Toyco Jakks Pacific has reported its Q3 results for the period ended September 30, 2010, revealing an increase in profits alongside a drop in revenue from last year’s US $351.4 million to US $348.7 million.
Reported profits for the period were US$40.4 million, including tax benefits of US$5.9 million, compared to US$33.7 million during the same period last year.
Jakks’ board of directors has also authorized a stock buy-back program of up to US$30 million-worth of the company’s common stock.
Halloween costumes and accessories, which feature entertainment properties such as Iron Man 2, Toy Story 3, Sesame Street and Hasbro brands, showed a robust sell-in according to Jakks president and CEO Stephen Berman.
The company expects to achieve net sales for this year in the range of between US$710 and US$720 million, including a tax benefit of US$10.8 million as well as a Jack Friedman benefit payment of US$2.8 million.