JAKKS Pacific, Inc. (JAKK: Quote) reported net income of $0.2 million or $0.01 per share for the second quarter, lower than $4.2 million or $0.16 per share reported a year ago.
The company noted that the quarterly results included $1.7 million of pre-tax charges or $0.05 per share, related to financial and legal advisory fees and expenses associated with the unsolicited indication of interest and activist shareholder activities.
Excluding the legal and financial advising fees, second quarter earnings would have totaled $1.6 million or $0.06 per share versus $4.9 million or $0.18 per share last year.
Quarterly sales improved year-over-year to $145.4 million from $131.9 million.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share on revenues of $137.11 million for the quarter. Analysts' estimates typically exclude special items.
Looking forward, for 2012, the company continues to expect an increase in net sales of 6.2% to 7.4% to approximately $720 million to $728 million, with revised earnings per share in the range of around $1.04 to $1.08, giving effect to the repurchase of common stock pursuant to the self-tender and the related anticipated financing costs and excluding the financial and legal advisory fees. JAKKS Pacific's prior guidance for earnings per share was in the range of $1.01 to $1.07, excluding the financial and legal advisory fees.
Analysts expect the company to earn $1.07 per share on revenues of $733.87 million for the year.
In addition, the company said its board of directors has declared a regular quarterly cash dividend of $0.10 per common share payable on October 1, 2012, to shareholders of record at the close of business on September 14, 2012.
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by RTT Staff Writer
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