Vistaprint Financials Suffer From Strategy Shift

Starting in the first quarter of fiscal 2014, all operating metrics reflect the consolidated business including the company's Albumprinter and Webs acquisitions, and post-acquisition prior-period comparisons have been adjusted to reflect the same consolidated view.

Subsequent to the close of the quarter, Vistaprint reached an understanding with Namex Limited that Vistaprint would dispose of its minority equity interest in Namex Limited, as recent discussions with Namex management identified very different visions for the execution of the long-term strategic direction of the entity. Since its initial investment in fiscal 2012, total capital investment in Namex has been approximately $17.7 million. Vistaprint expects to sell its 45 percent share investment to the majority shareholder and recognize an income statement loss of up to $14 million in the fourth quarter of 2014 as the carrying value of the investment exceeds the expected proceeds.