Despite losses widening 33 per cent the toy maker sees its sales rise.
Jakks Pacific has reported a net loss of $16 million in the three months to March 31st. The toy maker made a loss of $10.6 million in the same period last year.
Despite operating on a loss, Jakks managed to boost its sales to $73.4 million, up from $72.3 million in Q1 2011.
Jakks Pacific president and CEO Stephen Berman said the results had exceeded expectations, adding that the firm expects to reap the rewards of the recently launched Monsuno line in the coming financial quarters.
He said: “We are very pleased that the recent launch of the Monsuno toy line at retail exceeded our expectations, selling out at many of the major retailers. Our expansion plan for international retail distribution for the Monsuno toy line is on track with over 30 countries slated to offer the toy line this fall. We anticipate continued strong sales due to upcoming promotions, retail ads and circulars, in-store events, end-caps and events planned at most major retailers.
“In addition to the success of Monsuno, we expect substantial contributions throughout 2012 from across all Jakks divisions,” added Berman. “We are excited about the launch this fall of our new Winx Club and Disney products, as well our range of superhero figures based on the upcoming feature films The Amazing Spiderman, The Avengers and The Dark Knight Rises.
“We anticipate a strong positive response this year from consumers and industry experts alike, and look forward to generating growth and value through these strategic projects.”
Private equity firm Oaktree Capital Management Funds looks set to make an official bid for Jakks Pacific after 13 months of speculation.