iParty Corp. (NYSE Amex: IPT - news), a party goods retailer, today reported financial results for its second quarter of fiscal year 2010, which ended on June 26, 2010.
Second Quarter 2010 Highlights
- Improvements to top line and bottom line in the second quarter of 2010 compared to the second quarter of 2009.
- Consolidated revenues of $20.1 million for the second quarter of 2010, a 2.5% increase compared to the second quarter of 2009.
- Comparable store sales increase of 1.4% for the second quarter of 2010.
- Net income of $767 thousand for the second quarter of 2010, compared to net income of $669 thousand for the second quarter of 2009, representing a 14.7% increase.
- EBITDA for the second quarter of 2010 of $1.27 million, compared to EBITDA in the second quarter of 2009 of $1.34 million (See accompanying schedule for reconciliation of non-GAAP EBITDA to net income for the period).
Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “The second quarter results reflect a continuation of improved financial performance. Our modest sales increases in the first and second quarters of this year follow seven consecutive quarters of negative comp store sales results prior to the first quarter of 2010. Again in the second quarter as in the first, we were able to control our company expenses, allowing us to translate this sales increase into an improved net income compared to the second quarter of 2009.”
Mr. Perisano further stated, “Mid way through 2010, we expect to expand our temporary Halloween store business, as we have now secured several prime locations for the upcoming Halloween season. Also, we are on schedule to open an additional permanent store before October in South Bay Center, Boston Massachusetts, a prime Boston retail location. The opening of this new permanent store will further develop the urban store strategy we initiated in late 2009, when we opened our first urban store on Boylston Street in the Back Bay section of Boston.”