Jakks Q2 profit beats expectations

Firm reports results for the second quarter and first six months ended June 30th, 2010.
Publish date:
Social count:

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.


Featured Jobs

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.


UK Sales Agents

Liberty House Toys have been appointed as the exclusive UK distributor for the BiOBUDDi brand, and we are pleased to introduce this new unique, innovative and exciting range of 100% environmentally-friendly toy building blocks. We are seeking experienced sales agents with existing network in the toy retail market.

Gameplan Job Logo 620 x 349

Head of Product Development & Marketing

Our client is a privately owned French toy and games manufacturer which sells through distributors in forty countries. The company develops and sells innovative electronic interactive toys and games for the educational and gaming markets, and also takes suitable licenses. To progress its successful business development a Head of Product Development & Marketing is to to recruited.

HIT Entertainment Job Logo 620 x 349

Licensing Systems Administrator

The Contract System Coordinator is a newly created role to support the deal term entry process into Mattel’s new Contract Management System for its Licensing business. The role will support the Business Teams at the Deal & Amendment phase of the contracting process and act in conjunction with the System Administration team.