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4Kids Profit Falls 74% as Pokemon Sales Drop

Entertainment/Media | IN BRIEF/Entertainment

April 02, 2002|Bloomberg News

4Kids Entertainment Inc., which licenses children's products and television shows, said fourth-quarter profit fell 74% as revenue from Pokemon declined.

Net income fell to $2.2 million, or 16 cents, from $8.54 million, or 65 cents, in the year-earlier quarter. Sales fell 47% to $10.2 million from $19.2 million, the New York- based company said.

As popularity wanes for Pokemon products, 4Kids has been working with broadcasting companies to increase sales through the television show, which is the top-rated U.S. children's program, the company said. The company has agreements to supply Kids WBand Fox Broadcasting with Saturday morning programming.

4Kids licenses Pokemon cartoon and video game products outside Asia and also is exclusive licensing agent of Nintendo Co.'s video games and characters outside Japan through 2005. The company also licenses the Cabbage Patch Kids products.

Shares of 4Kids fell $1.87, or 9.4%, to $18.05 on the NYSE.

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