Jakks Pacific enjoyed a considerable growth during Q2 and the first six months of fiscal 2008, but increased costs leveled out the gains.
Q2 net sales were US$145.3 million, compared to US$129.5 million reported in the same period last year. Net income dipped slightly for Q2 with a reported US$4.2 million compared to US$5 million reported in Q2 in 2007.
Net sales for the first six months ended June 30, 2008 were US$276.2 million, compared to US$253.6 million during the same period in 2007. Net income for the first six months of 2008 was US$5 million compared to US$8.3 million in 2007.
Jack Friedman, chairman and CEO, cited increased sales of Disney, Hannah Montana, Plug It In & Play and new EyeClops as being major drivers of the increased sales. However, increased costs in fuel, raw materials and product testing and litigation took a bite out of the net income.