Jakks profit rises in Q3

Jakks Pacific reports a profit jump of 14 per cent driven by strong sales of dolls, action figures and electronic toys.
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Net sales for the third quarter were $357.8 million, compared to $318.4 million last year, a rise of 12 per cent.

Net income for the period was $54.1 million, or $1.70 per share, compared to $47.3 million, or $1.45 per share, reported in same period of 2007.

The results included tax benefits of 41 cents per share and pre-tax non-cash charges of 18 cents per share related to the write-down of certain trademarks of the company.

Jack Friedman, chairman and chief executive officer at the company said:

"The bulk of our new items for this year shipped in the third quarter as retailers stocked shelves for the upcoming holiday season, and initial reads on our award-winning top drivers have been promising.

“We remain confident that our vast and diverse product line, based on classic and known licenses, as well as new internally developed initiatives, will perform for JAKKS and our retail partners. Thus far we are seeing positive momentum for a strong full year for our business."

Chief operating officer, Stephen Berman, said:

"We saw solid results coming from our dolls, action figures, role play, activity toys and electronics categories, including our Girl Gourmet Cupcake Maker, EyeClops Night Vision Goggles, UltiMotion motion gaming systems, classic Disney Princess and Hannah Montana toy lines, and Cabbage Patch Kids, among others."

For the full year results, the company expects earnings of $2.80 a share, before special items, on net sales of $891.4 million.

Analysts on average expect earnings of $2.70 a share, before special items, on revenue of $892.8 million.

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