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Jakks Pacific 1st quarter financial results
by
Jolex Del Pilar
Friday, April 23 2004
Company reports 9.2 percent gain from last year.
JAKKS Pacific, Inc. has released financial results from the first quarter of its 2004 fiscal year.
In the three months ended March 31, 2004, the company reported net sales of $74.0 million, a 9.2 percent gain from the $67.8 million reported a year earlier. Reported net income, including “impact of non-cash stock-based compensation, and additional bad debt related to the prior bankruptcy filing of a major customer in 2004,” was $4.3 million ($0.17 per diluted share), versus the $6.0 million ($0.24 per diluted share) in net income in the first quarter of its 2003 FY.
JAKKS also announced its intention to purchase “substantially all of the assets” of the Play Along companies, whose licenses include Cabbage Patch Kids (dolls), Care Bears (plush and pre-school learning), Teletubbies (preschool and playsets) and DC Comic’s Batman and Justice League (construction toys). The deal is expected to be wrapped up in the company’s second quarter.
