This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

IParty Corp. Announces Third Quarter 2011 Financial Results And Extension Of Revolving Credit Facility

iParty Corp. (NYSE Amex: IPT - news), a party goods retailer, today reported financial results for its third quarter of fiscal year 2011, which ended on September 24, 2011. In addition, the Company announced the signing of a five year extension on improved economic terms to its revolving credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC) (“ Wells Fargo”).

Third Quarter 2011 Highlights

  • Consolidated revenues of $16.5 million for the third quarter of 2011, a 2.6% decrease compared to the third quarter of 2010.
  • Comparable store sales decrease of 5.7% for the third quarter of 2011, and 4.4% for the nine month period then ended, as compared to the applicable prior year periods.
  • Net loss of $2.8 million for the third quarter of 2011, including an extraordinary loss of $393 thousand related to a flood casualty from Tropical Storm Irene, compared to net loss of $1.9 million for the third quarter of 2010.
  • Adjusted EBITDA net loss for the third quarter of 2011 of $2.0 million, compared to Adjusted EBITDA net loss in the third quarter of 2010 of $1.4 million (See accompanying schedule for reconciliation of non-GAAP Adjusted EBITDA to net loss for the period).
  • The opening of eleven temporary Halloween stores in September, bringing the number of iParty storefronts this Halloween season to 63 from 62 last year.
  • Five year extension on improved economic terms to the Company’s existing revolving credit facility, including lower margins on borrowings and reduced reserves.

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, "Our third quarter results continue to reflect the effects of a sluggish retail environment. The bottom line in the third quarter was also impacted by a significant flood loss in our West Lebanon, NH store caused by Tropical Storm Irene, which is temporarily closed during repairs to the store and shopping center that are expected to last three months. This same storm caused a disruption in business to several stores during the week after it hit New England."

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs