This Day On The Street
Continue to site
ADVERTISEMENT
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. Reports Fiscal 2011 And Fourth Quarter Financial Results

Mr. Perisano further stated, “Despite these events, sales in December 2011 were strong, and that trend has continued through January 2012 and continues to date, with January sales additionally supplemented by the post season successes of the New England Patriots. We are cautiously optimistic that underlying consumer demand in 2012 will continue to strengthen. We are pleased with the early results in our Manchester, Connecticut market, where we consolidated two stores into one late in 2011, and also with the performance of our West Lebanon, New Hampshire store, which we reopened in January. Also, having re-launched our e-commerce site in 2011 with a full Halloween merchandise assortment, we intend to expand our online offerings in 2012 to include birthday and other party categories. Additionally, we believe that our ability to control key costs in 2011 and the extension to our revolving credit facility has allowed us to enter 2012 with liquidity sufficient to grow our business in 2012 and beyond.”

Operating Results

For the fourteen week fourth quarter of 2011, consolidated revenues were $29.7 million, a 0.7% increase compared to $29.5 million for the thirteen week fourth quarter in 2010. Comparable store sales in the fourth quarter of 2011 decreased 7.3% compared to the year-ago period. Consolidated gross profit margin was 43.1% for the fourth quarter of 2011 compared to a gross profit margin of 42.7% for the fourth quarter in 2010. Consolidated net income for the fourth quarter of 2011 was $3.0 million, which included a 14 th week, compared to $2.9 million for the 13 week fourth quarter of 2010. Net income per basic and diluted share were $0.08 and $0.08, respectively, compared to $0.08 and $0.07 per basic and diluted share, for the fourth quarter in 2010. On a non-GAAP basis, net income for the 14 week fourth quarter of 2011 before interest, taxes, depreciation and amortization (“ EBITDA”) was $3.4 million, approximately equal to EBITDA of $3.4 million for the 13 week fourth 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 income for the fourth quarters of 2011 and 2010 and for the twelve-month periods then ended, under GAAP to a non-GAAP, EBITDA basis.

For the fifty-three-week fiscal year ended December 31, 2011, consolidated revenues were $80.9 million, a 0.5% decrease compared to $81.3 million for fifty-two week fiscal year 2010. Consolidated revenues for 2011 included a 5.4% decrease in comparable store sales from the year-ago period. Consolidated gross profit margin was 39.2% for 2011 compared to 39.7% in 2010. Consolidated net loss for the fiscal year 2011 was $1.3 million, or $0.05 per basic and diluted share, compared to net income of $254 thousand, or $0.01 per basic and diluted share for fiscal year 2010. On a non-GAAP basis, EBITDA was $494 thousand for fiscal year 2011, compared to an EBITDA of $2.3 million for 2010.

2 of 6

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,992.39 -47.98 -0.27%
S&P 500 2,100.19 -11.54 -0.55%
NASDAQ 5,050.0950 -32.8340 -0.65%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs