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IParty Corp. Announces Third Quarter 2012 Financial Results

Stocks in this article: IPT

iParty Corp. (NYSE MKT: IPT - news), a party goods retailer, today reported financial results for its third quarter of fiscal year 2012, which ended on September 29, 2012.

Third Quarter 2012 Highlights

  • Consolidated revenues of $16.9 million for the third quarter of 2012, a 2.6% increase compared to the third quarter of 2011.
  • Comparable store sales increase of 1.2% for the third quarter of 2012, and 2.9% for the nine month period then ended, as compared to the applicable prior year periods.
  • Net loss of $2.2 million for the third quarter of 2012, compared to net loss of $2.8 million for the third quarter of 2011, which included a loss of $393 thousand related to a flood casualty from Tropical Storm Irene.
  • Adjusted EBITDA net loss for the third quarter of 2012 of $1.8 million, compared to Adjusted EBITDA net loss in the third quarter of 2011 of $2.0 million (See accompanying schedule for reconciliation of non-GAAP Adjusted EBITDA to net loss for the period).
  • The opening of one new full line party store in August and one new full line party store immediately after the close of the third quarter.
  • The opening of 10 temporary Halloween stores in September, bringing the number of iParty storefronts this Halloween season to 64 from 63 last year.

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, "Historically our third quarter is a loss quarter as we prepare for the Halloween and holiday seasons. We are however pleased with the trends for the quarter which reflect an overall improvement in our business. Our sales, margins and operating expenses were all well within our expectations and our year to date net loss through the third quarter improved by approximately $1 million compared to last year. With our two new store fronts and what we believe to be a strong group of temporary Halloween stores, we have 64 storefronts open this Halloween, leaving us very well positioned entering into the all important Halloween season and fourth quarter."

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