and growing product and service offering; highly sophisticated software
technology that integrates all aspects of our value chain; a strong balance sheet; and first-class
manufacturing and customer service operations.
Going forward, we plan to apply and augment these assets to meet the needs of our three primary
constituents: our customers via a continually improving value proposition, our shareholders via strong
financial results, and our employees via highly rewarding career opportunities.
Thank you for your investment and confidence in VistaPrint. The entire VistaPrint team looks forward to a
long and rewarding journey with you.
Sincerely,
Robert Keane
Chairman of the Board, President & CEO