Vistaprint 2009 Annual Report Download - page 101

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VISTAPRINT LIMITED
(predecessor to Vistaprint N.V.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Years Ended June 30, 2009, 2008 and 2007
(in thousands, except share and per share data)
from Bermuda to the Netherlands. Vistaprint N.V. was formed as a limited liability company
(nammlooze vennootschap) under the laws of the Netherlands on June 30, 2009, at a special court-
ordered meeting of common shareholders held on August 6, 2009, the common shareholders of
Vistaprint Limited approved a scheme of arrangement under Bermuda law. On August 31, 2009, after
receipt of the approval of the scheme of arrangement by the Supreme Court of Bermuda and the
satisfaction of certain other conditions, the transactions contemplated by the scheme of arrangement
were effected. Pursuant to the scheme of arrangement, among other things, each common share of
Vistaprint Limited outstanding immediately before the transaction was effected was exchanged for one
outstanding ordinary share of Vistaprint N.V.
As a result of the scheme of arrangement and the share exchange transaction, the common
shareholders of Vistaprint Limited became ordinary shareholders of Vistaprint N.V. and Vistaprint
Limited became a wholly-owned subsidiary of Vistaprint N.V. In connection with consummation of the
scheme of arrangement, Vistaprint N.V. assumed Vistaprint Limited’s existing obligations in connection
with awards granted under Vistaprint Limited’s incentive plans and other similar employee awards.
Vistaprint N.V.’s ordinary shares are registered under the Securities Exchange Act and Vistaprint
N.V is subject to the same reporting requirements under the Securities Exchange Act to which the
Vistaprint Limited was previously subject. Vistaprint N.V.’s ordinary shares are listed on the NASDAQ
Global Select Market under the ticker symbol “VPRT”, the same exchange and the same symbol under
which the Vistaprint Limited’s shares were previously listed and traded.
The Company does not expect that the Change of Domicile will have a material impact on how
Vistaprint conducts its day-to-day operations, its financial position, consolidated effective tax rate, results
of operations or cash flows. However, there is no guarantee that the Vistaprint group of companies will
realize any benefits from the Change of Domicile and not suffer any adverse consequences.
14. Quarterly Financial Data (unaudited)
Year Ended June 30, 2009
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total revenue....................................... $114,232 $138,903 $127,523 $135,168
Cost of revenue..................................... 44,844 50,692 46,583 49,825
Net income......................................... 8,273 18,549 14,166 14,698
Net income per common share:
Basic .......................................... $ 0.19 $ 0.43 $ 0.34 $ 0.35
Diluted ......................................... $ 0.18 $ 0.42 $ 0.33 $ 0.33
Year Ended June 30, 2008
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total revenue....................................... $ 79,453 $105,017 $105,779 $110,408
Cost of revenue..................................... 29,752 39,896 40,960 43,514
Net income......................................... 6,879 11,169 11,453 10,330
Net income per common share:
Basic .......................................... $ 0.16 $ 0.25 $ 0.26 $ 0.23
Diluted ......................................... $ 0.15 $ 0.24 $ 0.25 $ 0.22
95
Form 10-K