Jakks reports healthy 2007 - ToyNews

Jakks reports healthy 2007

Firm forecasts net sales and net income to increase by at least four per cent this year.
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Jakks has increased its fourth quarter net income by 48.3 per cent to $34.4 million and its net sales by almost 20 per cent to $285.1 million.

The firm also increased its net income for the year by almost 25 per cent to $90 million, compared with earnings of $72.4 million fro 2006, and its net sales by 12 per cent to $857 million, from $765.4 million in the fourth quarter of 2006.

Its fourth quarter was more “robust” driven by strong sales of Disney products, action figures, Plug It In & Play electronic game items and its video game joint venture, according to Jack Friedman, chairman and CEO.

Friedman said: “We continue to see strong sell-through in the first quarter of 2008, that we believe is due to a combination of gift card purchases and the popularity of the Disney tween pop star Hannah Montana.”

Stephen Berman, president and COO added: “We are very pleased with our performance in 2007, and have strong momentum in our top licensed and non-licensed brands, which we believe will continue to drive our business this year.”

Jakks says it will continue to evaluate potential acquisition opportunities as well as creating new products and securing licenses to continue its growth.

In addition, the Board of Directors has authorised a stock buy-back programme of up to $30 million of the firm’s common stock.

Friedman said: “We are confident about our prospects for 2008 and believe we will get through some uncertainties related to cost increases and production issues that are affecting our industry and others who manufacture in China. We are forecasting net sales and net income to each increase a minimum of 4 per cent in 2008.”

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