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IParty Corp. Reports First Quarter 2011 Financial Results

Stocks in this article: IPT

iParty Corp. (NYSE Amex: IPT - news), a leading party goods retailer, today reported financial results for its first quarter of fiscal year 2011, which ended on March 26, 2011.

First Quarter 2011 Highlights

  • Consolidated revenues of $15.1 million for the first quarter of 2011, a 1.7% increase compared to the first quarter of 2010.
  • Opened an additional store in Manchester, CT.
  • Net loss of $1.51 million for the first quarter of 2011, compared to a net loss of $1.49 million for the first quarter of 2010.
  • EBITDA net loss for the first quarter of 2011 of $1.05 million compared to an EBITDA net loss in the first quarter of 2010 of $976 thousand (See accompanying schedule for reconciliation of non-GAAP EBITDA to net loss for the period).
  • Comparable store sales decrease for the first quarter of 2011 of 1.1%.

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “We succeeded in delivering increased sales and essentially flat net loss in the first quarter of 2011 compared to the first quarter of 2010 despite a shift in the Easter holiday this year from March to April and severe winter weather in New England that shortened our number of sales days in this quarter.”

Mr. Perisano further stated, “During the first quarter of 2011, we continued to execute on the growth initiatives launched in 2010. Our new store in Boston’s South Bay Center, opened as a permanent store last December, is rapidly gaining momentum, and we continue to actively seek opportunities to add new stores to expand our store base. In March 2011, we opened an additional store in Manchester, Connecticut previously operated by Party City. At the same time, we extended our existing non-compete agreement with Party City through December 2013. Finally, we also executed a fulfillment contract for our e-commerce site in the first quarter which we expect to have operational for the Halloween season.”

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