VistaPrint $50 Million Share Repurchase
-- Graphic Arts Online, 8/13/2008 7:11:00 AM
HAMILTON, Bermuda, (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.
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