Vistaprint 2009 Annual Report Download - page 24

competition may result in reduced operating margins as well as loss of market share and brand
recognition. We may be unable to compete successfully against current and future competitors, and
competitive pressures facing us could harm our business and prospects.
Business Segment and Geographic Information
We operate in one business segment: offering small businesses and consumers a broad range of
brand identity and promotional products, customized products, marketing services and electronic
solutions. For the years ended June 30, 2009, 2008 and 2007, approximately 39%, 38%, and 32%,
respectively, of our total revenues were derived from our non-United States websites. No single
country other than the United States accounted for 10% or more of revenues in any of the years ended
June 30, 2009, 2008 and 2007. For more segment and geographic information, see our consolidated
financial statements and selected consolidated financial data included in this Annual Report on Form
10-K, including Note 10 to such consolidated financial statements.
Government Regulation
We are not currently subject to direct national, federal, state, provincial or local regulation other than
regulations applicable to businesses generally or directly applicable to online commerce. The adoption or
modification of laws or regulations relating to the Internet or other areas of our business could limit or
otherwise adversely affect the manner in which we currently conduct our business. In addition, the growth
and development of the market for online commerce may lead to more stringent consumer protection
laws, which may impose additional burdens on us. If we are required to comply with new regulations or
legislation or new interpretations of existing regulations or legislation, this compliance could cause us to
incur additional expenses or alter our business model. We do not currently provide individual personal
information regarding our users to third parties without the user’s permission.
Employees
As of June 30, 2009, we had 1,735 full-time employees, of which 503 were employed in Lexington,
Massachusetts, United States; 279 in Venlo, the Netherlands; 458 in Windsor, Ontario, Canada; 103 in
Barcelona, Spain, 16 in Winterthur, Switzerland, and 376 in Montego Bay, Jamaica. In addition, as of
June 30, 2009, we also employed approximately 99 temporary employees at our manufacturing facilities.
None of our employees are represented by a labor union or covered by a collective bargaining
agreement; however, we are required to provide 272 of our employees in our Venlo facility with
compensation and benefits equal to or greater than those provided in a collective bargaining agreement
covering employees in the Dutch printing trade, and employees in our Barcelona office compensation
and benefits equal to or greater than those of the Catalonian collective bargaining agreement for office
businesses. We have not experienced any work stoppages and believe that relations with our employees
are good.
Change of Domicile
On April 30, 2009, we announced that our Board of Directors approved a proposal to effectively
move the place of incorporation of the publicly traded parent entity of the Vistaprint group of companies
from Bermuda to the Netherlands. Vistaprint N.V. was formed as a limited liability company
(nammlooze vennootschap) under the laws of Netherlands on June 5, 2009 and as a wholly-owned
subsidiary of Vistaprint Limited. Subsequent to the fiscal year ended 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
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