Vistaprint 2014 Annual Report Download - page 32

Download and view the complete annual report

Please find page 32 of the 2014 Vistaprint annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

28
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
The ordinary shares of Vistaprint N.V. are traded on the NASDAQ Global Select Market (the "NASDAQ")
under the symbol “VPRT.” As of July 31, 2014, there were approximately 11 holders of record of our ordinary
shares, although there is a much larger number of beneficial owners. The following table sets forth, for the periods
indicated, the high and low sale price per share of our ordinary shares on the NASDAQ:
High Low
Fiscal 2013:
First Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42.59 $ 30.58
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36.43 $ 28.61
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40.18 $ 32.69
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 49.37 $ 36.75
Fiscal 2014:
First Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56.78 $ 48.37
Second Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57.66 $ 51.92
Third Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 55.20 $ 46.95
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 53.42 $ 38.58
Dividends
We have never paid or declared any cash dividends on our ordinary shares, and we do not anticipate
paying any cash dividends in the foreseeable future. We currently intend to retain all future earnings to finance the
growth and operations of our business, purchase our ordinary shares, or pay down our debt. Under Dutch law, we
may only pay dividends out of profits shown in our adopted annual accounts prepared in accordance with Dutch
generally accepted accounting principles. We will only be able to declare and pay dividends to the extent our equity
exceeds the sum of the paid and called up portion of our ordinary share capital and the reserves that must be
maintained in accordance with provisions of Dutch law and our articles of association.
Issuer Purchases of Equity Securities
The following table outlines the purchases of our ordinary shares during the three months ended June 30,
2014:
Total Number of
Shares
Purchased (1)
Average
Price Paid
Per Share (2)
Total Number of
Shares Purchased as
Part of a Publicly
Announced Program
Approximate Number of Shares
that May Yet be Purchased Under
the Program
April 1, 2014 through April 30, 2014 . . . . . . . — $ — — 6,152,275
May 1, 2014 through May 31, 2014. . . . . . . . 1,044,136 40.24 1,044,136 5,532,126
June 1, 2014 through June 30, 2014. . . . . . . — — — 5,532,126
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,044,136 $ 40.24 1,044,136 5,532,126
(1) On May 5, 2014, in order to provide us with flexibility to repurchase our ordinary shares at times when our management
believes it may be beneficial for our business, our Supervisory Board authorized the repurchase of up to 6,500,000 of our
issued and outstanding ordinary shares on the open market (including block trades that satisfy the safe harbor provisions
of Rule 10b-18 pursuant to the U.S. Securities Exchange Act of 1934), through privately negotiated transactions, or in one
or more self-tender offers. This share repurchase authorization expires on May 7, 2015, and we may suspend or
discontinue the repurchase program at any time. Our Supervisory Board approved this new repurchase program pursuant
to the authorization we received from our shareholders in November 2013, and this new program replaces the previous
repurchase program approved by our Supervisory Board, which expired on May 8, 2014. Of the 1,044,136 shares
purchased during the three months ended June 30, 2014, 76,262 shares were purchased as part of the previous
Supervisory Board-approved program prior to its expiration on May 8, 2014.
(2) Average price paid per share includes commissions paid in connection with our publicly announced share purchase
program.