Vistaprint 2009 Annual Report Download - page 3
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Dear Fellow Shareholder:
I am pleased to report that fiscal 2009 was another successful year for Vistaprint, with very strong financial
results despite the challenge of the global economic recession.
Revenue increased 29% to $515.8 million and earnings per share grew 44% to $1.25. Net income grew 40%
to $55.7 million, and cash flow from operations grew 37% to $120.1 million. Since our IPO in fiscal 2006, our
compounded annual growth rate has been 50% for revenues, 43% for net income and 41% for earnings per
share.
In fiscal 2009 we successfully navigated the economic recession and unfavorable currency exchange
markets by implementing an action plan in which we reduced the rate of growth of operational expenses and
investments relative to our prior plans. Despite this disciplined belt tightening, we continued building for the
future, and we delivered outstanding operational results. During fiscal 2009, Vistaprint:
‰Served 8 million unique customers, an increase of 29% from 2008, and processed a total of
15 million orders, an increase of 34% from 2008.
‰Broadened our product portfolio of small business marketing solutions through the introduction of
banners, lawn signs, key chains, tote bags, mouse pads, and email marketing services.
‰Delivered significant improvements to our design content, user experience and branding.
‰Recruited great talent across the company, growing total headcount, including full-time and
temporary employees, by 14%, from 1,611 to 1,834 people.
‰Expanded our ability to reach additional customers through strategic partnerships with Intuit, Office
Depot and FedEx Office, formerly known as FedEx Kinko’s.
‰Invested $61 million in technology and development, $95 million in advertising and $76 million in
capital expenditures.
Vistaprint’s outstanding 2009 results would not have been possible without the company’s talented
employees. Their dedication, ingenuity and hard work are the core drivers of Vistaprint’s success. As both
CEO and as a shareholder, I thank Vistaprint’s employees for all that they did for the company last year.
We have always had high expectations for Vistaprint and for our ability to build a transformational and
enduring business institution. We believe that, in doing so, we are well-positioned to deliver jaw-dropping
value propositions for our customers, great financial returns for our investors, and highly rewarding careers
for our employees. At the beginning of fiscal 2010, I am more convinced than ever that Vistaprint continues
to have a significant opportunity ahead and that the best is yet to come.
Sincerely,
Robert Keane
Chairman of the Management Board, President & CEO