Q2 loss for 4Kids - ToyNews

Q2 loss for 4Kids

Large investment in digital assets takes its toll, but firm positive for future.
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4Kids yesterday reported its financial results for the quarter ending June 30th 2007, with net revenues for period down compared to 2006.

The firm recorded net revenues of $12 million from continuing operations, as compared with $16.7 million for the same period last year. Net loss for the quarter was $2.2 million.

Meanwhile, for the six months ended June 30th 2007, net revenues totalled $26.9 million compared to $35.9 million for the same period last year.

“Although we are disappointed by the company’s overall financial results for the second quarter, we continued to take the necessary steps to build for the future,” said Alfred R Kahn, 4Kids Entertainment’s chairman and CEO.

“In the first half of the year we invested over $3 million in the company’s digital assets: our 4Kids.TV website, our new trading card company, TC Digital Games, and our new website company, TC Websites which is building out the www.chaoticgame.com website. We were also encouraged by the performance of the Teenage Mutant Ninja Turtles property in the first half of 2007, spurred on by the successful theatrical release of the new movie.

“We anticipate that some of our newer properties will begin to contribute to our revenues in the second half of the year joining our core properties – including Yu-Gi-Oh, Teenage Mutant Ninja Turtles, Cabbage Patch Kids and The Dog,” Kahn continued.

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