California-based toyco Jakks Pacific has announced its first quarter results for 2010, noting net sales for the first quarter at US$77.3 million, compared to US$108.7 million in the first quarter of 2009.
The Company reported a loss of US$5.2 million for the quarter, compared to a loss of US$10.8 million over the same period of time last year.
Revenues for 2010 are expected to come from a broad base of products, which include Halloween costumes, new Disney Princess, Disney Fairies, Toy Story and Phineas and Ferb product, UFC and TNA action figures and various non-licensed product lines.
The quarter’s results were positively impacted by a tax benefit of US$4.9 million related to the reversal of prior tax accruals. Jakks’ company-wide cost-saving initiatives and restructuring plan implemented over the past nine months continues to be its top priority.