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IParty Corp. Reports Fiscal 2011 And Fourth Quarter Financial Results

Stocks in this article: IPT

iParty Corp. (NYSE Amex: IPT - news), a party goods retailer, today reported financial results for its fourth quarter and fiscal year 2011, which ended on December 31, 2011.

Fourth Quarter 2011 Highlights

  • Net income of $3.0 million for the fourth quarter of 2011, slightly up from the fourth quarter of 2010, despite disruptions in the Halloween season and the temporary loss of the West Lebanon, New Hampshire store.
  • EBITDA of $3.4 million in the fourth quarter of 2011, approximately equal to EBITDA of $3.4 million for the fourth quarter of fiscal year 2010.
  • Consolidated 14 week revenues for the fourth quarter of fiscal 2011 of $29.7 million, a 0.7% increase compared to the 13 week fourth quarter of fiscal 2010.
    • Revenues of $27.8 million on a 13 week basis, a 5.6% decrease compared to the 13 week fourth quarter of fiscal 2010.
  • Late autumn Nor’easter snowstorm disrupted Halloween business during final weekend of sales significantly contributing to a calendar October comparable store sales decline of 12.8% and comparable store sales decrease of 7.3% compared to the fourth quarter of 2010.

Fiscal Year 2011 Highlights

  • Consolidated 53 week revenues of $80.9 million, a 0.5% decrease compared to the 52 week fiscal year 2010.
    • Revenues of $79.0 million on a 52 week basis, a 2.8% decrease compared to fiscal 2010.
  • Comparable store sales decrease of 5.4%.
  • Net loss of $1.3 million, compared to net income of $254 thousand for fiscal year 2010.
  • EBITDA of $494 thousand compared to EBITDA $2.3 million for fiscal year 2010.
  • Acquired a Party City store in Manchester, Connecticut and consolidated that market by closing our older nearby iParty store.
  • Extended revolving credit facility with Wells Fargo for five years including improved financial terms.
  • The continuation and refinement of our temporary Halloween store strategy.
  • The re-launch of our Internet site, offering a strong assortment of Halloween and related merchandise for sale on the Web.

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, "2011 was a very disappointing year from many perspectives. Our sales in the first half of 2011 suffered in comparison to a relatively strong first half of 2010. Then in late August, we were hit by Tropical Storm Irene, which caused disruption in many of our markets as well as the complete flood loss of our store in West Lebanon, New Hampshire. Finally and most significant, an early season Nor’easter snow storm struck our most important market the weekend before Halloween, closing many of our stores temporarily and significantly reducing our Halloween sales.”

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