4Kids Entertainment has reported its results for the fourth quarter and full year ending December 31st 2007.
Net revenues for the fourth quarter totalled $16.5 million from continuing operations as compared to $18.3 million for the same period in 2006. The company's net loss for the quarter ending December 31st 2007 was $(16.8) million. It had a net loss of $(2.3) million in the same period in 2006.
For the year ending December 31st 2007, net revenues totaled $55.6 million from continuing operations, compared with $71.8 million for the same period in 2006. The company's net loss for the year was $(23.3) million, as compared to a net loss of $(1.0) million for the year ending December 31st 2006.
Alfred Kahn, chairman and CEO of 4Kids Entertainment said its results were negatively impacted by various start up costs and the recording of an $11.9 million reserve against its deffered tax assets.
"The company, however, did achieve a number of significant milestones in 2007 which I believe provide 4Kids with a solid foundation for the future," Kahn added.
"We expanded our business beyond licensing by launching the Chaotic trading card game (pictured) and companion website. We expect Chaotic trading card revenues to contribute to the company's results in 2008 and beyond.