IParty Corp. Reports Third Quarter Sales Increase Of 3% - Comp Stores Up 1.4%
Mr. Perisano further stated, “As we close out our third quarter and report our operating results for those three months, we are now well positioned for Halloween, the most important part of our year, with an increased presence in our markets. With eleven temporary stores now open and ready for business, we have 62 storefronts open this Halloween season, compared to 54 storefronts at this time last year. Also, one of those new temporary stores, in Boston’s South Bay Center, will reopen shortly after Halloween as the 52 nd full-line iParty store. 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.”
For the third quarter of 2010, consolidated revenues were $ 16.9 million, a 3.0% increase compared to $16.4 million for the third quarter in 2009. Comparable store sales in the third quarter of 2010 increased 1.4% compared to the year-ago period. Consolidated gross profit margin was 36.8% for the third quarter of 2010 compared to a gross profit margin of 37.3% for the same period in 2009. Consolidated net loss for the third quarter of 2010 was $1.9 million, or $0.08 per basic and diluted share, compared to consolidated net loss of $1.4 million, or $0.06 per basic and diluted share, for the third quarter in 2009. On a non-GAAP basis, net loss for the third quarter of 2010 before interest, taxes, depreciation and amortization (“ EBITDA net loss”) was $1.4 million compared to EBITDA net loss of $775 thousand for the third quarter in 2009. EBITDA is calculated as net income (loss), as reported under United States generally accepted accounting principles (“ GAAP”), plus net interest expense, depreciation and amortization and income taxes. The schedule accompanying this release provides the reconciliation of net loss for the third quarters of 2010 and 2009, and net loss for the nine-month periods then ended, under GAAP to a non-GAAP, EBITDA basis.
For the nine-month year-to-date period ended September 25, 2010, consolidated revenues were $ 51.8 million, a 2.5% increase compared to $50.5 million for the first nine months of 2009. Consolidated revenues for the first nine months of 2010 included a 1.4% increase in comparable store sales from the year-ago period. Consolidated gross profit margin was 38.0% for both the 2010 and 2009 nine-month periods. For the nine-month period, consolidated net loss was $2.7 million, or $0.12 per basic and diluted share, compared to a consolidated net loss of $2.4 million, or $0.11 per basic and diluted share for the first nine months of 2009. On a non-GAAP basis, EBITDA net loss was $1.1 million compared to an EBITDA net loss of $481 thousand for the first nine months of 2009.
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