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.”
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.
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