Mega Brands has reported its financial results for the third quarter ended September 30th 2009.
Net profit for the period was $72 million or $1.22 per share, compared to a net loss of $122 million or $3.34 per share year-on-year.
Net sales decreased to £118 million, compared to $160.9 million in the same period last year. This fall in sales was in line with expectations and reflects a fall in sales for both the toy product lines and stationery and activity lines.
The toy business saw a drop in net sales to $86.2 million compared to $107.9 million year-on-year. Net sales of stationery and activities declined to £31.7 million compared to $53 million in the third quarter 2008.
Marc Bertrand, president and CEO commented: "We are pleased with the third quarter results. Our return to profitability reflects mainly the significant cost reductions and supply chain initiatives implemented over the past 18 months under our value enhancement plan.
"Sales trends in the fourth quarter are positive and we are on track to end the year on a strong note in terms of top line, inventories and profitability.
"We are well advanced on key product launches for 2010, with Thomas the Tank fist out of the gate, Iron Man in the Spring and several exciting Mega innovations in the second half of the year."