Jakks Pacific's third quarter and nine-month results show the firm ahead of expectations.
Net sales for the third quarter of 2010 were $348.7m compared to $351.4m reported in the comparable period last year. Net sales for the nine months were $549.3m compared to $604.9m in 2009.
Reported net income for the third quarter was $40.4m, including tax benefits of $5.9 million, compared to $33.7m in the third quarter of 2009.
Net income for the nine month period was $38.2m, which includes a one-time pre-tax charge relating to the benefit payment of $2.8m to the estate of Jack Friedman, who passed away in May, compared to a loss of $383.7m reported in 2009.
Net sales for the third quarter of 2010 were $348.7m compared to $351.4m, and $549.3m for the nine month period compared to $605.5m reported in the comparable period last year.
"We have been focused on maximising opportunities for this holiday season, while closely managing our supply chain and developing our lines for 2011 and beyond, and we are extremely pleased that we were able to achieve better than expected results,” commented Jakks CEO, Stephen Berman.
"Barring any adverse circumstances such as capacity issues in Asia and shipping delays, we are optimistic that we will finish the year ahead of expectations given our results to date and the early momentum we have been seeing at retail.
"We had robust sell-in for our Halloween costumes and accessories, which feature top entertainment properties for the whole family, such as Iron Man 2, Toy Story 3, Sesame Street and Hasbro brands among others, as well as promising initial sell-through of our diverse toy lines at retail. Many new products hit shelves in the third quarter and thus far our dolls, role play, electronics and several other categories are on track or exceeding our expectations. Additionally, our line-up for 2011 is shaping up nicely and giving us confidence about our future."
Berman concluded: "Based on the strength of our sales to date, fourth quarter bookings and our ongoing tight controls over our business, we are confident about our future. We now expect to achieve net sales for this year in the range of $710 to $720 million".