Vistaprint 2008 Annual Report Download - page 92
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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 Company is not currently party to any other material legal proceedings. The Company is
involved, from time to time, in various legal proceedings arising from the normal course of business
activities. Although the results of litigation and claims cannot be predicted with certainty, the Company
does not expect resolution of these matters to have a material adverse impact on its consolidated
results of operations, cash flows or financial position. However, an unfavorable resolution of such a
proceeding could, depending on its amount and timing, materially affect the Company’s results of
operations, cash flows or financial position in a future period. Regardless of the outcome, litigation can
have an adverse impact on the Company because of defense costs, diversion of management
resources and other factors.
13. Supplemental Disclosures of Cash Flow Information
Year Ended June 30,
2008 2007 2006
Cash paid during the year for:
Interest .......................................................... $1,635 $1,789 $1,089
Income taxes..................................................... 1,841 1,349 766
Supplemental disclosure of non-cash investing and financing activities:
Accretion of preferred shares ...................................... $ — $ — $1,295
Cumulative effect of adoption of EITF 06-2 .......................... $ 799 $ — $ —
14. Allowance for Doubtful Accounts
The Company offsets gross trade accounts receivable with an allowance for doubtful accounts.
The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit
losses in the Company’s existing accounts receivable. The Company reviews its allowance for doubtful
accounts on a monthly basis and all past due balances are reviewed individually for collectibility.
Account balances are charged off against the allowance after all means of collection have been
exhausted and the potential for recovery is considered remote.
Below is a summary of the changes in the Company’s allowance for doubtful accounts for the
years ended June 30, 2008, 2007 and 2006:
Balance at
Beginning of
Period Provision
Write-
offs/
(Recovery)
Balance at
End of Period
Year ended June 30, 2008 ........................ $148 $ 65 $ 0 $213
Year ended June 30, 2007 ........................ $ 50 $106 $(8) $148
Year ended June 30, 2006 ........................ $ 57 $— $(7) $ 50
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