JAKKS Pacific, Inc. reported its first quarter 2013 fiscal results, which showed that while the company saw an increase in net sales, it also saw an increase in net loss during the quarter.
The company’s net sales increased 6.4% to $78.1 million in first quarter 2013, up from sales of $73.4 million in this time period last year.
Its increased net sales were shadowed by a net loss of $27.6 million, or $1.26 per diluted share, in this year’s first quarter, up from the net loss of $16.0 million, or $0.62 per diluted share, the company reported in first quarter 2012.
“During the first quarter, sales of our broad array of core product lines got off to a good start and we are optimistic that they will continue to perform as projected,” stated Stephen Berman, President and CEO, JAKKS Pacific, Inc. “While our costs were somewhat higher, including the deferral of the $5.3 million tax benefit, which is expected to be recognized in the third quarter based on our forecast, we believe that operating efficiencies and continued cost reductions for the balance of the year will also deliver the projected earnings.
Look to the year’s future balance, Berman included that JAAKS Pacific will focus on a digital initiative with its joint venture partner NantWorks, a project it announced at the beginning of this year.
“We are very excited about the launch this fall of our first DreamPlay products using the proprietary iD technology of NantWorks, our joint venture partner. The technology will first appear on select Disney licensed items and next year will be expanded to other proprietary and licensed products,” he expanded. “It provides a unique play experience, which combines the play patterns of traditional toys with enhanced experiences offered through our iD technology and first rate augmented reality animation. Our goal is to meld the unique experiences offered through smart phone and tablet devices, which children are increasingly turning to, with the fun of traditional toys.”
The technology will first appear on select Disney licensed items and next year will be expanded to other proprietary and licensed products.
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