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Factory Card Narrows Q4 Loss

NAPERVILLE, IL-The party supplies retailer reports a fourth-quarter net loss of $1.2 million, versus a net loss of $3 million a year ago.

By Dana Dubriwny | Updated on April 18, 2006

NAPERVILLE, IL-Greeting card and party supplies retailer Factory Card & Party Outlet Corp. on Tuesday reported its fourth-quarter and yearend results. During the fourth quarter, net sales were $58.3 million compared with $57.3 million a year ago. Year-over-year same-store sales for the quarter declined 0.7%, while the company posted a net loss of $1.2 million, or 38 cents per share, versus a loss of $3 million, or 98 cents per share for the same period last year.

For the 2005 fiscal year, net sales increased 1.3% to $233.1 million, compared with $230.1 million a year ago, and comparable store net sales decreased 1.1% from the prior year. The company reported a net loss for the 2005 of $1 million or 33 cents per share, versus a net loss of $200,000, or 7 cents per share for the same year-ago period. Notably, in 2004 the company took a $4.4-million pre-tax charge relating to the roll-out of its new greeting card program.

Despite the disappointing quarter, Gary W. Rada, president and chief executive officer, assured analysts that the company has made progress in enhancing merchandise margins, reducing inventory investment and improving store-level operations. “Management and the board of directors are committed to improving performance and are addressing the issues that penalized earnings during the recent year,” he further stated in a release announcing the company’s fourth-quarter and yearend results.

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