8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) May 6, 2003

PARTY CITY CORPORATION

(Exact name of registrant as specified in its chapter)

Delaware
(State or other jurisdiction
of incorporation) 0-27826
(Commission File Number) 22-3033692
(IRS Employer
Identification No.)

400 Commons Way, Rockaway, NJ
(Address of principal executive offices)  07866
(Zip Code)

Registrant’s telephone number, including area code (973) 983-0888

TABLE OF CONTENTS

	Item 5. Other Events.
	Item 7. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99.1 PRESS RELEASE

Item 5. Other Events.

     On May 6, 2003, Party City Corporation (the “Company”) announced its operating results for the third fiscal quarter ended March 29, 2003.

     A copy of the press release issued by the Company announcing the foregoing is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7. Financial Statements and Exhibits.

(a)	Financial statements of businesses acquired: None
(b)	Pro forma financial information: None
(c)	Exhibits:

99.1 Press Release issued by Party City Corporation, dated May 6, 2003, regarding third quarter results.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PARTY CITY CORPORATION
	By:	/s/ Linda M. Siluk
	Name:	Linda M. Siluk
	Title:	Chief Financial Officer
Date: May 9, 2003

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press Release issued by Party City Corporation, dated May 6, 2003, regarding third quarter results.

EX-99.1 3 y86368exv99w1.htm EX-99.1 PRESS RELEASE

NEWS RELEASE

	Contact:	Linda M. Siluk
		Chief Financial Officer
		(973) 983-0888 Ext. 492
FOR IMMEDIATE RELEASE	Investors:	Cara O’Brien/Athan Dounis
	Media:	Stephanie Sampiere
		FD Morgen-Walke
		(212) 850-5600

PARTY CITY CORPORATION REPORTS THIRD QUARTER AND NINE MONTH RESULTS

     Rockaway, New Jersey, May 6, 2003 – Party City Corporation (Nasdaq: PCTY), America’s largest party goods chain, today announced its operating results for the third quarter and nine months ended March 29, 2003.

     Third Quarter Results

     Net sales for Company-owned stores increased 11.1% to $95.8 million from $86.3 million in the third quarter of fiscal 2002. Same-store sales for Company-owned stores decreased 2.4% as compared with an increase of 13.5% for the same period last year. The Company’s third quarter sales performance was impacted by a shift of Easter business into the fourth quarter of fiscal 2003 versus the third quarter last year. Approximately $4.0 million of sales can be attributed to this calendar shift. During the quarter, the Company opened three new stores, bringing the total number of Company-owned stores with less than one full year of operations to 42, or 17% of the total Company-owned store base. On a comparable basis, stores with less than one year of operation in the prior year represented approximately 3% of the store base.

     Results for the fiscal 2003 third quarter included an after tax charge of $300,000, or $0.02 per diluted share, related to increased insurance expenses. The recent quarter’s profitability also reflected the larger number of new locations in the store mix and the shift in the Easter holiday. After reflecting these elements, the net loss for the quarter was $1.8 million, or $0.11 per share. This compared to a net loss of $96,000, or $0.01 per share in the third quarter last year.

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     Gross margin was 26.8% compared with 29.5% in the same period last year. This decrease in gross margin percent is due to a higher occupancy cost ratio for new stores, increased insurance expenses related to existing stores, and the shift of the Easter business to the fourth quarter. Store operating and selling expense as a percentage of net sales was 24.2% versus 23.2% in the comparable period due mainly to start-up costs and increased advertising expense associated with stores in their first year of operation. General and administrative expense was 7.5% compared with 7.8% in the same period last year.

     Net interest expense for the quarter decreased to approximately $208,000 as compared with $1.1 million for the same period last year. This was primarily due to the Company’s previously announced repurchase of outstanding senior notes in the second quarter of fiscal 2003 that had an effective interest rate of 29%.

     Management Perspective

     Ms. Nancy Pedot, Acting Chief Executive Officer, commented, “Upon assuming the Acting CEO role on April 11th, I initiated a comprehensive evaluation of the Company’s operations and business strategies. While our evaluation is far from complete, it is already clear that strengthening sales and merchandising, and improving business processes, must rank among our top priorities. At the same time, I have a renewed appreciation of the strength of the Party City concept, the value of our brand, and the potential of our store base. We have much work to do, but we are encouraged by the increase in pre-tax contribution from our established stores in the low double-digits, and believe that the majority of our newer stores are positioned to contribute to profitability within the next 12-18 months.”

     Ms. Pedot added, “Looking ahead to the final quarter of this fiscal year, we believe we will see flat to low single-digit comparable store sales growth. However, in view of the weakness of the economy, the transition within our organization, and our desire to have the operational flexibility to focus on the long-term prospects for Party City rather than short-term results, we feel it is prudent to withdraw our previously issued earnings guidance for fiscal 2003.”

     Year to Date Results

     For the nine months ended March 29, 2003 net sales for Company-owned stores increased 12.8% to $348.6 million from $309.0 million in the same period last year. Same-store sales for Company-owned stores increased 1.1% as compared with 5.8% for the same period last year.

     Net income for the nine-month period was $11.5 million, or $0.58 per diluted share, compared to $13.1 million, or $0.69 per diluted share in the first nine months of fiscal 2002. These results included an after tax charge of $1.3 million, or $0.07 per diluted share, related to debt retirement, as well as unusual expenses of $0.6 million, or $0.03 per diluted share, associated with the Company’s new logistics initiative and professional fees related to the implementation of a new information system.

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     Gross margin was 33.9% as compared with 34.5% in the prior year period. This gross margin percentage decline is primarily attributable to the performance of the third quarter related to the Easter shift and insurance expenses. Store operating and selling expense as a percentage of net sales was 23.3% versus 22.6% in the same period last year. General and administrative expense was 6.6% of net sales as compared with 6.3% in the comparable period of the prior fiscal year reflecting unusual expenses associated with the Company’s new logistics initiative and professional fees related to the implementation of a new information system. Net interest expense was $3.9 million compared with $4.5 million for the same period last year due primarily to the previously announced repurchase of outstanding senior notes.

     Franchise Results

     Same-store sales for the quarter for franchise stores increased 1.7% as compared with 9.7% for the same period last year. Same-store sales for the nine-month period for franchise stores increased 3.3% as compared with 4.3% for the same period last year. Sales performance in franchise stores was impacted by the Easter shift as well.

     The Company will hold a conference call May 6, 2003, at 10:00 AM Eastern Time to discuss its third quarter results. The conference call will be simultaneously broadcast live over the Internet at www.partycity.com. An on-line archive will be available on the Company’s website until May 20, 2003. Additionally, a taped replay of the call will be available until 12:00 p.m. on May 8, 2003. The replay can be accessed by dialing 800-945-1517.

     Party City Corporation is America’s largest party goods chain and currently operates 241 Company-owned stores and 241 franchise stores. To learn more about the Company, visit the Company’s web site at

http://www.partycity.com.

     Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from forecasted results. Those risks include, among other things, the competitive environment in the party goods industry in general and in the Company’s specific market areas, inflation, changes in costs of goods and services and economic conditions in general. The impact of any unusual items resulting from ongoing evaluations on the Company’s business strategies could cause actual results to differ. Those and other risks are more fully described in the Company’s filings with the Securities and Exchange Commission.

(Tables to Follow)

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PARTY CITY CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share data)
(Unaudited)

		Quarter ended						Nine-months ended
		March 29,			March 30,			March 29,		March 30,
		2003			2002			2003		2002
Statement of Earnings Data
Total revenue		$	99,533		$	90,104		$	362,730	$	322,600
Company-owned stores:
	Net sales	$	95,846		$	86,252		$	348,618	$	309,026
	Cost of goods sold and occupancy costs		70,164			60,816			230,563		202,411
	Gross profit		25,682			25,436			118,055		106,615
	Store operating and selling expense		23,196			20,031			81,182		69,724
	Company-owned stores profit contribution		2,486			5,405			36,873		36,891
General and administrative expense			7,223			6,707			22,928		19,409
Retail (loss) profit contribution			(4,737	)		(1,302	)		13,945		17,482
Franchise stores:
	Royalty fees		3,607			3,652			13,757		13,031
	Franchise fees		80			200			355		543
	Total franchise revenues		3,687			3,852			14,112		13,574
	Total franchise expense		1,755			1,612			4,963		4,826
	Franchise profit contribution		1,932			2,240			9,149		8,748
(Loss) income before interest and income taxes			(2,805	)		938			23,094		26,230
Interest expense, net			208			1,099			3,917		4,508
(Loss) income before income taxes			(3,013	)		(161	)		19,177		21,722
(Benefit) provision for income taxes			(1,205	)		(65	)		7,671		8,665
Net (loss) income			($1,808	)		($96	)	$	11,506	$	13,057
Basic (loss) earnings per share			($0.11	)		($0.01	)	$	0.69	$	1.01
Diluted (loss) earnings per share			($0.11	)		($0.01	)	$	0.58	$	0.69
Weighted average shares outstanding – Basic			16,653			12,982			16,617		12,909
Weighted average shares outstanding – Diluted			16,653			12,982			19,757		18,972

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PARTY CITY CORPORATION AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except share amounts)

				March 29, 2003			March 30, 2002			June 29, 2002
				(Unaudited)			(Unaudited)			(1)
ASSETS
Current assets:
	Cash and cash equivalents			$	3,036		$	7,455		$	3,467
	Merchandise inventory				76,156			60,952			55,867
	Deferred income taxes				6,957			5,031			5,827
	Other current assets				13,862			13,349			11,789
		Total current assets			100,011			86,787			76,950
Property and equipment, net					53,432			46,024			49,356
Goodwill					19,172			14,206			18,016
Other assets					4,152			5,901			4,732
			Total assets	$	176,767		$	152,918		$	149,054
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Accounts payable			$	48,913		$	40,846		$	35,499
	Accrued expenses and other current liabilities				21,139			23,191			26,744
	Advances under Loan Agreement				18,637			—			—
	Senior Notes, current portion				—			7,655			—
		Total current liabilities			88,689			71,692			62,243
Deferred rent and other long-term liabilities					10,759			9,725			10,297
Senior Notes					—			8,759			8,915
Commitments and contingencies:
Stockholders’ equity:
	Common stock $0.01 par value; 25,000,000 shares authorized; 17,177,151, 13,289,767 and 16,239,081 shares issued, respectively.				172			133			162
	Additional paid-in capital				41,662			38,654			39,347
	Retained earnings				41,425			25,784			29,919
	Treasury shares, at cost (747,012 shares at March 29, 2003 and 284,000 shares at March 30, 2002 and June 29, 2002)				(5,940	)		(1,829	)		(1,829	)
		Total stockholders’ equity			77,319			62,742			67,599
		Total liabilities and stockholders’ equity		$	176,767		$	152,918		$	149,054

(1) The June 29, 2002 Consolidated Balance Sheet was derived from the Company’s audited consolidated financial statements.

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PARTY CITY CORPORATION AND SUBSIDIARY

STORE AND OPERATING DATA

				Quarter ended						Nine-months ended
				March 29,			March 30,			March 29,			March 30,
				2003			2002			2003			2002
Company-owned stores
	Stores open at the beginning of the period				239			198			209			193
	Stores opened and closed during the period:
		New stores opened			3			2			20			6
		Stores closed			(1	)		—			(1	)		—
		Stores acquired from franchisees			—			—			2			1
		External acquisitions converted during the period			—			—			11
	Stores open at end of period				241			200			241			200
	Average Company-owned stores open in period				240			199			233			195
	Franchise stores
	Stores open at the beginning of the period				240			272			242			261
	New stores opened				1			5			9			19
	Stores closed				—			(33	)(a)		(8	)		(35	)(a)
	Stores sold to Company				—			—			(2	)		(1	)
	Stores open at end of period				241			244			241			244
	Average franchise owned store open in period				240			267			244			270
	Total stores chainwide				482			444			482			444
Chain-wide sales				$	197,000		$	186,000		$	720,000		$	684,000
Same store sale increase (decrease): (b)
			Company-owned stores		(2.4	%)		13.5	%		1.1	%		5.8	%
			Franchise stores		1.7	%		9.7	%		3.3	%		4.3	%

(a)	Includes 28 stores closed as a result of Canadian franchise bankruptcy.
(b)	Same store sales for Company-owned and franchise stores are subject to material differences based on the age of the respective stores for each group. New stores historically have had higher same store comparable sales. Approximately 30% of the comparable franchise stores have less than three full years of operation.

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PARTY CITY CORPORATION AND SUBSIDIARY

RECONCILIATION OF EBITDA TO NET INCOME AND
CASH PROVIDED BY OPERATING ACTIVITIES
(in thousands)
(Unaudited)

			Quarter ended						Nine-months ended
			March 29,			March 30,			March 29,			March 30,
			2003			2002			2003			2002
EBITDA (a)			$	1,154		$	4,011		$	34,186		$	35,174
Depreciation and amortization				(3,959	)		(3,073	)		(11,092	)		(8,944	)
Interest expense, net				(208	)		(1,099	)		(3,917	)		(4,508	)
Benefit (provision) for income taxes				1,205			65			(7,671	)		(8,665	)
Net (loss) income			$	(1,808	)	$	(96	)	$	11,506		$	13,057
Net (loss) income			$	(1,808	)	$	(96	)	$	11,506		$	13,057
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization				3,959			3,073			11,092			8,944
Deferred taxes				92			3,403			(349	)		462
Non-cash interest				30			285			1,584			1,128
Deferred rent and other long-term liabilities				76			117			463			1,024
Equity based compensation				47			36			799			257
Provision for doubtful accounts				142			(210	)		(460	)		59
Changes in assets and liabilities:
	Merchandise inventory			(6,967	)		(5,377	)		(19,882	)		(12,620	)
	Other current assets and other assets			5,590			4,203			(1,677	)		(1,242	)
	Accounts payable, accrued expenses and other current liabilities			(10,146	)		(10,392	)		7,810			9,858
		Net cash (used in) provided by operating activities	$	(8,985	)	$	(4,958	)	$	10,886		$	20,927

(a) The Company’s definition of EBITDA is earnings before interest, taxes, depreciation and amortization. The Company believes EBITDA provides additional information for determining our ability to meet future debt service requirements. EBITDA should not be construed as a substitute for income from operations, net income or cash flow from operating activities (all as determined in accordance with generally accepted accounting principles) for the purpose of analyzing our operating performance, financial position and cash flows as EBITDA is not defined by generally accepted accounting principles. The Company has presented EBITDA, however, because it is commonly used by certain investors and analysts to analyze and compare companies on the basis of operating performance and to determine a company’s ability to service and/or incur debt. The Company’s computation of EBITDA may not be comparable to similar titled measures of other companies.

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EX-99.1

EX-99.1 PRESS RELEASE