IParty Corp. Reports Third Quarter Sales Increase Of 3% - Comp Stores Up 1.4%
iParty Corp. (NYSE Amex: IPT - news), a party goods retailer, today reported financial results for its third quarter of fiscal year 2010, which ended on September 25, 2010.
Third Quarter 2010 Highlights
- Consolidated revenues of $16.9 million for the third quarter of 2010, a 3.0% increase compared to the third quarter of 2009.
- Comparable store sales increase of 1.4% for the third quarter of 2010, and for the nine month period then ended.
- Net loss of $1.9 million for the third quarter of 2010, including incremental pre-Halloween season costs of $400 thousand, compared to net loss of $1.4 million for the third quarter of 2009.
- Net loss for the nine month period of $2.7 million, compared to net loss of $2.4 million for the nine month period in 2009.
- EBITDA net loss for the third quarter of 2010 of $1.4 million, compared to EBITDA net loss in the third quarter of 2009 of $775 thousand (See accompanying schedule for reconciliation of non-GAAP EBITDA to net loss for the period).
- EBITDA net loss for the nine month period of $1.1 million compared to an EBITDA net loss of $481 thousand for the nine month period in 2009.
- The opening of eleven temporary Halloween stores in September, bringing the number of iParty storefronts this Halloween season to 62 from 54 last year.
Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “The third quarter results reflect a continuation of the modest sales increases we saw in the first and second quarters of this year. The bottom line for the third quarter was impacted by incremental costs related to the expansion of our temporary Halloween stores, from four stores in 2009 to eleven in 2010. These costs include pre-opening rents and other expenses as well as related advertising.
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