Topps doubles up, but loses CFO

Topps’ first-quarter profit has more than doubled.
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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.

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