IParty Corp. Announces Second Quarter 2012 Financial Results
iParty Corp. (NYSE Amex: IPT - news), a leading party goods retailer, today reported financial results for its second quarter of fiscal year 2012, which ended on June 30, 2012.
Second Quarter 2012 Highlights
- Net income of $81 thousand for the second quarter of 2012, compared to net income of $43 thousand for the second quarter of 2011.
- The announcement of two new retail stores to be opened in the second half of 2012.
- Consolidated revenues of $19.56 million for the second quarter of 2012 with 52 stores open, a 0.3% decrease compared to the second quarter of 2011 with 53 stores open.
- Comparable store sales increase of 0.1% for the second quarter of 2012, and 3.7% for the six month period then ended, as compared to the applicable prior year periods.
- EBITDA for the second quarter of 2012 of $449 thousand, compared to EBITDA in the second quarter of 2011 of $487 thousand (See accompanying schedule for reconciliation of non-GAAP EBITDA to net income for the period).
Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, “We finished the second quarter with slightly higher net income than the 2011 second quarter and, year to date, we are ahead of last year on the bottom line. During the second quarter of 2012, we remained aggressive in our pricing and promotional efforts and accelerated markdowns of certain inventory for clearance. This resulted in lower merchandise margins than in the second quarter of 2011. Our consolidated revenues in the second quarter were flat from a year ago, despite having one less store this year than last year.”
Mr. Perisano further stated, “We are also very excited to be opening two new party superstores in our core Boston market. Our new locations in Waltham MA and Plaistow NH will be open for the Halloween holiday. In addition, we continue to make good progress securing sites for temporary Halloween stores for the 2012 season and believe we are well positioned as Halloween approaches, the most important part of our year.”
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