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Business services provider Vistaprint N.V. (VPRT - Analyst Report) reported a net income of $0.4 million or a penny per share in first quarter fiscal 2014 (ending Sep 30, 2013) compared to a loss of $1.7 million or 5 cents per share in the year-earlier quarter.

Excluding one-time items, adjusted earnings were $11.3 million or 32 cents per share in the reported quarter compared with $8.9 million or 25 cents per share in the year-ago quarter. The quarterly adjusted earnings beat the Zacks Consensus Estimate of 16 cents.

Total revenue in first quarter fiscal 2014 increased 9% year over year to $275.1 million. The reported revenues beat the Zacks Consensus Estimate of $273 million.

Geographically, revenues were up 14% year over year in North America, followed by Europe (up 6%) and Most of the World (down 11%).

In the reported quarter, gross margin stood at 65.2% versus 65.0% in the year-ago period. Operating income increased to $8.4 million in the reported quarter from $0.2 million in the prior-year period.

Balance Sheet & Cash Flow

The company exited the quarter with $64.7 million in cash and cash equivalents versus $50.1 million as of Jun 30, 2013. Long-term debt stood at $262.5 million. The company had $226.0 million available under its credit facility. Vistaprint did not repurchase any share during the reported quarter.

The company generated ($0.1) million of cash from operations and ($19.6) million in free cash flow with capital expenditure of $17.6 million.


For fiscal 2014, the company expects revenues in the range of $1,250 million to $1,300 million. Fiscal 2014 GAAP earnings are expected in the range of $1.35 –$1.70 per share. Adjusted earnings for full fiscal are expected in the range of $2.49–$2.83 per share with capital expenditure of $85 million to $100 million.

Vistaprint remains focused on leveraging its investments and expects meaningful earnings growth and expansion in fiscal 2014. The company expects lower year-over-year revenue growth in Europe than in North America, primarily due to planned changes in its business in Europe to improve its customer value proposition, marketing execution and profitability.

Vistaprint currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth considering now are Automatic Data Processing, Inc (ADP - Analyst Report), Huron Consulting Group Inc (HURN - Snapshot Report) and Paychex, Inc (PAYX - Snapshot Report), each carrying a Zacks Rank #2 (Buy).

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