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IParty Corp. Reports Fiscal 2012 And Fourth Quarter Financial Results

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

Fiscal Year 2012 Highlights
  • Consolidated 52 week revenues of $79.1 million, a 2.2% decrease compared to the 53 week fiscal year 2011; and a 0.1% increase compared to the 52 week sales in fiscal 2011.
  • EBITDA of $539 thousand compared to EBITDA of $494 thousand for fiscal year 2011.
  • Comparable store sales decrease of 0.1%.
  • Net loss before taxes of $949 thousand, compared to $1.3 million in 2011.
  • Net loss of $1.5 million, after a $588 thousand non-cash tax related charge, compared to net loss of $1.3 million for fiscal year 2011.

Sal Perisano, iParty’s Chairman and Chief Executive Officer, stated, "For the second consecutive year, a weather event affected our fourth quarter and annual performance. The anticipation of Hurricane Sandy affected our sales the week leading up to Halloween and hit our primary market on October 29th, knocking out power and closing a number of our stores in southern New England. This storm was the major cause of the loss we sustained for the year, and our business remains otherwise healthy. Despite the unfortunate timing of this Hurricane, sales in our non-seasonal categories remained solid through the year helping us regain positive momentum going into fiscal 2013. ”

Operating Results

For the thirteen week fourth quarter of 2012, consolidated revenues were $26.89 million, a 9.5% decrease compared to $29.71 million for the fourteen week fourth quarter in 2011, or a 3.4% decrease compared to the 13 week fourth quarter of fiscal 2011. Comparable store sales in the fourth quarter of 2012 decreased 5.7% compared to the year-ago period. Consolidated gross profit margin was 41.6% for the fourth quarter of 2012 compared to a gross profit margin of 43.1% for the fourth quarter in 2011. Consolidated net income for the fourth quarter of 2012 was $1.8 million, compared to $3.0 million for the 14 week fourth quarter of 2011. Net income per basic and diluted share were $0.05 and $0.05, respectively, compared to $0.08 and $0.08 per basic and diluted share, for the fourth quarter in 2011. On a non-GAAP basis, net income for the 13 week fourth quarter of 2012 before interest, taxes, depreciation and amortization (“ EBITDA”) was $2.7 million, compared to $3.4 million for the 14 week fourth quarter in 2011. 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 (loss) for the fourth quarters of 2012 and 2011 and for the twelve month periods then ended, under GAAP to a non-GAAP, EBITDA basis.

For the fifty-two week fiscal year ended December 29, 2012, consolidated revenues were $79.09 million, a 2.2% decrease compared to $80.88 million for fifty-three week fiscal year 2011. Consolidated revenues for 2012 included a 0.1% decrease in comparable store sales from the year-ago period. Consolidated gross profit margin was 38.3% for 2012 compared to 39.2% in 2011. Consolidated net loss for the fiscal year 2012 was $1.5 million, or $0.06 per basic and diluted share, compared to $1.3 million, or $0.05 per basic and diluted share for fiscal year 2011. Consolidated net loss for fiscal 2012 was affected by a non-cash charge related to the write-off of a deferred tax asset of $588 thousand. On a non-GAAP basis, EBITDA was $539 thousand for fiscal year 2012, compared to EBITDA of $494 thousand for 2011.

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