Vistaprint 2009 Annual Report Download - page 92

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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)
contributions, subject to a maximum Company contribution of 3% of the participant’s eligible
compensation. Employee contributions are fully vested when contributed. Company matching
contributions vest over four years. The Company contributed and expensed $1,258, $988 and $608 in
the years ended June 30, 2009, 2008 and 2007, respectively.
9. Income Taxes
The components of the provision for income taxes are as follows:
Year Ended June 30,
2009 2008 2007
Current:
U.S. Federal ................................................... $ 4,766 $ 4,544 $1,388
U.S. State...................................................... 2,234 781 368
Non-U.S........................................................ 3,062 965 (166)
Total current........................................................ 10,062 6,290 1,590
Deferred:
U.S. Federal ................................................... (2,344) (2,099) (268)
U.S. State...................................................... (1,289) (688) (80)
Non-U.S........................................................ (1,012) 758 1,638
(4,645) (2,029) 1,290
Total............................................................... $ 5,417 $ 4,261 $2,880
The following is a reconciliation of the standard U.S. statutory tax rate and the Company’s
effective tax rate:
Year Ended June 30,
2009 2008 2007
U.S. federal statutory income tax rate...................................... 34.0% 34.0% 34.0%
State taxes ............................................................. 1.0% 0.3% 1.0%
Foreign rate differential................................................... (25.8)% (23.9)% (24.4)%
Other................................................................... (0.3)% (0.7)% (1.0)%
Effective income tax rate ................................................. 8.9% 9.7% 9.6%
The following is a summary of the Company’s income before taxes by geography:
Year Ended June 30,
2009 2008 2007
U.S............................................................... $ 9,402 $ 8,068 $ 4,107
Non-U.S. ......................................................... 51,701 36,024 25,916
Total ............................................................. $61,103 $44,092 $30,023
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