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Jakks Q2 profit beats expectations - ToyNews

Jakks Q2 profit beats expectations

Firm reports results for the second quarter and first six months ended June 30th, 2010.
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Net sales for the second quarter of 2010 were $123.3 million, compared to $144.8 million in the second quarter 2009; and net sales for the six months were $200.6 million, compared to $253.5 million in 2009.

The profit was above analyst estimates as the company cut costs to offset a decline in revenue.

Net income for the second quarter was $3 million, which includes a one-time pre-tax charge relating to the benefit payment of $2.8 million, to the estate of Jack Friedman, who stepped down as co-CEO April 1st and died in May, compared to a loss of $406.6 million, or $14.96 per diluted share, reported in the second quarter of 2009.

The net loss for the six month period was $2.2 million, compared to a loss for the first six months of 2009 of $417.4 million.

"Our results for the second quarter reflect our commitment to tightening controls on our overall business and growing earnings," commented Stephen Berman, CEO and president, Jakks Pacific.

"We began shipping some of our new toys, electronics and Halloween costumes for the second half of the year, with the bulk expected to ship in the third quarter.

"Orders for our diverse portfolio of product are ahead of order bookings at this point in the year compared to last year, giving us confidence in being able to achieve our goals for this year, despite container and labor shortages causing shipping delays and production capacity issues in Asia."

The autumn offering for 2010 includes Halloween costumes for the whole family based on properties such as Iron Man 2, Toy Story 3, Sesame Street, Hasbro brands and more, and a range of new toy initiatives including Spy Net electronics, Disney Princess and Disney Fairies dolls, dress-up, novelties and kids furniture, TNA, UFC, Phineas & Ferb and Pokemon action figures.

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