VistaPrint (VPRT) Could See Nearly Half of Its Income Disappear - Citron Research
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Notably bearish research outfit Citron Research just issued a new negative report on VistaPrint Ltd. (Nasdaq: VPRT), saying a formal Senate inquiry into web loyalty programs could lead to a 44% drop net income for the company.
According to VistaPrint's financial statement, web loyalty or 'Referral Revenue' represented just 5.3% of the company's 2009 March quarter revenue, but 43.6% of the pretax income. In addition, the company has become increasingly dependent on that income.
Citron said with current class action lawsuits and the Senate inquiry targeting the web loyalty programs, or Referral Revenue, Vistaprint had better quickly define a "plan B" to replace 45% of its net income in its future.
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