Monsuno helps Jakks to Q2 sales boost

Outlook for third quarter remains optimistic, says president and CEO.
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Jakks Pacific has reported its results for the second quarter ending June 30th 2012.

Net sales for the period were $145.4 million, up from $131.9 million in the comparable period in 2011. Brand highlights included the launch of boys action property Monsuno and girls lines for Winx Club.

Reported net income for the second quarter was $0.2 million - which includes $1.7m of pre-tax charges related to financial and legal advisory fees and expenses associated with the unsolicited indication of interest and activist shareholder activities.

This compares to net income of $4.2 million in the comparable period in 2011.

Excluding the legal and financial advising fees, second quarter earnings would have totalled $1.6 million.

The company agreed to modify the payment terms of the THQ settlement agreement, resulting in a deferral of $2.0 million of income from Q2 to $1.0 million to each of the third and fourth quarters of 2012.

Net sales for the six months ending June 30th, meanwhile, were $218.8 million ($204.3 million in 2011).

The net loss reported for the six month period was $15.8 million (2011: $6.3 million).

"We are pleased with the sales growth in the second quarter and year to date, and we are on track to meet our guidance ranges for the full year," said Stephen Berman, president and CEO at Jakks Pacific. "Highlights of our second quarter include the expansion of the Monsuno toys in the US and the launch internationally of the animated series and related toy products, which has met the company's expectations to date, and our Winx Club dolls and Big Wheel line launched at select major retailers, both of which are already showing strong momentum.

"Our outlook for the third quarter remains optimistic with contributions from a broad range of products including our growing pool of owned content."

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