HAMILTON, Bermuda, Aug. 12, 2008 (PRIME NEWSWIRE) -- VistaPrint Limited (Nasdaq:VPRT), the small business marketing company, today announced that its Board of Directors authorized the repurchase of up to $50 million of the company's outstanding common shares from time to time on the open market or in private transactions.
The repurchase program will be funded using the company's working capital. As of June 30, 2008, VistaPrint had cash, cash equivalents and marketable securities of approximately $130 million. VistaPrint had approximately 44 million common shares outstanding as of June 30, 2008.
The timing and amount of any shares repurchased will be determined by the company's management based on its evaluation of market conditions and other factors. The share repurchase authorization expires on February 8, 2010, and may be suspended or discontinued at any time.
"This repurchase program highlights our commitment to building shareholder value," said Robert Keane, VistaPrint's chairman, president, and CEO. "VistaPrint generated positive free cash flow in our fiscal year ended June 30, 2008, and anticipates generating positive free cash flow in fiscal 2009. In addition, with approximately $130 million in cash and marketable securities, we have a strong balance sheet and feel confident that VistaPrint will continue to have the resources and flexibility to fund anticipated future growth."
About VistaPrint
VistaPrint Limited (Nasdaq:VPRT) is the small business marketing company, having served over 15 million customers world-wide. VistaPrint offers small businesses everything they need to market their business with brand identity and promotional products, marketing services and electronic marketing solutions. A global company, VistaPrint employs more than 1,400 people and operates 19 localized Web sites serving over 120 countries around the world. A broad range of marketing products and services are available online at www.vistaprint.com. VistaPrint's products are satisfaction guaranteed.
VistaPrint, the VistaPrint logo and VistaPrint.com are registered trademarks of VistaPrint. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders.
This press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning our planned share repurchase program, our financial condition and our operating performance, including our expectations regarding anticipated positive free cash flow in the fiscal year ending June 30, 2009. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, changes to the market for our shares, our ability to attract customers and to retain customers and to do so in a cost-effective manner, willingness of purchasers of graphic design services and printed products to shop online, failure of our investments, unexpected increases in our use of funds, failure to increase our revenue and keep our expenses consistent with revenue, failures of our web sites or network infrastructure, failure to maintain the prices we charge for our products and services, the inability of our manufacturing operations to meet customer demand, and other factors that are discussed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2007, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, and other documents we periodically file with the SEC.
In addition, the statements in this press release represent our expectations and beliefs as of the date of this press release. We anticipate that subsequent events and developments may cause these expectations and beliefs to change. We specifically disclaim any obligation to update any forward-looking statements. These forward-looking statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to the date of this press release.