The non-GAAP measures are intended only as a supplement to the
comparable GAAP measures and we compensate for the limitations
inherent in the use of non-GAAP measures by using GAAP measures in
conjunction with the non-GAAP measures. They design creative and useful items for pet lovers
everywhere.

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(Nasdaq:FCPO) today announced results for the 2004
fourth fiscal quarter and full year, ended January 29, 2005. A reconciliation
of the amounts is included in the supplemental schedule of this press
release.4 percent to $230."

Non-GAAP Measurements

In addition to the reported GAAP results provided throughout this
document, the Company has provided non-GAAP measurements that present
earnings excluding specified items affecting comparability.36)

(in thousands, except per share
data)

Year Ended Year Ended
January 29, 2005 January 31, 2004
---------------- ----------------
Net Income (loss) as reported $ (200) $ 1,362
New greeting card program charges $ 2,711 -
Pro forma (non-GAAP ) net income
(loss) $ 2,511 $ 1,362

Net income (loss) per basic share as
reported $ (0.40
New greeting card program charges
on a per diluted share basis $ 0. This presentation is not in
accordance with, or an alternative for, U.89
========== ========== ==========

Weighted average shares
outstanding - basic 3,017,284 2,919,115 2,866,420
========== ========== ==========

Net income (loss) per
share - diluted $ (0.com .

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The Company has provided these non-GAAP measurements as a way to
help investors understand earnings and enhance comparisons of our
earnings from period to period. As a result, investors should
consider these non-GAAP measures in addition to, and not in
substitution for, or as superior to, measures of financial performance
prepared in accordance with GAAP.07) $ 0.

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47
New greeting card program charges
on a per basic share basis $ 0.90 -
Pro forma (non-GAAP) net income per
basic share $ 0.

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Factory Card + Party Outlet Corp. Reports Fourth Quarter and Full Year Results

07 per basic and fully diluted share, versus net income
of $1.98) $ (0.89 -
Pro forma (non-GAAP) net loss per
share (basic + diluted) $ (0.09) $ (0.
* More People Traveling with Pets: Pet Zone's Pik-Up Pak(TM) and Bone
Pik-Up Pak(TM) are compact containers with an easy-to-use clip that
attaches to any waistband making it effortless to just grab and go .

silly kritter

36 per basic and fully diluted share, for the same period last
year.89
per basic share .3 percent from the prior fiscal
year. A reconciliation of the
amounts is included in a supplemental schedule contained in this press
release.

About Factory Card

Factory Card + Party Outlet , (www.factorycard. From their newest Tuff n' Rugged and
Sweet n' Sassy line to the latest in waste removal devices, the products Pet
Zone unveiled demonstrated the company's ability to match the latest in
consumer trends.

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1
million, compared with $222.4 million, or $0.5 million, or $0. There are inherent
limitations in the use of earnings, excluding items affecting
comparability, because actual results do include the impact of these
items.
"Pet owners enjoy pampering their pets with the hottest and best new
products available for them," says Chris Brown, Communication Director of Pet
Zone Products.

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9
million for the fourth quarter of last year.09 per basic and fully diluted share.6 million a year ago.47 per basic share and $0.
"We are very pleased with the significant increase in our annual
net income compared to prior year and the solid operating improvement
that was achieved in our fourth quarter, excluding the charge related
to the new greeting card program.47

Net income (loss) per diluted share
as reported $ (0.

Certain statements in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995.
In general, the results, performance or achievements of the
Company and its stores, and the value of the Company's common stock,
are dependent upon a number of factors, including, without limitation:
the dependence on key personnel; competition; ability to anticipate
merchandise trends and consumer demand; ability to maintain
relationships with suppliers; successful implementation of information
systems; successful handling of merchandise logistics; inventory
shrinkage; ability to meet future capital needs; governmental
regulations; and other factors both referenced and not referenced in
the Company's filings with the Securities and Exchange Commission.40 $ 0.

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98
per basic and fully diluted share, versus a net loss of $1 . Excluding the aforementioned charge
related to the new greeting card program in fiscal 2004, the Company
would have reported net income of $2.

Unaudited Reconciliation of Pro Forma Non-GAAP Adjustments (in
thousands)

The following represents a reconciliation (unaudited) of GAAP net
income (loss) to pro forma non-GAAP net income (loss).

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1 million,
or $0.7 million after-tax charge , or $0.07)$ 0. The Kitty
Litter Skooper(TM) and the Long Handled Skoop-n-Pak(TM) both have
longer, easy grip handles allowing pet owners touchless, mess-free
waste removal .

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Business Editors

NAPERVILLE, Ill.S.47 $ 0. CLEVELAND, Pet Zone recently unleashed some of the
hottest new pet products in Orlando at the Global Pet Expo, the world's
largest annual pet products trade show. For more information about the company and their line of pet
products, visit their web site at http://www.

DESCRIPTION - Offers customizable virtual greeting cards that have animal images.

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----Factory Card +
Party Outlet Corp. The 2004 fourth quarter loss includes a previously announced
inventory write-down related to the repositioning of its greeting card
category, that resulted in a $2. Authorized
10,000,000 shares; 3,109,041 and 3,074,082
shares issued and outstanding at January
29, 2005 and January 31, 2004, respectively 31 31
Unearned restricted stock awards (148) (275)
Additional paid-in capital 25,286 14,287
Accumulated earnings 3,704 3,904
------------ -----------

Total stockholders' equity 28,873 17,947
------------ -----------

Total liabilities and stockholders'
equity $ 68,270 $ 58,172
============ ===========

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Excluding the charge related to the new greeting card program , the
Company would have reported a fourth quarter net loss of $271
thousand, or $0.
The Company reported a net loss for the 2004 fiscal year of $200
thousand or $0. Rada, President and Chief Executive Officer of Factory
Card + Party Outlet. Such forward-looking
statements involve known and unknown risks, uncertainties, year-end
adjustments and other factors that may cause the actual results,
performance or achievements of the Company, or industry results, to be
materially different from any future results , performance or
achievements express or implied by such forward-looking statements. Grizzly gray colored products are for the macho
dogs while princess pink is for the pampered pooch.

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Reconciliations from GAAP reported results to non-GAAP reported
measurements described in this press release are provided in the
financial tables attached to this document.40

(1) Earnings per share number may not be additive due to rounding.

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Comparable store net
sales for the fourth quarter declined 1 . "We look for consumer trends to create new and innovative
products to make caring for a pet easier and more enjoyable for both the pet
and the owner.

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3 million, compared with $56.07) $ 0.83 $ 0.

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For the quarter, net sales were $57.0 million, or $0.40 per fully diluted
share , for the prior fiscal year.com) based in
Naperville, Illinois, currently operates 184 Company-owned retail
stores in 20 states, offering an extensive assortment of party
supplies, greeting cards , gift-wrap, and other special occasion
merchandise at everyday value prices.

The above pro forma non-GAAP financial information is based upon the
Company's unaudited consolidated statements of operations for the
periods shown, with certain adjustments.

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71 per fully diluted share. He added , "We are well positioned for the
graduation season and look forward to the full implementation of our
new line of greeting cards from Premier Greetings in early May.

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Details of
the items are presented in the tables within this press release.
AND SUBSIDIARY

Consolidated Statements of Operations
(Dollar amounts in thousands, except per share data)

For the 52 For the 52 For the 43 For the
weeks weeks weeks nine weeks
ended ended ended ended
January January February April 6,
29, 2005 31, 2004 1, 2003 2002
---------- ----------- ---------- -----------
Successor Successor Successor Predecessor
Company Company Company Company

Net sales $ 230,148 $ 222,635 $ 185,699 $ 40,837
Cost of sales 147 ,970 145,372 122,435 26,991
Greeting card inventory
write-down 4 ,415 - - -
---------- ---------- ---------- -----------
Gross profit 77,763 77,263 63,264 13,846
Selling, general and
administrative expenses 75,074 71,851 55,872 12,212
Depreciation and
amortization 2,406 1,957 1,501 1,030
Reorganization items (93) - - (18,840)
Other income (63) - - -
Interest expense 742 1,182 1,368 374
---------- ---------- ---------- -----------
Income (loss) before
income tax expense
(benefit) (303) 2,273 4,523 19,070
Income tax expense
(benefit) (103) 911 1,981 (360)
---------- ---------- ---------- -----------
Net income (loss) $ (200)$ 1,362 $ 2,542 $ 19,430
========== ========== ========== ===========

Net income (loss) per
share - basic $ (0.

Pet Zone's products can be found at major pet supply retailers.petzone.

chilly rhinos

Net loss for the 2004 fourth quarter was $3. Among other things, our management
uses the earnings results, excluding items affecting compatibility, to
evaluate the performance of its businesses.86
========== ========== ==========

Weighted average shares
outstanding - diluted 3,017,284 3,426,179 2,957,516
========== ========== ==========

FACTORY CARD + PARTY OUTLET CORP.

Pet Zone Keeps Up-To-Date with Some of the Hottest Products to Meet the Latest Trends in the Pet Industry

* Hi-Tech Pet Products: Pet Zone's RC Squirrel(TM) for dogs and RC
Spider(TM) for cats are radio controlled toys that provide hours of
entertainment for both pets and owners.

chilly wicket

6 percent.
AND SUBSIDIARY

Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)

January 29, January 31,
2005 2004
------------ -----------

ASSETS

Current assets:
Cash $ 188 $ 179
Merchandise inventories, net 43,653 45,667
Prepaid expenses and other 4,577 4,089
Deferred tax assets, net 5,527
------------ -----------
Total current assets 53,945 49,935

Fixed assets, net 8,164 7,551
Other assets 170 259
Deferred tax asset, net 5,991 427
------------ ------- ----

Total assets $ 68,270 $ 58,172
============ ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Line of credit $ 12,032 $ 9,763
Accounts payable 16,245 15,929
Accrued expenses 7,564 6,974
Current portion of long term debt and
capital lease obligations 1,646 2,135
------------ ----------
Total current liabilities 37,487 34 ,801

Long term debt and capital lease obligations 15 3,699
Deferred rent liabilities 1,895 1,725
------ ------ ----------

Total liabilities 39,397 40,225
------------ -----------

Stockholders' equity:
Common stock, $.
* Focus on Convenience: Pet Zone has some of the most innovative waste
removal devices to make cleaning up after a pet a lot easier.

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77 -
Pro forma (non-GAAP) net income per
diluted share(1) $ 0. Founded
in 1997, Pet Zone Products is a leading manufacturer of products for cats,
dogs, and wild birds.

rhinos pugs

Comparable store net
sales for the fiscal year increased 0. Generally Accepted
Accounting Principles (GAAP) and may not be consistent with the
presentation used by other companies.01 par value.

chilly hummingbird

These non-GAAP measurements are provided to help investors
understand the Company's financial results given the significant
impact of the charge related to the new greeting card program.
Net sales for the 2004 fiscal year increased 3.

foltz kritter

83 per basic
share and $0. We continued to improve our gross
margin, manage expenses, and optimize our investment in advertising,"
said Gary W.

(in thousands, except per share
data)

Three Months Three Months
Ended January Ended January
29 , 2005 31, 2004
---------------- ----------------
Net loss as reported $(2,982) $(1,077)
New greeting card program charges $ 2,711 -
Pro forma (non-GAAP) net loss $ (271) $(1,077)

Net loss per share as reported (basic
+ diluted) $ (0.36)
New greeting card program charges
on a per share basis $ 0.71 $ 0 .

FACTORY CARD + PARTY OUTLET CORP.07)$ 0."
Some of the latest trends in pet products identified by the American Pet
Product Manufacturer's Association (APPMA) that lead the pack are:
* Pampering and Fashion: Pet Zone's new Tuff n' Rugged and Sweet n '
Sassy line allows pet owners to match their pets accessories with their
pet's personality .

chilly foltz

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squirrels foltz

Factory Card + Party Outlet Corp. Reports Fourth Quarter and Full Year Results

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leopards hdw

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domesticated ecard

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grams felines

DESCRIPTION - Offers customizable virtual greeting cards that have animal images.

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grams leopards

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hdw grams

leopards ecards

chilly rhinos

Pet Zone Keeps Up-To-Date with Some of the Hottest Products to Meet the Latest Trends in the Pet Industry

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