After experiencing a 27% sales slide in the second quarter of this year, California-based toymaker Jakks Pacific has reported US$310.9 million in sales for Q3, down slightly from the US$314.5 million generated for the same period last year.
As its recently announced restructuring plan, which has reduced leased space, employees and additional overhead expenses, continues to be realized, the company’s third-quarter profits were US$36.6 million, up from US$30.4 million a year ago, beating analyst’s expectations and reflecting the completion of Jakks’ US$100 million convertible senior note financing.
Sales for the first nine months of the year were US$495.2 million, down from US$533.3 million in 2012.
In its company statement, CEO Stephen Berman said he expects Jakks will return to profitability in 2014 with help from its new line of Dreamplay interactive toys, including the newly launched Ariel’s Musical Surprise—the line’s first Disney-branded app release.
The company still expects its total sales for the full year will reach US$620 million. Berman also cited Jakks Pacific’s ongoing commitment to technology investment and its planned rollout of new Dreamplay toy products in 2014 as reasons for optimism.