Jakks Pacific 3Q profit falls 38 pct on write-down

Jakks Pacific 3rd-quarter profit falls 38 percent on write-down, as sales slip

• On 5:31 pm EDT, Wednesday October 21, 2009

MALIBU, Calif. (AP) -- Toy maker Jakks Pacific Inc. said Wednesday that its third-quarter profit fell 38 percent as it took a big accounting-related write-down and sales fell slightly.

Malibu, Calif.-based Jakks earned $33.7 million, or $1.06 per share, in the quarter ended Sept. 30. That is down from $54.1 million, or $1.70 per share, a year earlier.

Adjusted profit was $1.13 per share, beating a $1.04 per share consensus estimate of analysts polled by Thomson Reuters.

The adjusted results exclude one-time charges, such as a pretax $407.1 million accounting write-down caused by a sustained decline in the company's market value.

Sales fell 2 percent to $351.4 million from $357.8 million. Analysts had expected $323.2 million.

The company said it still believes it can achieve its 2009 forecast of a per-share loss of $1.01.

Shares fell 22 cents to $14.76 in aftermarket trading after closing at $14.98, up 23 cents, in the regular session.