Vistaprint 2008 Annual Report Download - page 65
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VISTAPRINT LIMITED
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
Year Ended June 30,
2008 2007 2006
Revenue ............................................. $ 400,657 $ 255,933 $ 152,149
Cost of revenue (1).................................... 154,122 89,971 49,858
Technology and development expense (1)............... 44,828 27,176 15,628
Marketing and selling expense (1) ...................... 127,975 87,887 51,174
General and administrative expense (1) ................. 32,572 23,694 16,624
Income from operations................................ 41,160 27,205 18,865
Interest income ....................................... 4,160 4,691 2,903
Other income (expense), net ........................... 427 (45) (494)
Interest expense ...................................... 1,655 1,828 1,256
Income before income taxes ........................... 44,092 30,023 20,018
Income tax provision .................................. 4,261 2,880 783
Net income ........................................... $ 39,831 $ 27,143 $ 19,235
Basic net income per share ............................ $ 0.91 $ 0.64 $ 0.51
Diluted net income per share ........................... $ 0.87 $ 0.60 $ 0.45
Weighted average common shares outstanding—basic . . . 43,913,119 42,445,991 33,147,287
Weighted average common shares
outstanding—diluted ................................ 46,016,364 45,364,257 42,624,689
(1) Share-based compensation is allocated as follows:
Year Ended June 30,
2008 2007 2006
Cost of revenue .................................. $ 755 $ 427 $ 79
Technology and development expense ............. 4,108 2,184 596
Marketing and selling expense .................... 3,722 3,176 159
General and administrative expense ............... 6,162 2,978 4,016
$ 14,747 $ 8,765 $ 4,850
See accompanying notes.
Form 10-K
61