Topps doubles up, but loses CFO

Topps’ first-quarter profit has more than doubled.
Publish date:
Social count:

The firm says the improved results are due to improved margins in its sports card business, lower costs and a rise in interest income.

For the quarter ended June 2nd, the company reported net income of $1.1 million versus net income of $388,000 in the prior-year period.

Interest income jumped 22 per cent during the quarter while the cost of sales fell 10 per cent.

Meanwhile, the company said its margins were helped by the leveraging of fixed costs on its sports card business and better sales of high-margin US sports card hobby products. A reduction in returns provisions in Europe also helped improve margins.

Revenue fell five per cent to $72.3 million from $76.3 million in the first quarter of 2007. Entertainment sales grew six per cent, driven by strong sales of US sports cards. But the increase wasn't enough to offset a 15 per cent decline in confectionery sales. The drop was due to low sales of lollipops and Pokemon candy in Europe.

The company has agreed to be purchased by a group including former Disney CEO Michael Eisner, though it also faces an unsolicited bid from sports card maker Upper Deck.

Meanwhile, Catherine Jessup will resign as vice president, chief financial officer and treasurer of the candy and entertainment company on August 3rd.

Jessup is leaving Topps to join a large multinational beverage company as CFO for North America. The company said there were no disagreements between Jessup and Topps that led to her departure.


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.