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Jakks narrows losses in first quarter - ToyNews

Jakks narrows losses in first quarter

Firm makes a loss of $5.2 million in the first quarter, compared to $10.8 million in Q1 2009.
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Net sales for the quarter ended March 31st, were $77.3 million, compared to $108.7 million year-on-year.

Stephen Berman, CEO and president commented: "The first quarter finished slightly ahead of our expectations adn we believe we are on track to meet our earnings guidance for this year of £1.10 to $1.20 per share on net sales of $660 to $670 million.

"The strategic cost saving initiatives and restructuring plan we implemented company-wide over the past nine-months continue to be a top priority."

Jakks is hoping its product portfolio for the second half will help to continue its upward swing. The new products include ranges based on Disney Princess, Disney Fairies, Toy Story and Phineas and Ferb characters and action figures based on UFC and TNA along with various generic offerings.

Joel Bennett, executive vice president and CFO added: "We expect to use our cash to continue to execute on our acquisition and internal product development strategies adn also to handle the remaining outstanding $10.3 million of our 4.625 oer cent convertible senior mnotes, which, if offered, the company would be required to redeem and which we could also elect to repurchase in June 2010."

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