Operating ResultsFor the first quarter of 2011, consolidated revenues were $15.09 million, a 1.7% increase compared to $14.84 million for the first quarter in 2010. Comparable store sales in the first quarter of 2011 decreased 1.1% compared to the year-ago period. Consolidated gross profit margin was 36.4% for the first quarter of 2011 compared to a gross profit margin of 35.7% for the same period in 2010. Consolidated net loss for the first quarter of 2011 was $1.51 million, or $0.06 per basic and diluted share, compared to consolidated net loss of $1.49 million, or $0.07 per basic and diluted share, for the first quarter in 2010. On a non-GAAP basis, net loss for the first quarter of 2011 before interest, taxes, depreciation and amortization (“ EBITDA”) was $1.05 million, compared to EBITDA net loss of $976 thousand for the first quarter in 2010. 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 first quarter of 2011 and 2010, under GAAP to a non-GAAP, EBITDA basis.
IParty Corp. Reports First Quarter 2011 Financial Results
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