Record results for Radica - ToyNews

Record results for Radica

Full year results from Radica show profit up and record turnover for the firm.
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Q4 sales were up five per cent to a record $162.8 million, an increase of nearly 32 percent on the previous year. Fourth quarter net profits were $3.5 million, compared to a net loss of $1.6 million in 2004.

Net profit for the year ended on December 31st 2005, was $10.5m compared to $3.5m the year before. Both the company's 2005 and 2004 results included charges of $6m and $3.5m respectively, related to its video game accessories business - now fully written off the balance sheet.

Excluding these charges in both years, net profits would have been $16.5m, in 2005 compared to $7m in 2004.

Sales during the fourth quarter were driven by the company's electronic games, particularly the popular 20Q.

"We are extremely pleased with our performance this year," said Radica CEO Pat Feely. "Most importantly, we delivered on the bottom line with an operating margin, excluding the goodwill impairment charge, of 10 per cent in a very difficult cost environment.

“We also substantially resolved the manufacturing issues that plagued us in 2004 and delivered consistently on-time to our customers in spite of a 32 per cent increase in sales. On top of that, we improved our balance sheet with lower inventory than 2004 in spite of our large sales increase. Finally, our product lines sold through well at retail and this has positioned us for continued growth in 2006."

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