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IParty Corp. Reports Second 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 second quarter of fiscal year 2011, which ended on June 25, 2011.

Second Quarter 2011 Highlights

  • Re-launch of the newly redesigned iParty e-commerce site with a full assortment of costume and related party merchandise for purchase and shipping via the internet.
  • Consolidated revenues of $19.6 million for the second quarter of 2011, a 2.2% decrease compared to the second quarter of 2010.
  • Net income of $43 thousand for the second quarter of 2011, compared to $767 thousand for the second quarter of 2010.
  • EBITDA for the second quarter of 2011 of $490 thousand compared to EBITDA in the second quarter of 2010 of $1.3 million (See accompanying schedule for reconciliation of non-GAAP EBITDA to net income for the period).
  • Comparable store sales decrease for the second quarter of 2011 of 5.6%.

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “We are disappointed with the performance in our second quarter which was adversely impacted by the lack of sales to replace the strong sales in novelty wrist bands that we experienced in the first half of 2010, the continued sluggish and uncertain economy and our customers’ sensitivity to increased gas prices experienced in the first half of 2011. These events were partially offset by the positive performance of some of our seasonal categories, which compared well to the same period last year.”

Mr. Perisano went on to say “As we move into the third quarter and the upcoming Halloween season, we look to expand our presence and improve performance in our markets with the expected opening of ten temporary Halloween stores in September and the relaunch of our newly redesigned e-commerce site showcasing our broad selection of Halloween products available in our brick and mortar stores and online.”

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