California-based toy company Jakks Pacific, which designs and markets toys and figures for brands like Disney, Pokemon and Hello Kitty, saw its sales dip 5% to US$332.4 million during its third quarter.
Earnings for the period were US$34.8 million compared to US$40.4 million last year. Excluding legal and financial advising fees in 2011 associated with the potential US$670 million takeover by Oaktree Capital that was rejected earlier this month by Jakks, third quarter earnings in 2011 would have been up to US$35.3 million.
Net sales for the nine-month period were US$536.7 million compared to US$549.3 million in 2010.
The company says its Our Spy Net electronics, I Am T-Pain Mic, Cabbage Patch Kids, Singing and Storytelling Belle (pictured), Disney Princess Dress-Up and role play items are expected to have strong performances this holiday season.
The company also remains optimistic about its recently completed acquisition of Hong Kong-based Moose Mountain Toymakers and continues to expect sales of between US$770 to US$775 million for the full year.