Jakks Pacific posts Q2 profit - ToyNews

Jakks Pacific posts Q2 profit

Second quarter results show sales of $131 million and an income of $4.2 million.
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In the three months to June 30th, Jakks' sales were $131.9 million, compared to $123.3 million for the same period last year – growth of around seven per cent.

Net profit was $4.2 million compared to $3 million in Q2 2010.

Stephen Berman, CEO and president of Jakks Pacific, said: "Our results for the second quarter reflect our commitment to tightening controls on our overall business and creating and delivering diverse products that are well received by our customers and consumers.

"We continue to maintain tight reins on our overall business and work to achieve growth in earnings despite the challenging economic and retail environments.

“We began shipping some of our new toys, electronics and Halloween costumes for the second half of the year with the bulk expected to ship during the third and fourth quarter." 

Berman also used the earnings statement to announce a global content distribution agreement with Nickelodeon for its new boys property Monsuno:

"This represents a milestone for our company in developing a proprietary entertainment property such as Monsuno, which was initiated by Jakks Pacific," he said. Licensing.biz has the full details on Monsuno.

Jakks made $47 million in 2010.

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