Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
For the 2008 fiscal year, VistaPrint posted a 57% increase in sales while net income rose by 47%. In the latest fiscal year, VistaPrint recorded revenue of $400.7 million.
VistaPrint Ltd. is finding its niche as an online retailer and provider of print-related services.
For the 2008 fiscal year, VistaPrint, No. 57 in the Internet Retailer Top 500 Guide, posted a 57% increase in sales while net income rose by 47%. In the last fiscal year, VistaPrint recorded net income of $39.8 million on sales of $400.7 million, compared with net income of $27.1 million on sales of $256 million in fiscal 2007.
In the fourth quarter, the company posted net income of $10.3 million on sales of $110.4 million vs. net income of $5.4 million on sales of $72.5 million in the prior year.
ï¿½Continuing the track record we have set every year since our 2005 initial public offering, we delivered very strong profit and revenue growth while continuing to invest in building a successful and enduring business institution,ï¿½ says VistaPrint CEO Robert Keane. ï¿½We remain at the early stages of our growth, and in the coming fiscal year expect continuing strong profit and revenue growth."
In the fourth quarter of fiscal 2008, VistaPrint had an average order value of $34, compared with $32.33 in the prior year. Average daily volume in Q4 rose to more than 33,000 from 22,000 in the fourth quarter of fiscal 2007. ï¿½In the fourth quarter we grew rapidly while expanding operating margins,ï¿½ says VistaPrint chief financial officer Harpreet Grewal.
For the first quarter of fiscal 2009 and the full year, VistaPrint projects sales to range from $112 million to $116 million and from $540 million to $570 million, respectively.