iParty Enters into Two-Year Sponsorship Agreement with the Boston Red Sox
Thursday March 31, 7:30 am ET New England's Largest Party Retailer Now the Red Sox' ''Official Party Supply Store''
BOSTON--(BUSINESS WIRE)--March 31, 2005--The Boston Red Sox and iParty today announced a two-year sponsorship agreement whereby the region's pre-eminent party retailer will become the "official party supply store" of the World Champion Boston Red Sox. The announcement was made by Red Sox Chief Operating Officer Mike Dee and iParty CEO Sal Perisano. Says Perisano, "iParty is proud to be in business with The Boston Red Sox. Since our stores dominate the primary trade area of the Red Sox and since we are all in the business of celebration, we see this as a perfect match." "As we accelerate the growth of our company, a visible sponsorship such as this broadens our reach to now include the husbands and children of those moms we've been targeting in our advertising," Perisano added.
Under the agreement, iParty will become the presenting sponsor of the Red Sox' Fenway Park Birthday Program. This program allows birthday celebrants (and their families/friends) to purchase a limited amount of ticket packages for a game at Fenway as well as to receive food and beverage for everyone in the party. iParty will add a complimentary gift for each participant as well. A happy birthday wish for the celebrants, sponsored by iParty, will be delivered on the main electronic scoreboard.
As part of the agreement, iParty will run several other Red Sox related promotions in its stores and construct an iParty Zone on designated home game dates throughout the season. All promotions will be supported by announcements on Red Sox television and radio broadcasts. iParty will also have a full page ad in all Red Sox program books over the two year period.
+++++++++INVESTMENT HIGHLIGHTS:
* Last month IPT reported record revenues of $23.7 Million and record net income of $2.7 Million for 4Q 2004. Fully-diluted market cap is only $24 Million.
* IPT has grown revenues and net income each of the last 4 years.
* IPT has posted a net profit each of the last two years.
* IPT is growing its store number at an average 18%/year.
* IPT's gross margins are among the highest in the sector consistently over 40%.
* IPT pays for new stores with its own cash and a line of credit. NO DILUTION.
* Insiders own 60% of the company. Low Float.
* IPT is Undervalued....trading at P/S of 0.15. Competitor BDAY is trading at P/S of 2.4.
Another way to look at IPT's phenomenal growth rate is to look at some of its statistics:
Projected Stores at the end of 2005 = 52...... Projected 2005 revenues of over $70 million!!!
According to Monster com, iParty is hiring heavily for new and existing stores. iParty's employment ads in Monster state:
.."... With aggressive plans underway to essentially double our size and our annual sales of $57 million over the next 5 years, we are inviting motivated management professionals to share in our explosive growth!...."
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