Vistaprint 2009 Annual Report Download - page 79

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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)
specific identification method. Interest and dividends on securities classified as available-for-sale are
included in interest income in the accompanying consolidated statements of income.
The Company has held investments in auction rate securities collateralized by portfolios of AAA
and Aaa American municipal and federally insured obligations. During fiscal year 2009, auctions
relating to the Company’s one remaining auction rate security failed resulting in the Company
continuing to hold the investment. The Company has the intent and the ability to hold the asset until the
anticipated recovery period which it believes will be more than twelve months. As such, during fiscal
year 2009 the Company reclassified the asset with a fair value of $760, net of an unrealized loss of
$40, as long-term, included in other assets on the accompanying consolidated balance sheet.
Cash, cash equivalents and marketable securities as of June 30, 2009 consisted of the following:
Amortized
Cost
Gross
Unrealized
Losses Fair Value
Cash and cash equivalents ..................................... $133,988 $— $133,988
Long-term marketable securities (1):
Municipal auction rate securities............................. 800 (40) 760
Total long-term marketable securities .................... 800 (40) 760
Total .......................................................... $134,788 $(40) $134,748
(1) Comprised of an auction rate security, with a maturity beyond ten years, and included in other
assets in the accompanying balance sheet.
Cash, cash equivalents and marketable securities as of June 30, 2008 consisted of the following:
Amortized
Cost
Gross
Unrealized
Losses Fair Value
Cash and cash equivalents ............................. $103,145 $— $103,145
Marketable securities:
Commercial paper ................................. 1,497 — 1,497
Corporate bonds .................................. 11,923 (6) 11,917
Certificates of deposit .............................. 896 (3) 893
U.S. Government Agency issues .................... 9,759 (3) 9,756
Municipal auction rate securities .................... 2,575 (40) 2,535
Total marketable securities ..................... 26,650 (52) 26,598
Total.................................................. $129,795 $(52) $129,743
Inventories
Inventories consist primarily of raw materials and are stated at the lower of first-in, first-out cost or
market.
73
Form 10-K