JAKKS Pacific – JAKK – On track to meet our guidance ranges for the full year
JAKKS Pacific, Inc. (NASDAQ: JAKK) reported results for the Company’s second quarter ended June 30, 2012.
Net sales for the second quarter of 2012 were $145.4 million, up from $131.9 million reported in the comparable period in 2011. Reported net income for the second quarter was $0.2 million, or $0.01 per diluted share, which includes $1.7 million of pre-tax charges, or $0.05 per diluted share, 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, or $0.16 per diluted share, reported in the comparable period in 2011, which included $0.9 million, or $0.02 per diluted share, of financial and legal advisory fees and expenses. Excluding the legal and financial advising fees, second quarter earnings would have totaled $1.6 million, or $0.06 per diluted share, compared to $4.9 million, or $0.18 per diluted share, in 2011. The Company agreed to modify the payment terms of the THQ settlement agreement resulting in a deferral of $2.0 million of income, or $0.06 per diluted share, from the second quarter to $1.0 million, or $0.03 per diluted share, to each of the third and fourth quarters of 2012.
Net sales for the six months ending June 30, 2012, were $218.8 million compared to $204.3 million in 2011. The net loss reported for the six month period was $15.8 million, or $0.61 per diluted share, which included $3.1 million of pre-tax charges, or $0.09 per diluted share, of financial and legal advisory fees and expenses. This compares to a net loss for the first six months of 2011 of $6.3 million, or $0.23 per diluted share which included $1.2 million, or $0.03 per diluted share, of financial and legal advisory fees and expenses. Excluding the financial and legal advisory fees and expenses, the six month loss would have totaled $13.5 million, or $0.52 per diluted share, compared to a loss of $5.6 million, or $0.20 per diluted share, in 2011. The first six months of 2012 was impacted by the deferral of the THQ income as noted above.
“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,” commented Stephen Berman, President and CEO, 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.”
About JAKKS Pacific, Inc. – JAKK
JAKKS Pacific, Inc. (JAKK) is a leading designer and marketer of toys and consumer products with a wide range of products that feature popular brands and children’s toy licenses.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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