Jakks Sales Rise 23% as Profit Drops Nearly 3%
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Malibu-based toy maker Jakks Pacific Inc. saw its sales rise 23% in the fourth quarter as net income fell nearly 3%.
Profit fell to $7.1 million, or 29 cents a share, from $7.3 million, or 30 cents, a year earlier. Excluding charges related to recent customer bankruptcy filings including those of KB Toys Inc. and FAO Inc., net income rose to $8.9 million, or 36 cents, compared with $6.2 million, or 25 cents, a year before.
Revenue rose to $84.4 million from $68.5 million.
Jakks shares fell 69 cents to $13.88 on Nasdaq.
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