10.31.14
Vistaprint N.V. announced financial results for the three month period ended Sept. 30, 2014, the first quarter of its 2015 fiscal year.
“We are off to a good start to fiscal 2015 and remain confident in our strategy and our ability to execute operationally,” said Robert Keane, president and CEO. “Quarterly revenue was in line with our expectations for improved growth in our Vistaprint brand and strong growth from recent acquisitions. Profitability, operating cash flow and free cash flow were also strong. We continued to improve the customer value proposition for our Vistaprint brand, began to integrate our recent acquisitions, and accelerated investment in software for our mass customization platform.”
Revenue for the first quarter of fiscal year 2015 was $333.9 million, a 21% increase compared to revenue of $275.1 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations and revenue from businesses acquired during the past 12 months, total revenue grew 6% year over year in the first quarter.
Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the first quarter was 61.0%, down from 65.2% in the same quarter a year ago. The year-over-year reduction in gross margin was primarily due to its recent acquisitions of People & Print Group and Pixartprinting, which have lower gross margins than its Vistaprint-branded business. Excluding the businesses we acquired during the past 12 months, its gross margin increased slightly year over year.
During the first quarter, the company generated $52.6 million of cash from operations and $32.3 million in free cash flow. As of Sept. 30, 2014, the company had $60.9 million in cash and cash equivalents and $447.9 million of debt. After considering debt covenant limitations, as of September 30, 2014 the company had $268.1 million available for borrowing under its committed credit facility.
“We are off to a good start to fiscal 2015 and remain confident in our strategy and our ability to execute operationally,” said Robert Keane, president and CEO. “Quarterly revenue was in line with our expectations for improved growth in our Vistaprint brand and strong growth from recent acquisitions. Profitability, operating cash flow and free cash flow were also strong. We continued to improve the customer value proposition for our Vistaprint brand, began to integrate our recent acquisitions, and accelerated investment in software for our mass customization platform.”
Revenue for the first quarter of fiscal year 2015 was $333.9 million, a 21% increase compared to revenue of $275.1 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations and revenue from businesses acquired during the past 12 months, total revenue grew 6% year over year in the first quarter.
Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the first quarter was 61.0%, down from 65.2% in the same quarter a year ago. The year-over-year reduction in gross margin was primarily due to its recent acquisitions of People & Print Group and Pixartprinting, which have lower gross margins than its Vistaprint-branded business. Excluding the businesses we acquired during the past 12 months, its gross margin increased slightly year over year.
During the first quarter, the company generated $52.6 million of cash from operations and $32.3 million in free cash flow. As of Sept. 30, 2014, the company had $60.9 million in cash and cash equivalents and $447.9 million of debt. After considering debt covenant limitations, as of September 30, 2014 the company had $268.1 million available for borrowing under its committed credit facility.