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Friday, Jul 1, 2022

Jakks Turns to Profit

Jakks Pacific Inc. said it returned to a profit in the fourth quarter, but shares fell in Tuesday morning trading after the toymaker gave a cautious outlook for the year

The Malibu company on Tuesday reported net income of $8.9 million (30 cents per share), compared with a net loss of $1.9 million (-7 cents) a year earlier. The 2009 quarter included a $13 million reorganization charge. Revenue fell less than 1 percent to $198 million.

Wall Street analysts on average had expected per-share profit of 26 cents on revenue of less than $172 million.

For the full year, Jakks reported net income of $47 million ($1.52), compared with a 2009 loss of more than $385 million (-$14.02). Revenue fell 7 percent to $747 million.

For the coming year, the company expects adjusted earnings of $1.32 to $1.35 per share on revenue of about $770 million to $775 million. The Wall Street consensus has been $1.54-per-share profit on revenue of more than $771 million.

“We continue to closely manage our supply chain and maintain momentum on the development and placement of our product lines for 2011, giving us cautious optimism for this year,” said Chief Executive Stephen Berman in a statement.

Shares were down 76 cents, or 3.6 percent, to $17.76 in midday trading on the Nasdaq.

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