Vistaprint 2008 Annual Report Download - page 71

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VISTAPRINT LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Years Ended June 30, 2008, 2007 and 2006
(in thousands, except share and per share data)
The following table summarizes unrealized gains and losses related to our investments in cash
equivalents and marketable securities at June 30, 2008 (in thousands):
Book
Value
Gross
Unrealized
Losses Fair Value
Cash and cash equivalents ............................. $103,145 — $103,145
Marketable securities:
Commercial paper ................................. 1,497 — 1,497
Corporate bonds .................................. 11,923 (6) 11,917
Certificates of deposit .............................. 896 (3) 893
U.S. Government Agency Issues .................... 9,759 (3) 9,756
Municipal auction rate securities .................... 2,575 (40) 2,535
Total marketable securities ..................... 26,650 (52) 26,598
Total.................................................. $129,795 (52) $129,743
The following table summarizes unrealized gains and losses related to our investments in cash
equivalents and marketable securities at June 30, 2007 (in thousands):
Book
Value
Gross
Unrealized
Gains/
(Losses) Fair Value
Cash and cash equivalents ............................. $ 69,464 — $ 69,464
Marketable securities:
Asset-backed securities ............................ 603 — 603
Corporate Bonds .................................. 12,440 (11) 12,429
Certificates of Deposit.............................. 3,702 (2) 3,700
U.S. Government Agency Issues .................... 4,946 — 4,946
Municipal auction rate securities .................... 16,900 — 16,900
Total marketable securities ..................... 38,591 (13) 38,578
Total.................................................. $108,055 (13) $108,042
Fair Value of Financial Instruments
Carrying amounts of financial instruments held by the Company, which include cash equivalents,
marketable securities, accounts receivable, accounts payable, debt and accrued expenses
approximate fair value due to the short period of time to maturity of those instruments.
Concentrations of Credit Risk
Financial instruments that subject the Company to credit risk consist of cash and cash
equivalents, marketable securities and accounts receivable. The risk with respect to cash and cash
equivalents and marketable securities is reduced by the Company’s policy of investing in financial
instruments (i.e., cash equivalents) with short-term maturities issued by highly rated financial
67
Form 10-K