Lower costs help lift Jakks Pacific 3Q profit

Jakks Pacific 3rd-qtr profit gains as expenses fall, stock leaps as outlook tops Street view

Associated Press

MALIBU, Calif. (AP) -- NEWS: Toy maker Jakks Pacific Inc. said Wednesday that its net income rose 20 percent as expenses fell and it recorded strong sales of its Disney Princess dolls and a variety of costumes. The stock jumped in morning trading following release of the results.

DETAILS: CEO Stephen Berman said the quarter benefited from strong sales of its Disney dolls, Halloween costumes, riding toys and kids' furniture.

NUMBERS: Net income rose 20 percent to $36.6 million, or $1.11 per share. That compares with $30.4 million, or $1.10 per share. The per-share discrepancy reflects a larger number of shares outstanding in the recent quarter.

Analysts expected $1.05 per share., on average, according to FactSet.

Revenue edged down 1 percent to $310.9 million from $314.5 million last year. Analysts expected $297.9 million.

FUTURE: The company reiterated that it expects a loss of $2.56 for the year on revenue of $620 million. Analysts, on average, expect a loss of $2.63 per share on revenue of $613.7 million.

STOCK: Shares jumped $1.20, or 24 percent to $6.15 in morning trading. That's still far below the stock's 52-week high of $13.67, reached in February.

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