Jakks increases sales by $20 million

Firm expects to achieve yearly net sales target of $800 million after strong Q3 performance
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Jakks Pacific has reported its financial results for the third quarter and first nine months ending September 30, 2007.

Q3 net sales increased from $296 million to $318 million while net income for the firm increased from $40.5 million to $47.3 million.

Net sales for the nine months were $572 million compared to $527 million for the same period in 2006 while net income also improved from $49.2 million in 2006 to $55.6 million for 2007.

Jack Friedman, chairman and CEO of Jakks said the firm is confident with its product lines on offer for this Christmas including its Hannah Montana range, WWE and Pokemon items along with Disney Princess role play toys and EyeClops.

"We remain confident that Jakks Pacific will achieve at least its previously announced 2007 full-year guidance of $800 million in net sales and net income of $75.8 million, or $2.39 per diluted share. Our financial position remains very strong and, as of September 30, 2007, Jakks had approximately $342.2 million in working capital, including $186.6 million cash and equivalents,” Friedman said.

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