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Factory Card Q2 Disappoints

NAPERVILLE, IL-Factory Card & Party Outlet Corp. posts a 50% loss in net income during its second quarter.

By Dana Dubriwny | Updated on September 13, 2005

NAPERVILLE, IL-Due to the launch of a new greeting card program, Factory Card & Party Outlet Corp. experienced a 50% loss in net income compared to the same period a year earlier. For the quarter ended July 30, net income for the second quarter of 2005 was $1 million, or 30 cents per diluted share, compared to $2 million, or 56 cents per fully diluted share in 2004.

Same-store sales for the first quarter also fell by 0.5%, while net sales increased 1.2% to $62.9 million compared with $62.2 million in the second quarter of last year.

During the company’s second quarter earnings call Tuesday, Gary W. Rada, president and CEO, attributed positive sales trends to an improvement in the greeting card and graduation categories. In the coming months, Rada said the company is looking to take advantage of the Halloween season, adding 150 more costumes to its inventory and offering more through its web store.

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