Jakks back in black - ToyNews

Jakks back in black

Jakks Pacific's latest financials show the firm back in profit in the fourth quarter.
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The firm reported net income of $8.9m in the last three months of 2010 compared with a net loss of $1.9m a year earlier.

The year-ago period included a $13m charge related to the company's reorganisation, which includes ending lease obligations, severance, fixed-asset write-offs and ending other contracts.

Revenue dipped less than one per cent to $198 million from $198.8 million, but outstripped Wall Street estimates of $171.9 million.

For the full year, net income was $47m, compared with a loss of $385.5m in the prior year.

Annual revenues fell seven per cent to $747.3m from $803.7m, however.

Jakks predicts 2011 revenue of about $770 million to $775 million. For the first quarter, the company expects to post a loss, on revenue of $60 million to $65 million, while analysts forecaset higher revenues of around $84.9m.



Strong Q4 boosts Jakks

Jakks Pacific’s preliminary fourth-quarter profit more than doubled thanks to a strong performance from its toy division.

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