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IParty Corp. Reports First Quarter 2011 Financial Results

Operating Results

For 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.

About iParty Corp.

Headquartered in Dedham, Massachusetts, iParty Corp. is a party goods retailer that operates 53 iParty retail stores in New England and Florida. iParty’s aim is to make throwing a successful event both stress-free and fun. With an extensive assortment of party supplies and costumes in our stores, iParty offers consumers a sophisticated, yet fun and easy-to-use, resource to help them customize any party, including birthday bashes, Easter get-togethers, graduation parties, summer barbecues and, of course, Halloween. iParty also operates an internet site that focuses on increasing customer visits to our stores by highlighting the ever changing store product assortment for all occasions and seasons. The site also features sales flyers, enter-to-win contests, monthly coupons and ideas and themes to offer consumers an easy and fun approach to any party. iParty aims to offer reliable, time-tested knowledge of party-perfect trends, and superior customer service to ensure convenient and comprehensive merchandise selections for every occasion. Please visit our site at www.iparty.com.

Non-GAAP Financial Measures

Pursuant to the requirements of Regulation G, we have provided below reconciliations of any non-GAAP financial measures we use in this press release to the most directly comparable GAAP financial measures. We believe that our presentation of EBITDA, which is a non-GAAP financial measure, is an important supplemental measure of operating performance to investors. The discussion below defines this term, why we believe it is a useful measure of our performance, and explains certain limitations on the use of non-GAAP financial measures such as our use of EBITDA.

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