Toy maker JAKKS Pacific Inc. (JAKK), Wednesday reported a decline in profit for the third quarter, hurt by higher costs and lower revenues when compared to the year-ago period. However, non-GAAP earnings per share beat Wall street expectations by 8 cents.
The Malibu, California based company's third-quarter net income decreased to $33.71 million from $54.15 million last year. Earnings per share was $1.06 compared to $1.70 a year ago.
Non-GAAP income from continuing operations decreased to $35.94 million from $46.64 million last year. Non-GAAP earnings per share was $1.13 compared to $1.47 last year. On average, 9 analysts polled by Thomson Reuters expected the company to earn $1.04 per share for the quarter. Analysts' estimates typically exclude special items.
Third quarter net sales decreased to $351.43 million from $357.82 million a year ago. Non-GAAP net sales were $352.05 million, compared to $357.82 million last year. Analysts expected revenues of $323.16 million for the quarter.
The company's gross profit for the quarter declined to $115.71 million from $129.06 million last year.
For the nine months, the company posted net loss of $383.65 million, compared to net income of $59.18 million reported last year. On a non-GAAP basis, the company earned $24.29 million or $0.83 per share, compared with $53.36 million or $1.70 per share a year-ago.
Net sales for the nine-month period was $604.9 million, compared with $634.05 million reported last year.
Looking forward, the company expects net sales of approximately $810 million for fiscal 2009 with a net loss on a GAAP basis of $378.0 million or $13.72 per share.
Non-GAAP net sales is expected to be approximately $810.7 million with net income on a non-GAAP basis of $30.0 million or $1.01 per share for the full year period. Analysts anticipate the company to earn $1.00 per share on revenues of $812.30 million for the same one-year period.
JAKK finished trading Wednesday's regular markets at $14.98, up $0.23 or 1.56% on the Nasdaq. However, in the after hours, the stock dropped $0.22 or 1.47% to trade at $14.76.
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