Having recently announced company layoffs after consolidating its Hong Kong and New York operations, Malibu, California-based toyco Jakks Pacific has been working through its restructuring plan, which it announced its third quarter results.
Net sales were down to US$351.4 million versus US$357.8 million from the same period last year, while net sales for the first nine months of 2009 sit at US$604.9 million, compared to US$634.1 million for the first nine months of 2008. There were also declines in net income down to US$33.7 million, versus US$54.1 million in Q3 2008. Jakks posted a net loss of US$383.7 million for the nine month period, whereas it saw earnings for the first nine months of 2008 of US$59.2 million
The toyco is continuing to reduce costs and restructure as a result of the tough retail climate, and is looking at potential acquisition opportunities and internal growth initiatives.