The firm’s net sales for the period ended March 31st 2009 were $43.5 million compared to $79.4 million year-on-year.
Net sales of toy lines decreased to $23.4 million compared to $47.2 million in the first quarter of 2008.
Sales of the stationery and activity lines also dropped to $20.1 million compared to $32.2 million year-on-year.
Net loss for the period was $25.9 million or 71 cents per share compared to $9.6 million or 26 cents per share in the first quarter of 2008.
Marc Bertrand, president and CEO commented: “These results are in line with our 2009 plan. For the next two quarters we expect lower shipments than in the comparable 2008 periods, but with the gap narrowing until the fourth quarter when we expect sales to be similar to last year.”
He continued: “Our 2009 product line is high on value and innovations. All new products are on track and we are working with our partners to deliver successful retail programs.”
The line-up for the year includes several new licences including Hi Nao, Kai-lan, Wonder Pets, Yo Gabba Gabba and In the Night Garden for pre-school kids.
In magnetic construction, Battle Strikers will hit the shelves this summer and the Magnext has been re-priced to meet popular price points.
The firm is also due to announce a top tier licence in pre-school to launch in the fourth quarter and has commenced product development for Marvel’s Iron Man movie, which is scheduled for release next spring.