Welcome to the VistaPrint fiscal 2009 first quarter earnings presentation. With us today are Robert Keane, our President and Chief Executive Officer and Mike Giannetto, our Chief Financial Officer. Before we get stared please note that our comments include forward-looking statements including statements regarding revenue and earnings guidance and actual results may differ materially. Risks that could actual result to differ materially from those statements are described in the documents that we periodically file with the Securities and Exchange Commission including our Form 10-K for the fiscal year ended June 30 2008 and our other SEC filings which are available on the Investor Relations page at www.vistaprint.com. Now I would like to turn the presentation over to Robert Keane; Robert.

Thank you Peter and welcome to everyone joining us. VistaPrint turned another strong quarter with both revenues and earrings per share inline with our guidance. I will start my presentation with an overview of the first quarter’s solid performance and operating highlights. These will demonstrate that our business remained very healthy in the first quarter with 44% revenue growth. VistaPrint delivered these results in spite of strong headwinds from both a rising U.S. dollar and economic weakness in all our markets. Given these factors are likely to persist; we are updating our revenue guidance for fiscal 2009, which I will go over momentarily. Then for those of you who maybe new to VistaPrint, I will review our mission, vision and strategy. Lastly I will touch on some of our key recent and ongoing investments intended to maximize our value proposition, competitiveness, growth, and profitability. Then Mike will deliver his comments on the quarter and our guidance. Later at 5:00 pm Eastern we’ll hold a separate question and answer session that you can access through a link in the Investor Relation section of www.vistaprint.com. Now, let’s review the quarter’s key metrics. VistaPrint posted solid financial results in the first quarter reporting revenue of $114.2 million representing 44% growth year-over-year and GAAP net income of $8.3 million. GAAP earnings per share of $0.18 were at the high end of our stated guidance. Non-GAAP adjusted net income of $14 million which excludes share based compensation expense equated to non-GAAP net income per share of $0.30 which exceeded the upper end of our guidance range. Our Q1 operating metrics were also solid. We acquired approximately 1.2 million new paying customers with stable per customer acquisition costs and generated about 66% of bookings from repeat customers, up slightly year-over-year and sequentially. We produced approximately 35,000…

Thanks, Robert. As Robert stated VistaPrint turned in a solid quarter despite challenging economic conditions in most of the markets we operate and an adverse impact on revenue and EPS related to the strengthening U.S. dollar relative to European currencies. We met our revenue and exceeded our EPS targets, our gross margin showed stability while our cash flows and operating and EBITDA margins increased from Q1 of fiscal year 2008. However, we believe that widespread economic weakness and the strengthening of the US dollar, which had an adverse impact on aspects of our performance in Q1. Looking forward to the second quarter and the remainder of the fiscal year, these conditions may persist and could possibly worsen. We are also mindful of the risk of an impact on our seasonal holiday related revenues much of which is discretionary consumer spending. While we do gain some gross margin benefits from a weaker Canadian dollar, we expect the net impact of currency fluctuations in economic weakness to be negative on both revenues and earnings. Consequently, we are adjusting the revenue growth and earnings expectations. Before I review Q2 and full-year guidance, I will review the quarter in detail. As Robert mentioned, VistaPrint generated revenues of $114.2 million in the first fiscal quarter, a 44% increase over the first quarter of the prior year. All of our geographies performed well and revenue from websites targeting non-U.S. markets comprised 38% of total quarterly revenues. Non-US revenues increased 62% nominally year-over-year; excluding impact of currencies non-US revenues increased 56% year-over-year. Revenues from our US website increased 35% year-over-year. During Q1 fiscal 2009 before revenues were 6.1% of total revenue, 250 basis points lower than year ago levels and decreased 30 basis points sequentially. VistaPrint continues to benefit from a diversified set of channels and in…

VistaPrint performed well in Q1 and this showed the great strength of our business model, but looking forward, its clear that the global business conditions has changed faster than any one could have imagined, just three months ago. Fortunately, we believe that our market opportunity is unchanged and fortunately, VistaPrint is a company with a strong culture of profit discipline. As such we are adapting to the current environment and taking the steps to maintain profitability margins, while investing appropriately to still achieve our long-term goals. We plan to continue funding a range of investments at appropriate levels, while focusing on operational efficiency. This strategy is intended to sustain our growth, maximize our comparativeness and position of ourselves for success when economic conditions improve. We are running VistaPrint for the long-term and expect to emerge from this period linear, more competitive and better positioned to continue transforming a way small businesses market themselves. Lastly, I’d like to remind you, our upcoming Investor Day, which will be held in New York City on December 10. Please conduct Angela White in our Investor Relations Department for details. Now we’d like to thank you for your time and attention and say that we look forward to your questions and comments on our live call at 5:00 pm Eastern Time.

That concludes our prepared presentation. Please click on the Investor Relations section of www.vistaprint.com to listen to the live Q-and-A session which starts at 5.00 pm on October 28, 2008. Thank you for your interest in VistaPrint.

Ladies and gentlemen, welcome to the VistaPrint fiscal year 2009 first quarter Q-and-A earnings conference call. My name is Krista and I will be your operator for today. This is call is being hosted by Robert Keane, President and CEO; and Mike Giannetto, Executive Vice President and CFO. Before we take the first call, as noted in the Safe Harbor statement at the beginning of the earnings presentation, comments may include forward-looking statements including statements regarding revenue and earnings guidance and actual results may differ materially. Risks that could impact those statements are described in the documents that are periodically filed with the Securities and Exchange Commission. Now I’ll proceed with the first call. (Operator Instructions) Your first question comes from Youssef Squali - Jeffries & Company. Youssef Squali - Jeffries & Co.: Robert I have a couple of question for you. You often talked about your focus on the small business and really more on the micro business as a way of effectively saying that in a weakening environment you’re a little less or you’re a little more immune to what’s going on, because these micro businesses or sole proprietorship and to not be as affected. Can you talk about what you’ve actually seen in October in the business? I’m trying to figure out whether, you’re airing on the conservative side not knowing what’s going to happen with the economy or are we already seen in the weakness that’s already setting?

Consistent with our guidance, we are seeing some October numbers which are challenging and that’s why we came out with the revised guidance. As to the resistance of these micro businesses and recessions we do believe that they are relatively resistant. In the past we said that SOHO formation may increase the recession and we also think that we are clearly the low cost marketing services providers to these small businesses; however, Q2 is our holiday quarter and we have a large consumer segment there and also SOHO holiday spending which is uncertain. Also we do see some relative strength compared to other companies to focus on larger businesses, but as to whether SOHO’s marketing budgets increase or decrease their recessions, we don’t know, we’d like to be pleasantly surprised. Youssef Squali - Jeffries & Co.: Okay, I guess as a follow-up, how do you know that the slowdown in your customer acquisition does not represent a reduced long-term growth opportunity? And for Mike, what exchange rate is baked into your’09 guidance please?

Youssef I’m not getting into the exact FX rates that we’ve used. It’s been very challenging as the rates have moved so drastically over the last even 10 days to put together of our forecast and some guidance here. I’d say from a FX standpoint, we looked at it as of last week, we tried to close this often in terms of guidance. There’s been a little weakening or strengthening in the U.S. dollar, since then. Within the range of the guidance in revenues we’re trying to consider potentially additional fluctuations, volatility in exchange rates, but in terms how we’re looking at it internally and implicit in our guidance, we are looking at recent rates I’d say as of last week.

We are guiding to revenue growth rates which depending on where you look at it, we’re guiding to 20% to 30% annual growth rate in our revised guidance. If you would put that in the currency impact and actually look at volume, we are growing significantly faster than that, especially in local currencies. So we wish we didn’t have to have this environment around, but we are in that environment. That being said, we feel very comfortable with our long-termed vision. If you exclude currency rate was growing that rates, which are very, very high and we would love to grow higher, we think we will in better economic times.

Your next question comes from Jennifer Watson – Goldman.

Can you talk a little about the recession to pull back on some of the reinvestments, if you sill feel very confident about the long-term growth of the business and then also I guess similarly on the CapEx side, is the reduction reflective of currency fluctuations on a stronger dollar, so on an absolute basis it looks like you are spending a lot, but you’re still going forward with the same plans?

Okay, to answer the first part of the question, we are calibrating our investments because we are committed to showing strong profitability. The discussion internally about how much should we pullback on investments without damaging the long-term opportunity ahead of us; in the past we’ve often talked about accelerating investments in order to take advantage of the long-term opportunity, when we have the earnings power, and we just believe its part of good earnings discipline to be able to modulate back and forth and we’ve spoken about that in the past. We don’t believe, especially given the economic environment that we are going towards a danger zone in terms of cutting back on investments. Cutting back should be used carefully, the term we’re reducing the growth rate of our investments, but our investments still are growing year-over-year.

Jen it’s Mike. In terms of the CapEx, we certainly have revised our forecast for the latest exchange rates, but from a non-exchange rate perspective, we have changed some of the CapEx plans and we have reduced to down a bi, so you’d see some I would say volume CapEx changes within the fiscal year as well.

Your next question comes from Jim Friedland - Cowen and Company.

A couple of questions; first in terms of, customer acquisition, you noted that customer acquisition costs are relatively flat. Are you seeing any change in the rates that you are paying? Are they becoming more favorable given the market conditions both or you cold answer that offline and for online just talking about the offline channels like OfficeMax and the upcoming deal with into it. You said that you were encouraged by sort of the long-term pipeline. In a weaker environment, do you think that companies will be more willing to do these types of kiosk deals or sort of white labor on my deals or unless like likely? Thanks.

Taking the second question, first I don’t want to top speaks specifically about opportunities, but I do believe that in the challenged economic times our opportunity for partnerships only increases. I mentioned, that we are continuing to invest heavily. If you look at our capital expenditure budget, our technology budget, we are talking $50 million of technology development, $70 million plus of CapEx this year alone. Even for a large company that’s a lot of money and that’s just what VistaPrint is spending this year. So, I think in a tougher economic environment, we can look to partners who would want to, they might normally think about trying to do something themselves and I think we have a better opportunity to convince them. They should leverage off of the investment that we’re already making. In terms of COCA, why don’t I turn that over to you Mike?

Yes, Jim we haven’t seen anything. You’re correct COCA over the last few quarters have been relatively stable. In terms of the underlying marketing cost, we haven’t seen anything meaningful change with respect to the marketing costs.

And just one last one; on the new website service that you launched, I think it was back in April or May. Could you provide us any color with what the uptake event has been like and it basically will take anything you’re willing to give us?

Sure, of course we can’t give specific details about any individual product line. That being said, we are happy with websites. They are certainly meeting our plan, we’re happy with them and we think there will be a significant growth for us many years into the future and other than that I wouldn’t want to get into more detail.

And actually just one more if I could. In terms of free cash flow on a year-over-year basis, I know guys don’t give free cash flow guidance, but you still believe that, would you think cash flow in fiscal 2009 will be greater than versus fiscal 2008?

Jim, we don’t give specific guidance on it. We do expect positive free cash flow for the year. I don’t want to get into it too much compared to last year. We have a fairly wide range that we’ve guided to. I’d say we are planning within our guidance’s embedded the fact that we will have positive cash flow for the year.

Your next question comes from Randy Hugen - Piper Jaffray

What specifically have you seen in some of the internal business matrix that’s changed your expectations for the remainder of the year?

Randy, I’d say that, we’re looking at a lot of metrics and we don’t publicly discuss all of them. I think one that we certainly talked about to some extent in the prepared remarks is the new customer acquisitions which have been flat as we noted for the last three quarters at about 1.2 million customers, but in terms of our year-over-year growth rate, we have seen a decline since Q2 of last year of over 60%, to the current quarter just over 20%. New customer, as we’ve talked about is fueled for the company’s revenue growth and its one metric that we’ve looked at, that from a macro economic standpoint we do believe that there’s some impact. I’d say that’s the certainly one metric that we have discussed publicly that leads us to that thought.

And how did that trend during the quarter?

We don’t get into month-by-month metrics. We do have seasonality in the summer were things are slower in July, so we tent to see things pickup as people get back from the holidays. So, I don’t want to get into specifics on month-by-month, but we did some seasonality we have seen before, which is very slow in the beginning of the summer month this quarter and it did pickup later in the quarter.

Okay and then I guess a little bit bigger terms. It’s always been my impression that when revenue growth started to slow for you guys, we would see margins expand, obviously there are some sub macroeconomic things going on right now, but longer-term should we still expect to see margins expand?

Yes, absolutely. I think we certainly did not expect either the currency or the other factors in the economy to come to play and to have such a rapid reduction on our growth rates, but we absolutely believe there is leverage in the model. A lot of that leverage comes in place of like G&A or amortization of overhead and manufacturing or technology, which we can grow into, but when the deceleration in our growth rates happens as abruptly as we see it happening, the leverage doesn’t show up. We are certainly showing very good margins in our revised guidance, but you’re not seen leverage immediately. We still feel very comfortable for the long-term.

Your next question comes from Mark May - Needham & Company. Mark May - Needham & Company: First question has to do with the currency. It wasn’t clear in the impact on revenue from currency fluctuations from when you provided guidance. So, I think there was a $940,000 figure in the prepared remarks, although I think that was a net income impact. What was the revenue impact?

Mark this is Mike, let me explain. In terms of are you referring to the full-year guidance, when you say currency impact? Mark May - Needham & Company: Yes and also where you came out in the quarter versus your guidance, when you provided guidance.

As far as the revision of the full-year guidance we did mentioned, it’s approximately $35 million annual change given the movement in the foreign exchange rates. When we gave guidance in July, for example the euros about 157, we’ve seen it comedown to about 125 at this point. So, we’ve seen about an 18% US dollar strengthen in above three months, since we gave guidance. So, as we mentioned it’s approximately $35 million of the revenue change. The 940 you referred to was in Q1 naturals, we had a below the operating line foreign exchange loss due to currency revaluations of assets, basically a mark-to-market to quarter end spot rates, which hit us pretty hard to the tune of the $900,000, so kind of unrelated in terms of the currency movement, but one is on revenue, one is on assets. Mark May - Needham & Company: Okay and then given that you did hit your first quarter revenue guidance, but you’re lowering the guidance for the full-year. Is that you have seen significant falloff in the first few weeks of October or did you see a very strong July and August and then the weakness started and in September, just curious of the timing of when you really start to see a slowdown in that.

Committing on what we’re seen quarter to-date and October we’ve got about three weeks in, it was slow start to the quarter, it’s our big holiday quarter, it’s a significant growth quarter for us and we weren’t seeing necessarily what we expected to see in the first three weeks, which gave us some pause in terms of how we think about, how we were thinking about the quarter and the full-year. In terms of what we saw in Q1, I do comeback to the new customer adds, in terms of the growth rate slowing down. In terms of Q1 as I mentioned earlier there is seasonality in the September quarter. July is a slower month, we did see that, things did pick seasonally, so we did post a pretty solid result at the 142 that we feel pretty good about, but specific to what we’ve seeing so far in October it is slower than what we would have anticipated. Mark May - Needham & Company: And would you guys mind addressing this issue that’s come up recently about affiliate marketing, your use of affiliate marketing channels. What is your view on this recent report that was written?

Sure, I’ll be back to talk about it. We certainly aware of the articles that come out and for the people who are on the call who are not familiar with it; there is a article about a pervasive called out of few types of affiliate actions that are not in either our interest or the customers interests and it involves affiliates claiming credit for sales that they don’t in fact assist getting for us and directing traffic to our sites using unauthorized approaches and I’m assume that’s what you’re talking about Mark, right? Mark May - Needham & Company: Yes, I’m just wondering if that is in fact an issue, if so what’s your view on it?

We do monitor and manage our affiliates and partners, there always will be some who will engage in unethical activities for financial gains. When we identify that actors we remove them from our programs, but I will not say that we’re ready, so that was material impact on our forecast going forward. It wasn’t part of the reason we looked at revised guidance.

(Operator Instructions) Your next question comes from Mitch Bartlett - Craig Hallum.

I’m just curious whether your forward guidance apart from the currency effect, the forward guidance for the revenues for the year assumes a deceleration in your advertising spending?

This is Mike. No, it is not assumed specifically that now that we give guidance around that, but we’re not assuming a deceleration in marketing spending.

No, from your guidance previously, that’s what I was hoping to say?

As a percentage of revenues, we think it’ll be pretty stable. I think, Mike please correct me if I’m wrong. If revenues comedown, we tend to manage it to a percentage of revenues. So, the absolute dollars would comedown, but in terms of percentage front advertising will be pretty stable.

Okay and I presume you target a cost of new customer acquired type of figure. Are you seeing that hit a band that you are not excited about?

Absolutely not. We talk about the cost of customer acquisition or COCA and the majority of our acquisition and certainly the average of our acquisitions. We actually have a positive contribution to the bottom line, when you think revenues minus cost of acquisition, minus costs of goods sold and other variable costs and if we believe that the theoretical approach to it and which we would not be happy is where the cost of acquisition relative to the future cash flows of that customer don’t produce a positive net present value and we are nowhere near that right now. However, because we do have a very strong profit genes or DNA in our corporate culture, we modulate our investments in any other area including advertising in function of our ability to get profits that we’re trying to achieve and so, although we could accelerate the number of customers and still have a positive return on investment, we believe that given our intent to deliver on the EPS we are not availing ourselves of those opportunities.

Your next question comes from Domenic LaCava - Canaccord Adams.

You mentioned that some consumer softness is creeping into the December quarter, expectations. Can you talk a little bit about whether the percentage of your total revenues you’re expecting that to be more or less. I know you’ve done played it in the past, but how can we view that now in light of the current economic situation?

To put it in perspective and to define that in term, first of all we get about 10% of our revenues from consumer over course of the year. However, that is skewed towards this current December quarter, when many people purchase for the holidays. So, in that quarter, it goes up to, if you can combine both consumer and holiday related business purchases rates of the business who’s sending out holiday cards in their customers it goes up to a much higher percentage and so we are more dependant on consumer holiday in this December quarter and then other quarters. As anyone in this market in holiday, we’re depended on a very peak period, which is really in the month of November and we have a ramp up which Mike alluded to, which is looking a little soft in that area, but the real cash will be all next month or so. We do however, look at consumer confidence studies, we look at the general economy and we look at what the other people in the consumer markets are seeing and we believe there is a reason for concern and we’d rather at a low-end of our guidance range be prudent and conservative given the uncertainties in the economic environment.

Okay, fair enough and then on the core market, the SOHO market, are you seeing what you would have expected with micro businesses that they realize that they can see an up-tick in turbulent times like we’re seeing right now? Are you seeing an up-tick that you might have expected or is that maybe that lagging more than you may have thought?

Yes, it’s too early to tell. I think that the studies do show that often in turbulent times micro businesses are created as people look for additional supplemental income, but we are really early in that and I think it will take a few quarter of retrospection to really see what happened. We are not happy to lower our guidance and so its clearly relative to where we thought. Mike mentioned the FX impact, but even if you restrict that out, there is a shaving of our guidance by about $20 million, $25 million and so that is reflective of general weakness beyond the current season and some of that is consumer, but we want to be prudent because we believe that some of that could be in the SOHO and we have to work through that to be able to say for sure.

Sure, but there is a good change here that nobody wants this soft economy to persist, but if it does there is some of the SOHO activity that could certainly pick beyond current expectations?

Yes, absolutely. All companies have a little bit going on at this time or being prudent. That being said, we are the low cost provider in this market. We are taking share very quickly even at these reduced rate and we are very comfortable that we will work through this.

And then one housekeeping question. I had to cut off the call and may have missed it, referral fee revenue did you mentioned with that was?

Yes Dom it was $7 million for the quarter and 6.1% on revenues

Your next question comes from Scott Berg – ThinkEquity.

Just two quick questions here; one was a follow up on the new customer addition question that was asked earlier, would you say that more of the weakness in that area is attributed to the U.S. market or overseas?

Nothing specific on that. We have seen I’d say the slowing growth rate in both geographies; it hasn’t been specific to one or the other. Besides growth rates, we don’t get into much more specifics in terms of the geographies, but I’d say we have seen it on in most markets.

No, that’s fine I just couldn’t remember if commented on that maybe before. Alright and that and my last question was with regards to the Windsor facility; have you given a time limit here on nearest to when that might be in operational production and I guess kind of a follow-up to that; will part of it be operational before its completely ready to go?

Yes, so actually some of it is operational right now, we are using it during this quarter, we’re using it more from a billing, shipping areas as opposed to heavy duty manufacturing, that depresses are still in the existing building, so we has started to use a portion of it. We expect to complete the building and the expansion of the building in the January timeframe, at which point we could move for presses etc and cutting equipment into the new space.

Your next question comes from Atin Agrawal - Longbow Research. Atin Agrawal – Longbow Research: Could you give some more color on if there are any new product launches in the pipeline? You mentioned about reducing the reinvestment plan, but I was just wondering if there is any product that’s going to be launched in the near future?

We don’t preannounce any individual products or launches, but when I talk about calibrating or reducing the level of investments, the rate in which we introduce new products will not be materially impacted. So, we do believe that we in the pipeline we’ve got some very interesting products that are coming out. The calibration of investments are in areas like the capital expenditures and some of the hiring plans that we have in some of our customers service expansions, but we serve a lot of people who was in product marketing and manufacturing and technology developing working on new products and you’ll definitely see some more things coming out in the relatively distant future, we just don’t preannounce. Atin Agrawal – Longbow Research: Can you provide some specifics on what percentage of SOHO marketing budget, are you currently addressing?

Well, we often and for most of the years have shown a pie chart based on the average of our customer base and where they spend their money to market the business and in that presentation, which is in our investor presentation available for download in our website, we’ve certainly gone around the vast maturity of that wheel. That being said we are reflecting for a total into each one of those market, even in one of our most traditional markets. Business cards, we don’t make all types of business cards, we have a few formats in paper types. So, we are playing in the vast victory of market, apparel, signage, mailing services, website, traditional print products, holiday cards, but we believe that they are within our promotional products, but within those markets we have a number of additional products coming out and I think that’s just because they are a very, very large markets individually.

Your next questioner comes from [Lance Mark] - Wells Capital.

I just have a quick question; you quantified the revenue impact from currency and you said that the net income tax was negative, can you quantify that for us Mike?

Yes I’d say it’s immaterial; I’d quantify in a $0.03 to $0.06 range.

$0.03 to $0.06 for the year?

Yes.

Your final question comes from Mark May. Mark May - Needham & Company: Just a housekeeping question for Mike. It looks like that the accounts payable was up meaningfully in the quarter; could you provide some color on that?

Sure, Mark we most of that increase is driven by some of the construction process we have going on up in Windsor and some presses as well that at the end of the quarter it just hadn’t been paid yet, so it’s saying in AP a lot of that will allow come down as we actually cut the checks and make the payments this quarter.

At this time we have no further questions. I will turn the conference back over to Robert Keane.

Well thank you everyone for the time and interest in VistaPrint tonight. As I said we have not lost any confidence in the long-term opportunity that VistaPrint has in front of us. We have a very competitive position in the market. We all wish in the economic times and uncertainty we see around us weren’t happenings, but they are and we remained committed to investing while modulating those investments to make sure that we still deliver good strong margins and costs and moving forward we look forward to a very good fiscal year and hopefully better times ahead. Thank you very much.

Thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect. Good day.