Vistaprint 2009 Annual Report Download - page 73
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VISTAPRINT LIMITED
(predecessor to Vistaprint N.V.)
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
Year Ended June 30,
2009 2008 2007
Revenue ............................................. $ 515,826 $ 400,657 $ 255,933
Cost of revenue (1).................................... 191,944 154,122 89,971
Technology and development expense (1)............... 60,921 44,828 27,176
Marketing and selling expense (1) ...................... 159,143 127,975 87,887
General and administrative expense (1) ................. 42,236 32,572 23,694
Income from operations................................ 61,582 41,160 27,205
Interest income ....................................... 1,725 4,160 4,691
Other (expense) income, net ........................... (803) 427 (45)
Interest expense ...................................... 1,401 1,655 1,828
Income before income taxes ........................... 61,103 44,092 30,023
Income tax provision .................................. 5,417 4,261 2,880
Net income ........................................... $ 55,686 $ 39,831 $ 27,143
Basic net income per share ............................ $ 1.29 $ 0.91 $ 0.64
Diluted net income per share ........................... $ 1.25 $ 0.87 $ 0.60
Weighted average common shares outstanding—basic . . . 43,330,166 43,913,119 42,445,991
Weighted average common shares
outstanding—diluted ................................ 44,634,191 46,016,364 45,364,257
(1) Share-based compensation is allocated as follows:
Year Ended June 30,
2009 2008 2007
(in thousands)
Cost of revenue ................................................. $ 745 $ 755 $ 427
Technology and development expense ............................ 5,053 4,108 2,184
Marketing and selling expense .................................... 4,021 3,722 3,176
General and administrative expense ............................... 9,654 6,162 2,978
See accompanying notes.
Form 10-K
67