Vistaprint Completes Acquisition of Albumprinter
Vistaprint N.V., a leading online provider of professional marketing products and services to micro businesses and the home, announced it has completed its acquisition of Albumprinter, a privately held Dutch photo book and photo product company.
The purchase price was EUR 60 million, with an agreement to pay up to an additional EUR 5 million based on a performance based earn-out. The final purchase price is subject to customary, post-closing balance sheet adjustments.
This acquisition combines Vistaprint's strengths of a pan-European customer base with Albumprinter's specialized expertise and technology for the design and production of photo books. Vistaprint currently plans to promote the Albumprinter offering across the European market. The acquisition will also enable Albumprinter's customers to benefit from a much expanded product offering of personalized products that Vistaprint produces.
Ernst Teunissen, executive vice president and chief financial officer, said, "As discussed during the prepared remarks for our first quarter fiscal 2012 earnings announcement last week, we expect this acquisition to add about $37 million to $39 million of revenue for the remainder of our fiscal year ending June 30, 2012. We expect the acquisition to be dilutive to GAAP earnings per share by $0.09 to $0.11, but accretive to our non-GAAP earnings excluding acquisition-related amortization of intangible assets and share-based compensation and related expenses. Our updated guidance below adds our Albumprinter expectations to the guidance we established for our core business on October 27, 2011."
Based on current and anticipated levels of demand and recent foreign currency rates, the company expects the following financial results:
- For the full fiscal year ending June 30, 2012, the company expects revenue of approximately $997 million to $1,049 million.
- For the second fiscal quarter ending December 31, 2011, the company expects revenue of approximately $285 million to $306 million.
GAAP Diluted Earnings Per Share