Girls’ toys boost Jakks Pacific
- Share via
Toy maker Jakks Pacific Inc. said third-quarter profit rose because of strong demand for its Cheetah Girls and Hannah Montana toys.
Earnings climbed to $47.3 million, or $1.45 a share, from $40.5 million, or $1.26, a year earlier. Revenue rose to $318.4 million from $295.8 million.
Analysts on average had expected profit of $1.30 a share on about $300.8 million in sales, according to Reuters Estimates.
Malibu-based Jakks said it was confident that it would achieve its previously announced 2007 outlook for net income of $75.8 million, or $2.39 a share, on $800 million in sales.
This month Jakks reached an agreement with Viacom Inc.’s Nickelodeon to create toys and children’s products based on the cartoon character SpongeBob SquarePants.
Toys R Us said last month that it expected Jakks’ EyeClops -- a hand-held magnifying glass that enables users to see almost anything at 200 times its normal size on a TV screen -- to be among the bestselling items during the holiday shopping season.
Shares of Jakks Pacific rose 31 cents to $26.86.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
