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IParty Corp. Reports First Quarter 2010 Financial Results

iParty Corp. (NYSE Amex: IPT), a party goods retailer, today reported financial results for its first quarter of fiscal year 2010, which ended on March 27, 2010.

First Quarter 2010 Highlights

  • Improvements to top line and bottom line in the first quarter of 2010 compared to the first quarter of 2009.
  • Consolidated revenues of $14.8 million for the first quarter of 2010, a 1.8% increase compared to the first quarter of 2009.
  • Comparable store sales increase for the first quarter of 2010 of 1.3%.
  • Net loss of $1.5 million for the first quarter of 2010, compared to a net loss of $1.7 million for the first quarter of 2009.
  • EBITDA net loss for the first quarter of 2010 of $976 thousand compared to an EBITDA net loss in the first quarter of 2009 of $1,043 thousand. (See accompanying schedule for reconciliation of non-GAAP EBITDA to net loss for the period).

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “We were pleased to see a modest increase in sales at our comparable stores during the first quarter of 2010, following seven consecutive quarters of negative comp store sales results prior to this quarter. Also, by continuing to operate on a lower expense base, we were able to translate that modest sales increase into an improved bottom line compared to the first quarter of 2009.”

Mr. Perisano further stated, “We are also happy to report that we expect to grow the company in 2010. Our plans include further development of our urban store concept and expanding the temporary Halloween store side of our business. In late 2009, we opened our first urban store in Boston. We plan to open an additional store in another prime Boston retail location before the upcoming 2010 Halloween season. We are also actively reviewing sites for an expanded number of temporary Halloween stores.”

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