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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Iparty Corp. | AMEX:IPT | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
DELAWARE | 76-0547750 | |
(State or Other Jurisdiction of | (IRS Employer | |
Incorporation or Organization) | Identification No.) | |
270 BRIDGE STREET, SUITE 301 | ||
DEDHAM, MASSACHUSETTS | 02026 | |
(Address of Principal Executive Offices) | (Zip Code) | |
(781) 329-3952 | ||
(Registrant’s Telephone Number, Including Area Code) |
Title of Each Class | Name of Each Exchange on Which Registered | |
COMMON STOCK, $.001 PAR VALUE | NYSE MKT |
Supplier
|
Products supplied
|
2012
|
2011
|
||||||
Amscan, Inc.
|
Paper party goods
|
24.8 | % | 24.6 | % | ||||
Kendall Confectionery Company
|
Candy
|
5.1 | % | 5.5 | % | ||||
Total
|
29.9 | % | 30.1 | % |
●
|
the diversion of management and employee attention;
|
●
|
the fact that we have incurred and will continue to incur significant expenses related to the Merger;
|
●
|
the effect of the announcement or pendency of the Merger on our business relationships, operating results and business generally, including with respect to our suppliers, our suppliers acceptance of longer term purchaser orders, and our customers;
|
●
|
the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect our business and the price of our Common Stock;
|
●
|
the potential adverse effect on our business, properties and operations because of certain restrictions we agreed to in the Merger Agreement;
|
●
|
the risk that if Party City breaches the Merger Agreement, specific performance may not be awarded to us, damages may not fully compensate us for such breach and associated litigation may arise and be costly and disruptive to our operations;
|
Number of Stores, for the fiscal year ended
|
||||||||||||||||||||||||||||||||||||
Dec 29, 2012
|
Dec 31, 2011
|
Dec 25, 2010
|
||||||||||||||||||||||||||||||||||
End
|
End
|
End
|
||||||||||||||||||||||||||||||||||
of
|
Acquired/
|
of
|
Acquired/
|
of
|
Acquired/
|
|||||||||||||||||||||||||||||||
States
|
Period
|
Closings
|
Openings
|
Period
|
Closings
|
Openings
|
Period
|
Closings
|
Openings
|
|||||||||||||||||||||||||||
Connecticut
|
7 | 1 | - | 8 | - | 1 | 7 | - | - | |||||||||||||||||||||||||||
Florida
|
5 | - | - | 5 | - | - | 5 | - | - | |||||||||||||||||||||||||||
Maine
|
3 | - | - | 3 | - | - | 3 | - | - | |||||||||||||||||||||||||||
Massachusetts
|
28 | - | 1 | 27 | - | - | 27 | - | 1 | |||||||||||||||||||||||||||
New Hampshire
|
7 | - | 2 | 5 | 1 | - | 6 | - | - | |||||||||||||||||||||||||||
Rhode Island
|
3 | - | - | 3 | - | - | 3 | - | - | |||||||||||||||||||||||||||
Vermont
|
1 | - | - | 1 | - | - | 1 | - | - | |||||||||||||||||||||||||||
Total
|
54 | 1 | 3 | 52 | 1 | 1 | 52 | - | 1 |
MARKET PRICE OF COMMON STOCK
|
||||||||
Period
|
High
|
Low
|
||||||
2012
|
||||||||
Fourth fiscal quarter
|
$ | 0.25 | $ | 0.10 | ||||
Third fiscal quarter
|
0.24 | 0.17 | ||||||
Second fiscal quarter
|
0.23 | 0.14 | ||||||
First fiscal quarter
|
0.19 | 0.12 | ||||||
2011
|
||||||||
Fourth fiscal quarter
|
$ | 0.21 | $ | 0.11 | ||||
Third fiscal quarter
|
0.28 | 0.16 | ||||||
Second fiscal quarter
|
0.29 | 0.22 | ||||||
First fiscal quarter
|
0.31 | 0.25 |
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
52 weeks
|
53 weeks
|
52 weeks
|
52 weeks
|
52 weeks
|
||||||||||||||||
Statement of Operations Data:
|
||||||||||||||||||||
Revenues
|
$ | 79,094,317 | $ | 80,882,751 | $ | 81,291,429 | $ | 78,595,088 | $ | 81,210,999 | ||||||||||
Operating costs:
|
||||||||||||||||||||
Cost of products sold and occupancy costs
|
48,787,267 | 49,147,010 | 49,023,399 | 46,557,039 | 46,885,215 | |||||||||||||||
Marketing and sales
|
24,450,968 | 25,509,559 | 24,927,511 | 23,703,308 | 26,793,885 | |||||||||||||||
General and administrative
|
6,619,978 | 6,834,443 | 6,852,763 | 6,935,049 | 7,205,067 | |||||||||||||||
Flood loss
|
- | 398,751 | - | - | - | |||||||||||||||
Operating income (loss)
|
(763,896 | ) | (1,007,012 | ) | 487,756 | 1,399,692 | 326,832 | |||||||||||||
Change in fair value of warrant liability
|
70 | 17,247 | 13,275 | 571 | - | |||||||||||||||
Interest income
|
- | 58 | 297 | 340 | 4,609 | |||||||||||||||
Interest expense
|
(184,854 | ) | (305,588 | ) | (249,492 | ) | (444,801 | ) | (720,891 | ) | ||||||||||
Income (loss) before taxes
|
(948,680 | ) | (1,295,295 | ) | 251,836 | 955,802 | (389,450 | ) | ||||||||||||
Income taxes (benefit)
|
587,750 | 19,343 | (2,613 | ) | (147,930 | ) | 50,605 | |||||||||||||
Net income (loss)
|
$ | (1,536,430 | ) | $ | (1,314,638 | ) | $ | 254,449 | $ | 1,103,732 | $ | (440,055 | ) | |||||||
Net Income (loss) per share:
|
||||||||||||||||||||
Basic
|
$ | (0.06 | ) | $ | (0.05 | ) | $ | 0.01 | $ | 0.03 | $ | (0.02 | ) | |||||||
Diluted
|
$ | (0.06 | ) | $ | (0.05 | ) | $ | 0.01 | $ | 0.03 | $ | (0.02 | ) | |||||||
Weighted-average shares outstanding:
|
||||||||||||||||||||
Basic
|
24,418,004 | 24,386,220 | 38,251,888 | 38,220,804 | 22,722,485 | |||||||||||||||
Diluted
|
24,418,004 | 24,386,220 | 39,281,252 | 38,440,489 | 22,722,485 | |||||||||||||||
Other Data:
|
||||||||||||||||||||
Net cash provided by (used in) operating activities
|
$ | 324,741 | $ | (1,043,212 | ) | $ | 557,327 | $ | 3,512,256 | $ | 3,229,642 | |||||||||
Net cash used in investing activities
|
(1,055,716 | ) | (910,782 | ) | (1,213,151 | ) | (525,563 | ) | (2,027,709 | ) | ||||||||||
Net cash provided by (used in) financing activities
|
731,975 | 1,954,994 | 657,424 | (2,985,893 | ) | (1,213,215 | ) | |||||||||||||
Capital expenditures (1)
|
1,055,716 | 910,782 | 1,213,151 | 525,563 | 2,027,709 | |||||||||||||||
Dec 29, 2012
|
Dec 31, 2011
|
Dec 25, 2010
|
Dec 26, 2009
|
Dec 27, 2008
|
||||||||||||||||
Balance Sheet Data:
|
||||||||||||||||||||
Working capital
|
$ | 5,553,506 | $ | 6,051,930 | $ | 6,657,781 | $ | 5,429,194 | $ | 3,489,893 | ||||||||||
Total assets
|
23,322,786 | 23,854,095 | 21,281,226 | 20,292,422 | 20,995,273 | |||||||||||||||
Total long-term liabilities
|
1,507,732 | 1,504,973 | 1,521,770 | 1,543,098 | 1,800,174 | |||||||||||||||
(1) Capital expenditures exclude assets acquired under capital leases.
|
For the year ended
|
||||||||
Dec 29, 2012
|
Dec 31, 2011
|
|||||||
Revenues
|
$ | 79,094,317 | $ | 80,882,751 | ||||
Decrease in revenues from prior year
|
(2.2 | %) | (0.5 | %) |
For the year ended
|
||||||||
Dec 29, 2012
|
Dec 31, 2011
|
|||||||
Cost of products sold and occupancy costs
|
$ | 48,787,267 | $ | 49,147,010 | ||||
Percentage of revenues
|
61.7 | % | 60.8 | % |
For the year ended
|
||||||||
Dec 29, 2012
|
Dec 31, 2011
|
|||||||
Marketing and sales
|
$ | 24,450,968 | $ | 25,509,559 | ||||
Percentage of revenues
|
30.9 | % | 31.5 | % |
For the year ended
|
||||||||
Dec 29, 2012
|
Dec 31, 2011
|
|||||||
General and administrative
|
$ | 6,619,978 | $ | 6,834,443 | ||||
Percentage of revenues
|
8.4 | % | 8.4 | % |
For the year ended
|
||||||||
Dec 31, 2011
|
Dec 25, 2010
|
|||||||
Revenues
|
$ | 80,882,751 | $ | 81,291,429 | ||||
Increase (decrease) in revenues from prior year
|
(0.5 | %) | 3.4 | % |
For the year ended
|
||||||||
Dec 31, 2011
|
Dec 25, 2010
|
|||||||
Cost of products sold and occupancy costs
|
$ | 49,147,010 | $ | 49,023,399 | ||||
Percentage of revenues
|
60.8 | % | 60.3 | % |
For the year ended
|
||||||||
Dec 31, 2011
|
Dec 25, 2010
|
|||||||
Marketing and sales
|
$ | 25,509,559 | $ | 24,927,511 | ||||
Percentage of revenues
|
31.5 | % | 30.7 | % |
For the year ended
|
||||||||
Dec 31, 2011
|
Dec 25, 2010
|
|||||||
General and administrative
|
$ | 6,834,443 | $ | 6,852,763 | ||||
Percentage of revenues
|
8.4 | % | 8.4 | % |
●
|
purchases of inventory, including purchases under our Supply Agreement with Amscan, as described more fully below;
|
●
|
occupancy expenses of our stores;
|
●
|
employee salaries; and
|
●
|
new and temporary store openings, including acquisitions.
|
●
|
cash from operating activities; and
|
●
|
debt under our Facility with Wells Fargo, as described more fully below.
|
Payments Due By Period
|
||||||||||||||||||||
Within
|
Within
|
|||||||||||||||||||
Within
|
2 - 3 | 4 - 5 |
After
|
|||||||||||||||||
1 Year
|
Years
|
Years
|
5 Years
|
Total
|
||||||||||||||||
Line of credit
|
$ | 5,771,867 | $ | 5,771,867 | ||||||||||||||||
Supply agreement
|
9,720,000 | 9,720,000 | ||||||||||||||||||
Operating leases (including retail space leases)
|
10,280,103 | 16,738,758 | 11,566,528 | 8,301,670 | 46,887,059 | |||||||||||||||
Total contractual obligations
|
$ | 25,771,970 | $ | 16,738,758 | $ | 11,566,528 | $ | 8,301,670 | $ | 62,378,926 |
(a)
|
1. Financial statements:
|
|
For a listing of consolidated financial statements which are included in this document, see page F−1.
|
|
2. Financial Statement Schedules:
|
|
All schedules for which provision is made under Item 15(a)(2) are inapplicable and, therefore, have been omitted.
|
|
3. Exhibits:
|
|
The exhibits listed in the Exhibit Index immediately preceding the exhibits are filed as part of this Annual Report on Form 10-K and are incorporated herein by reference.
|
(b)
|
Exhibits:
|
|
The exhibits listed in the Exhibit Index immediately preceding the exhibits are filed as part of this Annual Report on Form 10-K and are incorporated herein by reference.
|
(c)
|
Financial Statement Schedules:
|
|
Included in Item 15(a)(2) above.
|
iPARTY CORP. | |||
|
By:
|
/s/ SAL PERISANO | |
Sal Perisano | |||
Chairman of the Board and | |||
Chief Executive Officer |
SIGNATURE | TITLE | DATE | ||
/s/ SAL PERISANO
|
Chairman of the Board and
|
March 29, 2013 | ||
Sal Perisano
|
Chief Executive Officer
|
|||
|
(Principal Executive Officer)
|
|||
/s/ DAVID ROBERTSON | Chief Financial Officer | March 29, 2013 | ||
David Robertson | (Principal Financial Officer and Principal | |||
Accounting Officer) | ||||
/s/ DANIEL DEWOLF | Director | March 29, 2013 | ||
Daniel DeWolf | ||||
/s/ FRANK HAYDU | Director | March 29, 2013 | ||
Frank Haydu | ||||
/s/ JOSEPH VASSALLUZZO | Director | March 29, 2013 | ||
Joesph Vassalluzzo | ||||
/s/ MARTIN J. HERNON | Director | March 29, 2013 | ||
Martin J. Hernon | ||||
|
iPARTY CORP.
|
|
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
|
/s/ Ernst & Young LLP | |
Boston, Massachusetts
|
|
March 29, 2013
|
|
IPARTY CORP.
|
||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
Convertible
|
Additional
|
Total
|
||||||||||||||||||||||||||
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
Stockholders'
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||||||||
Balance December 26, 2009
|
1,220,125 | $ | 13,589,491 | 22,798,647 | $ | 22,799 | $ | 52,311,059 | $ | (56,844,765 | ) | $ | 9,078,584 | |||||||||||||||
Issuance of common stock upon conversion of Series B convertible preferred stock
|
(36,250 | ) | (539,400 | ) | 485,606 | 485 | 538,915 | - | - | |||||||||||||||||||
Other Series B Adjustments
|
(1,705 | ) | (25,370 | ) | - | - | 25,370 | - | - | |||||||||||||||||||
Stock based compensation
|
- | - | - | - | 250,423 | - | 250,423 | |||||||||||||||||||||
Exercise of stock options
|
- | - | 1,010,240 | 1,010 | 250,628 | - | 251,638 | |||||||||||||||||||||
Change in fair value of warrants
|
- | - | - | - | (2,442 | ) | - | (2,442 | ) | |||||||||||||||||||
Cumulative effect of warrant reclassification
|
- | - | - | - | (613,651 | ) | 592,818 | (20,833 | ) | |||||||||||||||||||
Net income
|
- | - | - | - | - | 254,449 | 254,449 | |||||||||||||||||||||
Balance December 25, 2010
|
1,182,170 | 13,024,721 | 24,294,493 | 24,294 | 52,760,302 | (55,997,498 | ) | 9,811,819 | ||||||||||||||||||||
Issuance of common stock upon conversion of Series B convertible preferred stock
|
(810 | ) | (12,053 | ) | 10,851 | 11 | 12,042 | - | - | |||||||||||||||||||
Stock based compensation
|
- | - | - | - | 198,478 | - | 198,478 | |||||||||||||||||||||
Exercise of stock options
|
- | - | 103,250 | 104 | 23,999 | - | 24,103 | |||||||||||||||||||||
Change in fair value of warrants
|
- | - | - | - | (7,247 | ) | - | (7,247 | ) | |||||||||||||||||||
Net loss
|
- | - | - | - | - | (1,314,638 | ) | (1,314,638 | ) | |||||||||||||||||||
Balance December 31, 2011
|
1,181,360 | 13,012,668 | 24,408,594 | 24,409 | 52,987,574 | (57,312,136 | ) | 8,712,515 | ||||||||||||||||||||
Issuance of common stock upon conversion of Series B convertible preferred stock
|
(1,750 | ) | (26,040 | ) | 22,610 | 22 | 26,018 | - | - | |||||||||||||||||||
Stock based compensation
|
- | - | - | - | 173,957 | - | 173,957 | |||||||||||||||||||||
Exercise of stock options
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Change in fair value of warrants
|
- | - | - | - | (70 | ) | - | (70 | ) | |||||||||||||||||||
Net loss
|
- | - | - | - | - | (1,536,430 | ) | (1,536,430 | ) | |||||||||||||||||||
Balance December 29, 2012
|
1,179,610 | $ | 12,986,628 | 24,431,204 | $ | 24,431 | $ | 53,187,479 | $ | (58,848,566 | ) | $ | 7,349,972 |
2012
|
2011
|
2010
|
||||||||||
Common shares
|
$ | (1,536,430 | ) | $ | (1,314,638 | ) | $ | 154,126 | ||||
Convertible preferred Series B-F
|
- | - | 100,323 | |||||||||
Net income (loss)
|
$ | (1,536,430 | ) | $ | (1,314,638 | ) | $ | 254,449 | ||||
Net income (loss) per share
|
||||||||||||
Basic
|
$ | (0.06 | ) | $ | (0.05 | ) | $ | 0.01 | ||||
Diluted
|
$ | (0.06 | ) | $ | (0.05 | ) | $ | 0.01 | ||||
Weighted-average shares outstanding:
|
||||||||||||
Common shares - basic
|
24,418,004 | 24,386,220 | 23,170,174 | |||||||||
Common share equivalents of Series B-F convertible preferred stock
|
- | - | 15,081,714 | |||||||||
If - converted weighted-average shares outstanding
|
24,418,004 | 24,386,220 | 38,251,888 | |||||||||
Common share equivalents of "in the money" stock options
|
- | - | 1,029,364 | |||||||||
Common share equivalents of "in the money" warrants
|
- | - | - | |||||||||
Diluted weighted-average shares outstanding
|
24,418,004 | 24,386,220 | 39,281,252 |
2012
|
2011
|
2010
|
||||||||||
Stock Based Compensation Expense
|
$ | 173,957 | $ | 198,478 | $ | 250,423 |
2012
|
2011
|
2010
|
||||||||||
Risk-free interest rate
|
0.98 | % | 0.76 | % | 2.00 | % | ||||||
Expected volatility
|
118.6 | % | 114.2 | % | 109.2 | % | ||||||
Weighted average expected life (in years)
|
5.70 | 5.27 | 6.00 | |||||||||
Expected dividends
|
0.00 | % | 0.00 | % | 0.00 | % |
Asset Classification
|
Estimated Useful Life
|
|
Leasehold improvements
|
Lesser of term of lease or 10 years
|
|
Furniture and fixtures
|
7 years
|
|
Equipment
|
5 years
|
|
Computer hardware and software
|
3 years
|
Dec 29, 2012
|
Dec 31, 2011
|
|||||||
Non-compete agreement
|
$ | 2,358,540 | $ | 2,358,540 | ||||
Lease valuation
|
944,716 | 944,716 | ||||||
Other
|
157,855 | 157,855 | ||||||
Intangible assets
|
3,461,111 | 3,461,111 | ||||||
Less: accumulated amortization
|
(3,133,782 | ) | (2,834,211 | ) | ||||
Intangible assets, net
|
$ | 327,329 | $ | 626,900 |
Year
|
Amount
|
|||
2013
|
204,566 | |||
2014
|
55,653 | |||
2015
|
33,555 | |||
2016
|
33,555 | |||
Total
|
$ | 327,329 |
Dec 29, 2012
|
Dec 31, 2011
|
|||||||
Leasehold improvements
|
$ | 4,733,569 | $ | 4,257,533 | ||||
Furniture and fixtures
|
3,706,029 | 3,438,953 | ||||||
Equipment under capital leases
|
1,270,794 | 1,308,665 | ||||||
Computer hardware and software
|
2,714,950 | 2,480,328 | ||||||
Equipment
|
806,116 | 757,579 | ||||||
Property and equipment
|
13,231,458 | 12,243,058 | ||||||
Less accumulated depreciation
|
(10,537,467 | ) | (9,578,972 | ) | ||||
Property and equipment, net
|
$ | 2,693,991 | $ | 2,664,086 |
Year
|
Operating
|
|||
2013
|
$ | 10,280,103 | ||
2014
|
9,097,165 | |||
2015
|
7,641,594 | |||
2016
|
6,259,384 | |||
2017
|
5,307,144 | |||
Thereafter
|
8,301,669 | |||
Total future minimum lease payments
|
$ | 46,887,059 |
2012
|
2011
|
2010
|
||||||||||
Federal statutory rate
|
34.0 | % | 34.0 | % | 34.0 | % | ||||||
State income taxes, net of federal benefit
|
-9.4 | % | 1.5 | % | 25.8 | % | ||||||
Permanent differences
|
-6.9 | % | -5.7 | % | 33.8 | % | ||||||
Charge for valuation allowance
|
-79.6 | % | -4.6 | % | -52.7 | % | ||||||
Net operating loss deduction and other
|
0.0 | % | -26.7 | % | -41.9 | % | ||||||
Effective tax rate
|
-61.9 | % | -1.5 | % | -1.0 | % |
2012
|
2011
|
|||||||
Net operating loss carryforwards
|
$ | 5,534,750 | $ | 5,669,978 | ||||
Inventory
|
887,618 | 534,002 | ||||||
Deferred rent
|
591,488 | 590,413 | ||||||
Accrued compensation
|
68,779 | 70,840 | ||||||
Alternative minimum credit carryforward
|
25,101 | |||||||
Accrued expenses
|
- | 1,468 | ||||||
Intangible assets
|
692,403 | 665,410 | ||||||
Deferred compensation
|
64,277 | 55,737 | ||||||
Charitable contribution carryforward
|
4,315 | - | ||||||
Gift cards and store credits
|
68,409 | 60,634 | ||||||
Property and equipment
|
959,481 | 732,295 | ||||||
Total deferred tax asset
|
8,896,621 | 8,380,777 | ||||||
Less valuation allowance
|
(8,896,621 | ) | (7,793,174 | ) | ||||
Net deferred tax asset
|
$ | - | $ | 587,603 |
Year Ended
|
||||||||||||
Dec 29, 2012
|
Dec 31, 2011
|
Dec 25, 2010
|
||||||||||
Current:
|
||||||||||||
Federal
|
$ | - | $ | 6,057 | $ | 19,224 | ||||||
State
|
147 | 29,372 | 134,993 | |||||||||
Total current tax expense
|
147 | 35,429 | 154,217 | |||||||||
Deferred
|
||||||||||||
Federal
|
(412,258 | ) | (352,548 | ) | 161,393 | |||||||
State
|
(103,587 | ) | (100,803 | ) | (64,799 | ) | ||||||
Total deferred tax expense
|
(515,845 | ) | (453,351 | ) | 96,594 | |||||||
Increase (decrease) in valuation allowance
|
1,103,448 | 437,265 | (253,424 | ) | ||||||||
Net deferred tax expense (benefit)
|
587,603 | (16,086 | ) | (156,830 | ) | |||||||
Total income taxes (benefit)
|
$ | 587,750 | $ | 19,343 | $ | (2,613 | ) |
Shares
|
Shares
|
Shares
|
||||||||||||||||||
Issued
|
Conversions
|
Issued
|
Conversions
|
Issued
|
||||||||||||||||
and
|
to
|
and
|
to
|
and
|
||||||||||||||||
Outstanding
|
Common
|
Outstanding
|
Common
|
Outstanding
|
||||||||||||||||
as of 12/29/12
|
Stock
|
as of 12/31/11
|
Stock
|
as of 12/25/10
|
||||||||||||||||
Series B convertible preferred stock
|
418,658 | (1,750 | ) | 420,408 | (810 | ) | 421,218 | |||||||||||||
Series C convertible preferred stock
|
100,000 | - | 100,000 | - | 100,000 | |||||||||||||||
Series D convertible preferred stock
|
250,000 | - | 250,000 | - | 250,000 | |||||||||||||||
Series E convertible preferred stock
|
296,666 | - | 296,666 | - | 296,666 | |||||||||||||||
Series F convertible preferred stock
|
114,286 | - | 114,286 | - | 114,286 | |||||||||||||||
Total
|
1,179,610 | (1,750 | ) | 1,181,360 | (810 | ) | 1,182,170 |
Shares
Issuable
|
Exercise Price
|
Expiration Date
|
|||||
100,000 | $ |
1.50
|
02/28/13
|
Number of
|
|||||||||||||||||
Shares of
|
Weighted
|
||||||||||||||||
Common Stock
|
Average
|
||||||||||||||||
Underlying
|
Exercise
|
Price
|
|||||||||||||||
Stock Options
|
Price
|
Range
|
|||||||||||||||
Outstanding - December 31, 2011
|
7,542,459 | $ | 0.41 | $ | 0.07 | - | $ | 1.33 | |||||||||
Granted
|
753,400 | 0.15 | 0.14 | - | 0.20 | ||||||||||||
Expired/Forfeited
|
(664,114 | ) | 0.33 | 0.21 | - | 1.06 | |||||||||||
Exercised
|
- | - | - | - | - | ||||||||||||
Outstanding - December 29, 2012
|
7,631,745 | 0.39 | 0.07 | - | 1.33 | ||||||||||||
Exercisable - December 29, 2012
|
6,627,301 | $ | 0.42 | $ | 0.07 | - | $ | 1.33 | |||||||||
Available for grant - December 29, 2012
|
1,819,504 |
Outstanding
|
Exercisable
|
|||||||||||||||||||||||||||
Number of
|
Weighted
|
|||||||||||||||||||||||||||
Shares of
|
Average
|
Weighted
|
Number
|
Weighted
|
||||||||||||||||||||||||
Common Stock
|
Remaining
|
Average
|
of
|
Average
|
||||||||||||||||||||||||
Underlying
|
Life
|
Exercise
|
Stock
|
Exercise
|
||||||||||||||||||||||||
Price Range
|
Stock Options
|
(Years)
|
Price
|
Options
|
Price
|
|||||||||||||||||||||||
$ | 0.07 | - | $ | 0.20 | 2,038,760 | 7.32 | $ | 0.12 | 1,500,813 | $ | 0.11 | |||||||||||||||||
0.21 | - | 0.30 | 2,157,507 | 4.95 | 0.28 | 1,737,927 | 0.28 | |||||||||||||||||||||
0.31 | - | 0.50 | 1,640,570 | 4.36 | 0.42 | 1,593,653 | 0.42 | |||||||||||||||||||||
0.51 | - | 1.00 | 1,761,908 | 1.58 | 0.81 | 1,761,908 | 0.81 | |||||||||||||||||||||
$ | 1.01 | - | $ | 1.33 | 33,000 | 0.99 | 1.13 | 33,000 | 1.13 | |||||||||||||||||||
Total
|
7,631,745 | 4.66 | $ | 0.39 | 6,627,301 | $ | 0.42 |
Mar 31, 2012
|
Jun 30, 2012
|
Sep 29, 2012
|
Dec 29, 2012
|
|||||||||||||
Revenues
|
$ | 15,753,745 | $ | 19,562,979 | $ | 16,888,248 | $ | 26,889,345 | ||||||||
Cost of products sold and occupancy costs
1, 2
|
10,026,180 | 12,052,375 | 11,004,882 | 15,703,830 | ||||||||||||
Operating income (loss)
|
(1,185,720 | ) | 124,225 | (2,115,279 | ) | 2,412,878 | ||||||||||
Net income (loss)
|
(1,235,266 | ) | 81,153 | (2,163,455 | ) | 1,781,138 | ||||||||||
Net income (loss) per share
|
||||||||||||||||
Basic
|
$ | (0.05 | ) | $ | 0.00 | $ | (0.09 | ) | $ | 0.05 | ||||||
Diluted
|
$ | (0.05 | ) | $ | 0.00 | $ | (0.09 | ) | $ | 0.05 | ||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Basic
|
24,408,594 | 38,930,281 | 24,414,432 | 38,930,285 | ||||||||||||
Diluted
|
24,408,594 | 39,422,446 | 24,414,432 | 39,388,444 | ||||||||||||
Mar 26, 2011
|
Jun 25, 2011
|
Sep 24, 2011
|
Dec 31, 2011
4
|
|||||||||||||
Revenues
|
$ | 15,092,128 | $ | 19,617,207 | $ | 16,462,631 | $ | 29,710,785 | ||||||||
Cost of products sold and occupancy costs
1, 3
|
9,600,871 | 11,819,894 | 10,813,669 | 16,912,576 | ||||||||||||
Operating income (loss)
|
(1,428,686 | ) | 110,693 | (2,741,645 | ) | 3,052,626 | ||||||||||
Net income (loss)
|
(1,510,911 | ) | 43,253 | (2,830,663 | ) | 2,983,683 | ||||||||||
Net income (loss) per share
|
||||||||||||||||
Basic
|
$ | (0.06 | ) | $ | 0.00 | $ | (0.12 | ) | $ | 0.08 | ||||||
Diluted
|
$ | (0.06 | ) | $ | 0.00 | $ | (0.12 | ) | $ | 0.08 | ||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Basic
|
24,319,464 | 39,315,795 | 24,408,594 | 38,930,281 | ||||||||||||
Diluted
|
24,319,464 | 39,919,425 | 24,408,594 | 39,201,487 | ||||||||||||
1
Cost of products sold consists of the cost of merchandise sold to customers and the occupancy costs for stores.
|
||||||||||||||||
2
The fourth quarter of 2012 included an estimated reduction of $42,111 to the cost of products sold during the previous three quarters due to the completion of physical inventories, for which shortage had been estimated during the year.
|
||||||||||||||||
3
The fourth quarter of 2011 included an estimated reduction of $92,908 to the cost of products sold during the previous three quarters due to the completion of physical inventories, for which shortage had been estimated during the year.
|
||||||||||||||||
4
The fourth quarter of 2011 consisted of 14 weeks compared to 13 weeks for the fourth quarter of 2012.
|
Incorporated by Reference
|
|||||
Exhibit
Number
|
Exhibit Description
|
Form and
Registration or
Commission No.
|
Exhibit
|
Filing Date
|
Filed
Here-
with (X)
|
2.1
|
Agreement and Plan of Merger, dated March 1, 2013 by and among iParty Corp., Party City Holdings Inc. and Confetti Merger Sub, Inc.+
|
8-K (1-15611)
|
2.1
|
3/1/2013
|
|
2.2
|
Form of Voting Agreement dated March 1, 2013 between Party City Holdings, Inc. and certain stockholders
|
8-K (1-15611)
|
2.2
|
3/1/2013
|
|
3.1
|
Restated Certificate of Incorporation of WSI Acquisition Corp. and Certificate of Merger by iParty Corp. into WSI Acquisition Corp.
|
10-SB (0-25507)
|
3.1
|
3/8/1999
|
|
3.2
|
Certificate of Designation of Series A Preferred Stock of WSI Acquisitions, Corp.
|
10-SB (0-25507)
|
4
|
3/8/1999
|
|
3.3
|
Certificate of Designation of Series B Preferred Stock of iParty Corp.
|
10-SB (0-25507)
|
4.1
|
10/19/1999
|
|
3.4
|
Certificate of Designation of Series C Preferred Stock of iParty Corp.
|
10-SB (0-25507)
|
4.2
|
10/19/1999
|
|
3.5
|
Certificate of Designation of Series D Preferred Stock of iParty Corp.
|
10-KSB (0-25507)
|
4.3
|
4/14/2000
|
|
3.6
|
Certificate of Designation of Series E Preferred Stock of iParty Corp.
|
8-K (1-15611)
|
4.1
|
8/30/2000
|
|
3.7
|
Certificate of Correction to Certificate of Designation of Series E Preferred Stock of iParty Corp.
|
10-KSB (1-15611)
|
3.7
|
3/28/2003
|
|
3.8
|
Certificate of Designation of Series F Preferred Stock of iParty Corp.
|
8-K (1-15611)
|
4.1
|
9/15/2000
|
|
3.9
|
Certificate of Designation of Series G Junior Preferred Stock of iParty Corp.
|
8-K (1-15611)
|
99.2 (Exhibit C)
|
11/16/2001
|
|
3.10
|
Certificate of Designation of Series H Junior Preferred Stock of iParty Corp.
|
8-K (1-15611)
|
4.1 (Exhibit C)
|
10/11/2011
|
|
3.11
|
Amended and Restated By-Laws of iParty Corp.
|
8-K (1-15611)
|
3.1
|
12/10/2007
|
4.1
|
Rights Agreement, dated as of October 7, 2011, between iParty Corp. and Continental Stock Transfer & Trust Company
|
8-K (1-15611)
|
4.1
|
10/11/2011
|
Incorporated by Reference
|
|||||
Exhibit
Number
|
Exhibit Description
|
Form and
Registration or
Commission No.
|
Exhibit
|
Filing Date
|
Filed
Here-
with (X
)
|
4.2
|
Amendment No. 1 dated March 1, 2013 to the Rights Agreement dated October 7, 2011 by and between iParty Corp. and Continental Stock Transfer & Trust Company
|
8-K (1-15611)
|
4.1
|
3/1/2013
|
|
10.1
|
Agreement and Plan of Merger between iParty Corp and WSI Acquisition Corp
|
10-SB (0-25507)
|
10.1
|
3/8/1999
|
|
10.2
|
Amended and Restated 1998 Incentive and Non-Qualified Stock Option Plan
|
10-KSB (1-15611)
|
10.3
|
3/28/2003
|
|
10.3
|
Form of Non-qualified Stock Option Agreement *
|
10-K (1-15611)
|
10.4
|
3/30/2006
|
|
10.4
|
Form of Incentive Stock Option Agreement *
|
10-K (1-15611)
|
10.5
|
3/30/2006
|
10.5
|
Form of Stock Option Agreement granted to Messrs. DeWolf, Haydu, Schindler, and Vassalluzzo *
|
8-K (1-15611)
|
10.2
|
3/30/2006
|
|
10.6
|
Compensation Arrangements dated June 2, 2010 with Messrs. DeWolf, Haydu, Schindler and Vassalluzzo.*
|
10-Q (1-15611)
|
10.1
|
8/9/2010
|
|
10.7
|
Compensation Arrangements dated June 10, 2011 with Messrs. DeWolf, Haydu, and Vassalluzzo *
|
10-Q (1-15611)
|
10.1
|
8/9/2011
|
|
10.8
|
Written Summary of Renewed One-Year Part-time Consulting Arrangement with Joseph Vassalluzzo dated June 2, 2010 *
|
10-Q (1-15611)
|
10.2
|
8/9/2010
|
|
10.9
|
Written Summary of Renewed One-Year Part-time Consulting Arrangement with Joseph Vassalluzzo dated June 10, 2011 *
|
10-Q (1-15611)
|
10.2
|
8/9/2011
|
|
10.10
|
Supply Agreement with Amscan Inc., dated August 7, 2006
|
8-K (1-15611)
|
10.1
|
8/7/2006
|
|
10.11
|
Second Amendment to Supply Agreement with Amscan Inc., dated December 30, 2010
|
10-K (1-15611)
|
10.13
|
3/24/2011
|
|
10.12
|
Asset Purchase Agreement with Party City Corporation, dated August 7, 2006
|
8-K (1-15611)
|
10.2
|
8/7/2006
|
|
10.13
|
Transfer Agreement by and between Party City Corporation and iParty Corp and iParty Retail Stores Corp. dated December 30, 2010
|
10-K (1-15611)
|
10.15
|
3/24/2011
|
|
Incorporated by Reference
|
|||||
Exhibit
Number
|
Exhibit Description
|
Form and
Registration or
Commission No.
|
Exhibit
|
Filing Date
|
Filed
Here-
with (X)
|
10.14
|
Securities Purchase Agreement with Highbridge International LLC, dated September 15, 2006
|
8-K (1-15611)
|
10.1
|
9/18/2006
|
|
10.15
|
Amendment Agreement between iParty Corp. and Highbridge International LLC, dated January 9, 2007
|
8-K(1-15611)
|
10.1
|
1/10/2007
|
|
10.16
|
Senior Subordinated Note with Highbridge International LLC, dated September 15, 2006
|
8-K (1-15611)
|
10.2
|
9/18/2006
|
10.17
|
Warrant to Purchase Common Stock with Highbridge International LLC, issued September 15, 2006, as amended January 9, 2007
|
8-K (1-15611)
|
10.2
|
1/10/2007
|
|
10.18
|
Registration Rights Agreement with Highbridge International LLC, dated September 15, 2006
|
8-K (1-15611)
|
10.4
|
9/18/2006
|
|
10.19
|
Subordinated Promissory Note of iParty Corp., dated October 24, 2006
|
8-K (1-15611)
|
10.1
|
10/25/2006
|
|
10.20
|
Stock Purchase Agreement by and among iParty Corp., Ajmal Khan and Robert Lessin
|
8-K (1-15611)
|
2.4
|
8/30/2000
|
|
10.21
|
Stock Purchase Agreement between iParty Corp. and Patriot Capital Ltd
|
8-K (1-15611)
|
2.1
|
9/15/2000
|
|
10.22
|
Funding Agreement among iParty Corp., Robert Lessin and Ajmal Khan
|
10-SB (0-25507)
|
10.15
|
7/12/1999
|
|
10.23
|
Asset Purchase Agreement by and among Party City of Warwick, Inc. and Party City of Lincoln, LLC, as Sellers, and iParty Corp. and iParty Retail Stores Corp., as Buyers, dated as of August 15, 2007
|
8-K (1-15611)
|
10.1
|
8/16/2007
|
|
10.24
|
Letter Agreement between iParty Corp. and David E. Robertson, dated March 22, 2007 *
|
8-K (1-15611)
|
10.3
|
3/26/2007
|
|
10.25
|
First Amendment dated December 30, 2008 to Letter Agreement dated March
22, 2007 by and between iParty Corp. and David E. Robertson *
|
8-K (1-15611)
|
10.3
|
1/5/2009
|
|
10.26
|
2009 Stock Incentive Plan *
|
Def 14A (1-15611)
|
Exhibit A
|
4/24/2009
|
|
10.27
|
Form of Director Stock Option Agreement for 2009 Stock Incentive Plan *
|
10-Q (1-15611)
|
10.3
|
8/6/2009
|
|
10.28
|
Form of Incentive Stock Option Agreement for 2009 Stock Incentive Plan *
|
10-Q (1-15611)
|
10.4
|
8/6/2009
|
Incorporated by Reference
|
|||||
Exhibit
Number
|
Exhibit Description
|
Form and
Registration or
Commission No.
|
Exhibit
|
Filing Date
|
Filed
Here-
with (X)
|
10.29
|
Second Amended and Restated Credit Agreement among iParty Corp. and its wholly owned subsidiary iParty Retail Stores Corp., as borrowers, and Wells Fargo Retail Finance, LLC, as Administrative Agent, Swing Line Lender and Lender, dated July 1, 2009 #
|
8-K/A (1-15611)
|
10.1
|
3/8/2011
|
10.30
|
First Amendment dated October 14, 2011 to Second Amended and Restated Credit Agreement among iParty Corp. and iParty Retail Stores Corp., as borrowers, and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent
|
8-K(1-15611)
|
10-1
|
10/19/2011
|
|
10.31
|
Employment Agreement between Sal Perisano and iParty Corp. dated April 1, 2010 *
|
8-K (1-15611)
|
10.1
|
4/2/2010
|
|
10.32
|
Employment Agreement between Dorice Dionne and iParty Corp. dated April 1, 2010 *
|
8-K (1-15611)
|
10.2
|
4/2/2010
|
|
10.33
|
Written Summary of Executive Incentive Compensation for Named Executive Officers *
|
10-Q (1-15611)
|
10.1
|
5/10/2010
|
|
10.34
|
Second Amendment dated August 8, 2011 to Letter Agreement dated March 22, 2007, as amended, by and between iParty Corp. and David E. Robertson*
|
10-Q (1-15611)
|
10.1
|
11/8/2011
|
|
10.35
|
Compensation Arrangements dated June 6, 2012 with Messrs. DeWolf, Haydu, and Vassalluzzo *
|
10-Q (1-15611)
|
10.1
|
8/13/2012
|
10.36
|
Written Summary of Renewed One-Year Part-time Consulting Arrangement with Joseph Vassalluzzo dated June 6, 2012 *
|
10-Q (1-15611)
|
10.2
|
8/13/2012
|
|
10.37
|
Second Amendment dated February 28, 2013 to Second Amended and Restated Credit Agreement among iParty Corp. and iParty Retail Stores Corp., as borrowers, and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent
|
8-K (1-15611)
|
10.1
|
3/1/2013
|
|
21.1
|
Subsidiary of Registrant
|
X
|
|||
23.1
|
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm
|
X
|
|||
Incorporated by Reference
|
|||||
Exhibit
Number
|
Exhibit Description
|
Form and
Registration or
Commission No.
|
Exhibit
|
Filing Date
|
Filed
Here-
with (X)
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act
|
X
|
|||
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act
|
X
|
|||
32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of Sarbanes-Oxley Act
|
X
|
|||
32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act
|
X
|
|||
101.INS
|
XBRL Instance Document**
|
X
|
|||
101.SCH
|
XBRL Taxonomy Extension Schema Document**
|
X
|
|||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document**
|
X
|
|||
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document
|
X | |||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document**
|
X
|
|||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document**
|
X
|
1 Year Iparty Chart |
1 Month Iparty Chart |
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