Boston, MA 02/27/2014 (wallstreetpr) – JAKKS Pacific, Inc. (NASDAQ:JAKK) released its fiscal 2013 fourth quarter results Wednesday and followed the same with a promise at the conference call with analysts and investors. Then the shares of the stock surged more than 23 percent in the regular trading session.
The company declared results that showed it experienced a smaller loss than Wall Street had expected. And on that note, JAKKS Pacific, Inc. (NASDAQ:JAKK) said that it is now looking at its future differently. That difference means that it expects to become profitable this year.
JAKKS Pacific, Inc. (NASDAQ:JAKK) announced net loss of $16.1 million, reflecting a loss of 73 cents per share. In the same duration last year, the company which deals with toys experienced net loss of $119 million, reflecting $5.45 loss per share. In the latest quarter, the management announced that sales were exciting, rising to more than $137 million, thus indicating about 3 percent growth.
The analysts polled by Thomson Reuters had on average expected JAKKS Pacific, Inc. (NASDAQ:JAKK) to end up with loss of 82 cents per share on revenue of $129 million, or even less than that.
Explaining the fourth quarter results
JAKKS Pacific, Inc. (NASDAQ:JAKK) was able to experience better than expected results in the most recent quarter due to the strong demand for girls’ toys over the holiday period. The items that were the highlight of the holiday toy sales included Princess dolls and Disney Fairies. Strong sales were also noted for products such as activity tables and role-playing toys.
Besides encouraging sales, chief executive Stephen Berman noted that job cuts alongside other restructuring that were done in the second half of last year also played an important role in the latest better results. Thus, the company believes that continuing its release of new compelling products will be important in improving profitability going forward.
Looking ahead
JAKKS Pacific, Inc. (NASDAQ:JAKK) expects that its full-year net sales in the current fiscal year will come in the range of $633 – $640 million. Earnings for the same period are expected to be in the range of 30 – 40 cents per share.
Shares of JAKKS Pacific, Inc. (NASDAQ:JAKK) were last seen 23 percent to $7.27.
