Los Angeles Business Journal

Jakks Shares Fall on Earnings

By Andrew Edwards Wednesday, July 23, 2014

Shares of Malibu toy firm Jakks Pacific fell nearly 14 percent Wednesday after the firm reported a deeper loss than analysts expected.

Jakks Pacific reported a net loss of $9.1 million (43 cents a share) for the quarter ending June 30, compared with $46.9 million for the same period a year ago. Revenue increased 17 percent to $124 million.

Analysts had expected a loss of 28 cents a share.

Company Chief Executive Stephen Berman said in a statement that improved sales were largely driven by the popularity of licensed products tied to the popular Disney movie “Frozen,” although he also acknowledged that enthusiasm for Frozen-products cut into sales of other toy lines.

Shares of Jakks Pacific fell $1.15 to close Wednesday at $7.19 on the Nasdaq.