iParty Corp. (AMEX: IPT - news), a party goods retailer that
operates 51 iParty retail stores, today reported financial results
for its third quarter of fiscal year 2006, which ended on September
30, 2006. For the quarter, consolidated revenues were $17.2
million, a 16.2% increase compared to $14.8 million for the third
quarter of 2005. The increase in third quarter revenues from the
year-ago period was due to a 7.0% increase in comparable store
sales from stores open more than one year, sales from five stores
that opened during the third quarter of 2005, as well as sales from
one store that was acquired during the third quarter 2006.
Consolidated gross profit margin was 40.4% for the quarter compared
to a margin of 39.1% for the same period in 2005. Consolidated net
loss for the quarter was $1.5 million, or $0.07 per share, compared
to consolidated net loss of $2.4 million, or $0.11 per share, for
the third quarter in 2005. On a non-GAAP basis, net loss for the
quarter before interest, taxes, depreciation and amortization
(�EBITDA�) was $0.9 million compared to an EBITDA net loss of $2.0
million for the third quarter in 2005. Net loss on an EBITDA basis
is calculated as net loss, as reported under United States
generally accepted accounting principles (�GAAP�), plus net
interest expense, plus depreciation and amortization. The schedule
accompanying this release provides the reconciliation of net loss
for the third quarters of 2006 and 2005 under GAAP to non-GAAP net
loss on an EBITDA basis. For the nine-month year-to-date period,
consolidated revenues were $49.4 million, a 10.9% increase compared
to $44.5 million for the first nine months of 2005.�This year�s
nine-month year-to-date consolidated revenues included a 2.6%
increase in comparable store sales. Consolidated gross profit
margin was 39.9% for the nine-month period compared to 39.9% for
the same period in 2005.�For the nine-month period, consolidated
net loss was $3.5 million, or $0.16 per share, compared to
consolidated net loss of $4.1 million, or $0.19 per share, for the
same period in 2005. On a non-GAAP basis, EBITDA net loss for the
nine-month period was $2.0 million compared to an EBITDA net loss
of $3.0 million for the same period in 2005. Net loss on an EBITDA
basis is calculated as net loss, as reported under GAAP, plus net
interest expense, plus depreciation and amortization. The schedule
accompanying this release provides the reconciliation of net loss
for the nine-month periods in 2006 and 2005 under GAAP to net loss
for the same nine-month periods on a non-GAAP, EBITDA basis. In
addition, iParty today announced that pursuant to its Supply
Agreement with Amscan Inc., dated August 7, 2006, it had elected to
convert $1,143,896 of extended payables originally due to Amscan as
of August 8, 2006, and that it and Amscan had agreed to convert an
additional $675,477 of iParty payables due to Amscan as of
September 28, 2006 into a single subordinated promissory note in
the total principal amount of $1,819,373. The note will bear
interest at the rate of 11.0% per annum and will be payable in
thirty-six (36) equal monthly installments of principal and
interest of $59,562.48 commencing on November 1, 2006, and on the
first day of each month thereafter until October 1, 2009, when the
entire remaining principal balance and all accrued interest shall
be due and payable. Sal Perisano, Chairman and Chief Executive
Officer of iParty Corp., commented, �We made significant progress
in the third quarter in a number of key areas which contributed to
the improvement in our overall performance. First, we acquired a
high volume store from Party City that performed very well for us
in the third quarter. Second, we realized a 7.0% increase in
comparable store sales that reflects our continued efforts to
increase same store sales. Third, we realized a higher gross profit
margin as a percentage of sales and lower general and
administrative expenses. All of this resulted in a $1.5 million net
loss for the third quarter, which is $0.9 million improvement over
last year�s third quarter net loss.� Mr. Perisano further
commented, �We plan to continue to increase our comparable store
sales and control expenses in the fourth quarter which includes our
Halloween season sales which is our single most important sales
period.� About iParty Corp. Headquartered in Dedham, Massachusetts,
iParty Corp. (AMEX: IPT - news) is a party goods retailer that
operates 51 iParty retail stores and licenses the operation of an
Internet site for party goods and party planning at www.iparty.com.
iParty�s aim is to make throwing a successful event both
stress-free and fun. With over 20,000 party supplies and costumes
and an online party magazine and party-related content, iParty
offers consumers a sophisticated, yet fun and easy-to-use, resource
with an extensive assortment of products to customize any party,
including birthday bashes, Easter get-togethers, graduation
parties, summer barbecues, and, of course, Halloween. iParty aims
to offer reliable, time-tested knowledge of party-perfect trends,
and superior customer service to ensure convenient and
comprehensive merchandise selections for every occasion. Please
visit our site at www.iparty.com. Non-GAAP Financial Measures
Regulation G, �Conditions for Use of Non-GAAP Financial Measures,�
prescribes the conditions for use of non-GAAP financial information
in public disclosures.�For purposes of Regulation G, a non-GAAP
financial measure is a numerical measure of a company�s historical
or future financial performance, financial position or cash flows
that excludes amounts, or is subject to adjustments that have the
effect of excluding amounts, that are included in the most directly
comparable measure calculated and presented in accordance with GAAP
in the statements of operations, balance sheets, or statement of
cash flows of the company; or includes amounts, or is subject to
adjustments that have the effect of including amounts, that are
excluded from the most directly comparable measure so calculated
and presented. Pursuant to the requirements of Regulation G, we
have provided reconciliations of any non-GAAP financial measures we
use to the most directly comparable GAAP financial measures. We
believe that our presentation of EBITDA, which is a non-GAAP
financial measure, is an important supplemental measure of
operating performance to investors.�The discussion below defines
this term, why we believe it is a useful measure of our
performance, and explains certain limitations on the use of
non-GAAP financial measures such as our use of EBITDA. EBITDA
Earnings before interest, taxes, depreciation and amortization
(�EBITDA�) is a commonly used measure of performance in our
industry which we believe, when considered with measures calculated
in accordance with United States generally accepted accounting
principles (�GAAP�), gives investors a more complete understanding
of operating results before the impact of investing and financing
transactions and income taxes and facilitates comparisons between
us and our competitors.�EBITDA is a non-GAAP financial measure and
has been presented in this release because our management and the
audit committee of our board of directors use this financial
measure in monitoring and evaluating our ongoing financial results
and trends. Our management and audit committee believe that this
non-GAAP operating performance measure is useful for investors
because it enhances investors� ability to analyze trends in our
business and compare our financial and operating performance to
that of our peers. Limitations on the Use of Non-GAAP Measures The
use of EBITDA has certain limitations.�Our presentation of EBITDA
may be different from the presentation used by other companies and
therefore comparability may be limited.�Depreciation expense for
various long-term assets, interest expense, income taxes and other
items have been and will be incurred and are not reflected in the
presentation of EBITDA. Each of these items should also be
considered in the overall evaluation of our results.�Additionally,
EBITDA does not consider capital expenditures and other investing
activities and should not be considered as a measure of our
liquidity. In particular, we have opened new stores through the
expenditure of large amounts of capital funded with borrowings
under our bank line of credit. Our results of operations,
therefore, reflect significant charges for depreciation,
amortization and interest expense. EBITDA, which excludes these
expenses, provides helpful information about the operating
performance of our business, but EBITDA does not purport to
represent operating income (loss) or cash flow from operating
activities, as those terms are defined under GAAP, and should not
be considered as an alternative to those measurements as an
indicator of our performance. Accordingly, EBITDA should be used in
addition to and in conjunction with results presented in accordance
with GAAP and should not be considered as an alternative to net
income, operating income, or any other operating performance
measure prescribed by GAAP, nor should these measures be relied
upon to the exclusion of GAAP financial measures.�EBITDA reflects
additional ways of viewing our operations that we believe, when
viewed with our GAAP results and the reconciliations to the
corresponding GAAP financial measures, provide a more complete
understanding of factors and trends affecting our business than
could be obtained absent this disclosure. We strongly encourage
investors to review our financial information in its entirety and
not to rely on a single financial measure. RECONCILIATION OF
NON-GAAP MEASURES � For the quarter ended For the nine months ended
Sep 30, 2006 Sep 24, 2005 Sep 30, 2006 Sep 24, 2005 Net loss, as
reported under GAAP $ (1,472,328) $ (2,410,661) $ (3,508,753) $
(4,122,552) � plus, Interest expense, net 222,285� 150,960�
549,806� 382,540� plus, Depreciation and amortization � 360,159� �
293,473� � 938,038� � 785,693� � EBITDA, non-GAAP $ (889,884) $
(1,966,228) $ (2,020,909) $ (2,954,319) Safe harbor statement under
the Private Securities Litigation Reform Act of 1995: This release
contains forward-looking statements that are based on our current
expectations, beliefs, assumptions, estimates, forecasts and
projections, including those about future store openings, future
expectations of comparable store sales growth, improved gross
margins, profitability and the industry and markets in which iParty
operates. The statements contained in this release are not
guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed in such forward-looking statements, and such
statements should not be relied upon as representing iParty�s
expectations or beliefs as of any date subsequent to the date of
this press release. Important factors that may affect future
operating results include, but are not limited to, economic and
other developments such as unseasonable weather, that affect
consumer confidence or consumer spending patterns, particularly
those impacting the New England region, where 46 of our 51 stores
our located, and particularly during the Halloween season, which is
our single most important season; intense competition from other
party supply stores and stores that merchandise and market party
supplies, including big discount retailers, dollar store chains,
and temporary Halloween merchandisers; the failure of any of our
systems, including, without limitation, our newly-installed
point-of-sale system and our existing merchandise management
system, the latter of which was developed by a vendor who is no
longer in business and which we are considering replacing in 2007;
the success or failure of our efforts to implement our business
growth and marketing strategies; our inability to obtain additional
financing, if required, on terms and conditions acceptable to us;
rising oil and gas prices which impact prices of
petroleum-based/plastic products, which are a key raw material in
much of our merchandise, affect our freight costs and those of our
suppliers, and affect consumer confidence and spending patterns;
third-party suppliers� failure to fulfill their obligations to us;
our ability or inability to meet our material contractual
obligations with third parties; the availability of retail store
space on reasonable lease terms; compliance with evolving federal
securities, accounting, and stock exchange rules and regulations
applicable to publicly-traded companies listed on the American
Stock Exchange. For a discussion of these and other risks and
uncertainties which could cause actual results to differ from those
contained in the forward-looking statements, see Item 1A, �Risk
Factors� of iParty�s most recently filed Annual Report on Form 10-K
for the fiscal year ended December 31, 2005, and its subsequently
filed Quarterly Reports on Form 10-Q. iPARTY CORP. CONSOLIDATED
STATEMENTS OF OPERATIONS � � For the three months ended For the
nine months ended Sep 30, 2006 Sep 24, 2005 Sep 30, 2006 Sep 24,
2005 Revenues $ 17,240,535� $ 14,839,051� $ 49,373,503� $
44,516,336� Operating costs: Cost of products sold 10,266,805�
9,042,165� 29,662,875� 26,752,342� Marketing and sales 6,583,780�
6,204,540� 17,931,894� 16,316,817� General and administrative �
1,639,993� � 1,852,047� � 4,737,681� � 5,187,189� � Operating loss
(1,250,043) (2,259,701) (2,958,947) (3,740,012) � Interest expense,
net � (222,285) � (150,960) � (549,806) � (382,540) � Net loss $
(1,472,328) $ (2,410,661) $ (3,508,753) $ (4,122,552) � Loss per
share: Basic and diluted $ (0.07) $ (0.11) $ (0.16) $ (0.19) �
Weighted-average shares outstanding: Basic and diluted �
22,555,333� � 22,147,063� � 22,549,026� � 22,123,289� iPARTY CORP.
CONSOLIDATED BALANCE SHEETS � Sep 30, 2006 Dec 31, 2005 ASSETS
Current assets: Cash and cash equivalents $ 1,045,214� $ 699,194�
Restricted cash 797,428� 651,617� Accounts receivable 971,586�
1,246,545� Inventory, net 16,775,354� 13,251,307� Prepaid expenses
and other assets � 2,103,304� � 548,114� Total current assets
21,692,886� 16,396,777� Property and equipment, net 4,831,461�
5,187,099� Intangible assets, net 2,267,986� -� Other assets �
105,646� � 133,200� Total assets $ 28,897,979� $ 21,717,076� �
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $ 11,622,217� $ 4,695,094� Accrued expenses 2,844,659�
2,532,238� Current portion of capital lease obligations 449,311�
442,358� Current notes payable 541,514� -� Borrowings under line of
credit � 5,306,358� � 6,635,874� Total current liabilities
20,764,059� 14,305,564� � Long-term liabilities: Capital lease
obligations, net of current portion 65,867� 426,995� Notes payable
3,781,254� -� Other liabilities � 836,058� � 669,003� Total
long-term liabilities 4,683,179� 1,095,998� � Commitments and
contingencies � Convertible preferred stock 13,808,650� 13,816,101�
Common stock 22,564� 22,537� Additional paid-in capital 51,623,060�
50,971,656� Accumulated deficit � (62,003,533) � (58,494,780) Total
stockholders' equity � 3,450,741� � 6,315,514� � Total liabilities
and stockholders' equity $ 28,897,979� $ 21,717,076� iParty Corp.
(AMEX: IPT - news), a party goods retailer that operates 51 iParty
retail stores, today reported financial results for its third
quarter of fiscal year 2006, which ended on September 30, 2006. For
the quarter, consolidated revenues were $17.2 million, a 16.2%
increase compared to $14.8 million for the third quarter of 2005.
The increase in third quarter revenues from the year-ago period was
due to a 7.0% increase in comparable store sales from stores open
more than one year, sales from five stores that opened during the
third quarter of 2005, as well as sales from one store that was
acquired during the third quarter 2006. Consolidated gross profit
margin was 40.4% for the quarter compared to a margin of 39.1% for
the same period in 2005. Consolidated net loss for the quarter was
$1.5 million, or $0.07 per share, compared to consolidated net loss
of $2.4 million, or $0.11 per share, for the third quarter in 2005.
On a non-GAAP basis, net loss for the quarter before interest,
taxes, depreciation and amortization ("EBITDA") was $0.9 million
compared to an EBITDA net loss of $2.0 million for the third
quarter in 2005. Net loss on an EBITDA basis is calculated as net
loss, as reported under United States generally accepted accounting
principles ("GAAP"), plus net interest expense, plus depreciation
and amortization. The schedule accompanying this release provides
the reconciliation of net loss for the third quarters of 2006 and
2005 under GAAP to non-GAAP net loss on an EBITDA basis. For the
nine-month year-to-date period, consolidated revenues were $49.4
million, a 10.9% increase compared to $44.5 million for the first
nine months of 2005. This year's nine-month year-to-date
consolidated revenues included a 2.6% increase in comparable store
sales. Consolidated gross profit margin was 39.9% for the
nine-month period compared to 39.9% for the same period in 2005.
For the nine-month period, consolidated net loss was $3.5 million,
or $0.16 per share, compared to consolidated net loss of $4.1
million, or $0.19 per share, for the same period in 2005. On a
non-GAAP basis, EBITDA net loss for the nine-month period was $2.0
million compared to an EBITDA net loss of $3.0 million for the same
period in 2005. Net loss on an EBITDA basis is calculated as net
loss, as reported under GAAP, plus net interest expense, plus
depreciation and amortization. The schedule accompanying this
release provides the reconciliation of net loss for the nine-month
periods in 2006 and 2005 under GAAP to net loss for the same
nine-month periods on a non-GAAP, EBITDA basis. In addition, iParty
today announced that pursuant to its Supply Agreement with Amscan
Inc., dated August 7, 2006, it had elected to convert $1,143,896 of
extended payables originally due to Amscan as of August 8, 2006,
and that it and Amscan had agreed to convert an additional $675,477
of iParty payables due to Amscan as of September 28, 2006 into a
single subordinated promissory note in the total principal amount
of $1,819,373. The note will bear interest at the rate of 11.0% per
annum and will be payable in thirty-six (36) equal monthly
installments of principal and interest of $59,562.48 commencing on
November 1, 2006, and on the first day of each month thereafter
until October 1, 2009, when the entire remaining principal balance
and all accrued interest shall be due and payable. Sal Perisano,
Chairman and Chief Executive Officer of iParty Corp., commented,
"We made significant progress in the third quarter in a number of
key areas which contributed to the improvement in our overall
performance. First, we acquired a high volume store from Party City
that performed very well for us in the third quarter. Second, we
realized a 7.0% increase in comparable store sales that reflects
our continued efforts to increase same store sales. Third, we
realized a higher gross profit margin as a percentage of sales and
lower general and administrative expenses. All of this resulted in
a $1.5 million net loss for the third quarter, which is $0.9
million improvement over last year's third quarter net loss." Mr.
Perisano further commented, "We plan to continue to increase our
comparable store sales and control expenses in the fourth quarter
which includes our Halloween season sales which is our single most
important sales period." About iParty Corp. Headquartered in
Dedham, Massachusetts, iParty Corp. (AMEX: IPT - news) is a party
goods retailer that operates 51 iParty retail stores and licenses
the operation of an Internet site for party goods and party
planning at www.iparty.com. iParty's aim is to make throwing a
successful event both stress-free and fun. With over 20,000 party
supplies and costumes and an online party magazine and
party-related content, iParty offers consumers a sophisticated, yet
fun and easy-to-use, resource with an extensive assortment of
products to customize any party, including birthday bashes, Easter
get-togethers, graduation parties, summer barbecues, and, of
course, Halloween. iParty aims to offer reliable, time-tested
knowledge of party-perfect trends, and superior customer service to
ensure convenient and comprehensive merchandise selections for
every occasion. Please visit our site at www.iparty.com. Non-GAAP
Financial Measures Regulation G, "Conditions for Use of Non-GAAP
Financial Measures," prescribes the conditions for use of non-GAAP
financial information in public disclosures. For purposes of
Regulation G, a non-GAAP financial measure is a numerical measure
of a company's historical or future financial performance,
financial position or cash flows that excludes amounts, or is
subject to adjustments that have the effect of excluding amounts,
that are included in the most directly comparable measure
calculated and presented in accordance with GAAP in the statements
of operations, balance sheets, or statement of cash flows of the
company; or includes amounts, or is subject to adjustments that
have the effect of including amounts, that are excluded from the
most directly comparable measure so calculated and presented.
Pursuant to the requirements of Regulation G, we have provided
reconciliations of any non-GAAP financial measures we use to the
most directly comparable GAAP financial measures. We believe that
our presentation of EBITDA, which is a non-GAAP financial measure,
is an important supplemental measure of operating performance to
investors. The discussion below defines this term, why we believe
it is a useful measure of our performance, and explains certain
limitations on the use of non-GAAP financial measures such as our
use of EBITDA. EBITDA Earnings before interest, taxes, depreciation
and amortization ("EBITDA") is a commonly used measure of
performance in our industry which we believe, when considered with
measures calculated in accordance with United States generally
accepted accounting principles ("GAAP"), gives investors a more
complete understanding of operating results before the impact of
investing and financing transactions and income taxes and
facilitates comparisons between us and our competitors. EBITDA is a
non-GAAP financial measure and has been presented in this release
because our management and the audit committee of our board of
directors use this financial measure in monitoring and evaluating
our ongoing financial results and trends. Our management and audit
committee believe that this non-GAAP operating performance measure
is useful for investors because it enhances investors' ability to
analyze trends in our business and compare our financial and
operating performance to that of our peers. Limitations on the Use
of Non-GAAP Measures The use of EBITDA has certain limitations. Our
presentation of EBITDA may be different from the presentation used
by other companies and therefore comparability may be limited.
Depreciation expense for various long-term assets, interest
expense, income taxes and other items have been and will be
incurred and are not reflected in the presentation of EBITDA. Each
of these items should also be considered in the overall evaluation
of our results. Additionally, EBITDA does not consider capital
expenditures and other investing activities and should not be
considered as a measure of our liquidity. In particular, we have
opened new stores through the expenditure of large amounts of
capital funded with borrowings under our bank line of credit. Our
results of operations, therefore, reflect significant charges for
depreciation, amortization and interest expense. EBITDA, which
excludes these expenses, provides helpful information about the
operating performance of our business, but EBITDA does not purport
to represent operating income (loss) or cash flow from operating
activities, as those terms are defined under GAAP, and should not
be considered as an alternative to those measurements as an
indicator of our performance. Accordingly, EBITDA should be used in
addition to and in conjunction with results presented in accordance
with GAAP and should not be considered as an alternative to net
income, operating income, or any other operating performance
measure prescribed by GAAP, nor should these measures be relied
upon to the exclusion of GAAP financial measures. EBITDA reflects
additional ways of viewing our operations that we believe, when
viewed with our GAAP results and the reconciliations to the
corresponding GAAP financial measures, provide a more complete
understanding of factors and trends affecting our business than
could be obtained absent this disclosure. We strongly encourage
investors to review our financial information in its entirety and
not to rely on a single financial measure. -0- *T RECONCILIATION OF
NON-GAAP MEASURES For the quarter ended For the nine months ended
------------------------- ------------------------- Sep 30, 2006
Sep 24, 2005 Sep 30, 2006 Sep 24, 2005 ------------ ------------
------------ ------------ Net loss, as reported under GAAP
$(1,472,328) $(2,410,661) $(3,508,753) $(4,122,552) plus, Interest
expense, net 222,285 150,960 549,806 382,540 plus, Depreciation and
amortization 360,159 293,473 938,038 785,693 ------------
------------ ------------ ------------ EBITDA, non-GAAP $ (889,884)
$(1,966,228) $(2,020,909) $(2,954,319) ============ ============
============ ============ *T Safe harbor statement under the
Private Securities Litigation Reform Act of 1995: This release
contains forward-looking statements that are based on our current
expectations, beliefs, assumptions, estimates, forecasts and
projections, including those about future store openings, future
expectations of comparable store sales growth, improved gross
margins, profitability and the industry and markets in which iParty
operates. The statements contained in this release are not
guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed in such forward-looking statements, and such
statements should not be relied upon as representing iParty's
expectations or beliefs as of any date subsequent to the date of
this press release. Important factors that may affect future
operating results include, but are not limited to, economic and
other developments such as unseasonable weather, that affect
consumer confidence or consumer spending patterns, particularly
those impacting the New England region, where 46 of our 51 stores
our located, and particularly during the Halloween season, which is
our single most important season; intense competition from other
party supply stores and stores that merchandise and market party
supplies, including big discount retailers, dollar store chains,
and temporary Halloween merchandisers; the failure of any of our
systems, including, without limitation, our newly-installed
point-of-sale system and our existing merchandise management
system, the latter of which was developed by a vendor who is no
longer in business and which we are considering replacing in 2007;
the success or failure of our efforts to implement our business
growth and marketing strategies; our inability to obtain additional
financing, if required, on terms and conditions acceptable to us;
rising oil and gas prices which impact prices of
petroleum-based/plastic products, which are a key raw material in
much of our merchandise, affect our freight costs and those of our
suppliers, and affect consumer confidence and spending patterns;
third-party suppliers' failure to fulfill their obligations to us;
our ability or inability to meet our material contractual
obligations with third parties; the availability of retail store
space on reasonable lease terms; compliance with evolving federal
securities, accounting, and stock exchange rules and regulations
applicable to publicly-traded companies listed on the American
Stock Exchange. For a discussion of these and other risks and
uncertainties which could cause actual results to differ from those
contained in the forward-looking statements, see Item 1A, "Risk
Factors" of iParty's most recently filed Annual Report on Form 10-K
for the fiscal year ended December 31, 2005, and its subsequently
filed Quarterly Reports on Form 10-Q. -0- *T iPARTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended
For the nine months ended --------------------------
------------------------- Sep 30, 2006 Sep 24, 2005 Sep 30, 2006
Sep 24, 2005 ------------- ------------ ------------ ------------
Revenues $ 17,240,535 $14,839,051 $49,373,503 $44,516,336 Operating
costs: Cost of products sold 10,266,805 9,042,165 29,662,875
26,752,342 Marketing and sales 6,583,780 6,204,540 17,931,894
16,316,817 General and administrative 1,639,993 1,852,047 4,737,681
5,187,189 ------------- ------------ ------------ ------------
Operating loss (1,250,043) (2,259,701) (2,958,947) (3,740,012)
Interest expense, net (222,285) (150,960) (549,806) (382,540)
------------- ------------ ------------ ------------ Net loss $
(1,472,328) $(2,410,661) $(3,508,753) $(4,122,552) =============
============ ============ ============ Loss per share: Basic and
diluted $ (0.07) $ (0.11) $ (0.16) $ (0.19) =============
============ ============ ============ Weighted-average shares
outstanding: Basic and diluted 22,555,333 22,147,063 22,549,026
22,123,289 ============= ============ ============ ============ *T
-0- *T iPARTY CORP. CONSOLIDATED BALANCE SHEETS Sep 30, 2006 Dec
31, 2005 ------------- ------------- ASSETS Current assets: Cash
and cash equivalents $ 1,045,214 $ 699,194 Restricted cash 797,428
651,617 Accounts receivable 971,586 1,246,545 Inventory, net
16,775,354 13,251,307 Prepaid expenses and other assets 2,103,304
548,114 ------------- ------------- Total current assets 21,692,886
16,396,777 Property and equipment, net 4,831,461 5,187,099
Intangible assets, net 2,267,986 - Other assets 105,646 133,200
------------- ------------- Total assets $ 28,897,979 $ 21,717,076
============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $ 11,622,217 $ 4,695,094
Accrued expenses 2,844,659 2,532,238 Current portion of capital
lease obligations 449,311 442,358 Current notes payable 541,514 -
Borrowings under line of credit 5,306,358 6,635,874 -------------
------------- Total current liabilities 20,764,059 14,305,564
Long-term liabilities: Capital lease obligations, net of current
portion 65,867 426,995 Notes payable 3,781,254 - Other liabilities
836,058 669,003 ------------- ------------- Total long-term
liabilities 4,683,179 1,095,998 Commitments and contingencies
Convertible preferred stock 13,808,650 13,816,101 Common stock
22,564 22,537 Additional paid-in capital 51,623,060 50,971,656
Accumulated deficit (62,003,533) (58,494,780) -------------
------------- Total stockholders' equity 3,450,741 6,315,514
------------- ------------- Total liabilities and stockholders'
equity $ 28,897,979 $ 21,717,076 ============= ============= *T
Iparty (AMEX:IPT)
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Iparty (AMEX:IPT)
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From Oct 2023 to Oct 2024