Malibu, California-based toy and consumer product company Jakks Pacific enjoyed a 19.6% net sales increase and a whopping 48.3% spike in net income for Q4 2007.
Q4 sales topped off at US$285.1 million, compared to US$238.3 million during the same period last year. Net income stood US$34.3 million, up from US$23.2 million in Q4 2006.
And the picture for 2007 was similarly bright as net sales for the year ended December 31, 2007 increased 12% to US$857.1 million and income jumped 24.3% to US$90 million compared to the US$72.4 million reported in 2006.
The robust report is the result of strong sales of Disney toys, action figures and Plug It In & Play electronic games according to president and COO Stephen Berman. As well, he cited the strong performance of anything Hannah Montana-related; the character’s current star power bolstered the company’s bottom line.
Based on its successful year, company officials are projecting continued growth for 2008, with net sales and net income expected to increase by a minimum of 4% over the next four quarters.