When Cimpress (NASDAQ: CMPR) revealed disappointing holiday-quarter results in late January, shares of the parent company of Vistaprint plummeted nearly 30% the following day in response. Even CEO Robert Keane described it as "a poor quarter, the worst in a long time," adding that "deteriorating performance over the past six plus months led to some serious soul searching about the root causes and what we will do about them."

Cimpress pledged sweeping changes to turn the business around, including reducing investments in its National Pen segment, streamlining management at the Upload & Print segment, and reorganizing or closing some of its peripheral businesses to redirect resources toward higher-potential segments. On the latter, Keane suggested Cimpress would move to significantly improve Vistaprint's marketing initiatives, decision-making processes, and customer experience.

Helped by a midyear strategy update call in early March, Cimpress stock has recouped a small portion of its big drop in the months since. And, probably much to the relief of longer-term investors, they were little changed after the company posted fiscal third-quarter 2019 results earlier this month.

Let's take the opportunity, then, to check in on what Cimpress had to say in that report about its ongoing turnaround.

IMAGE SOURCE: GETTY IMAGES.

Cimpress results: The raw numbers

DATA SOURCE: CIMPRESS. *FOR THE QUARTER ENDED MAR. 31, 2019. GAAP = generally accepted accounting principles.

What happened with Cimpress this quarter?

• Cimpress doesn't provide specific quarterly financial guidance. But these results were below analysts' consensus estimates for earnings of $0.42 per share on revenue of $665.7 million.

• Organic constant-currency revenue (which excludes acquisitions) increased 3% year over year.

• By business segment:

• Cimpress generated $17 million in operating cash flow, and negative free cash flow of $14.9 million.

What management had to say

In his quarterly letter to shareholders, Keane wrote that Cimpress' consolidated results were essentially in line with its own lowered expectations.

All the while, the company is "working to restore Vistaprint's foundational basics," notably including ramping efforts to simplify and clean up the customer experience, reducing strategic advertising spending to maximize returns on such investments, and beginning development on a new Vistaprint e-commerce platform that leverages both third-party software-as-a-service (SaaS) solutions and Cimpress' industry-leading mass-customization platform. On the latter, Cimpress will launch an early version of its new platform in a smaller geographic market later this year, followed by a progressive rollout (assuming the platform is well-received) to larger geographies over the next 18 to 24 months.