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Earnings soar at toy maker Jakks

February 27, 2007|From Bloomberg News

Jakks Pacific Inc. said Monday that fourth-quarter net income more than doubled as sales at the children's toy maker, which sells Dora the Explorer products, rose 43%. Its stock gained 17%.

The Malibu-based company's net income rose to $23.2 million, or 73 cents a share, compared with $9 million, or 30 cents, a year earlier, the company said. Sales increased to $238.3 million from $166.3 million a year earlier.

The growth stems from increased sales of the company's XPV radio-controlled vehicle, Disney princess-related products and role-play toys, Chief Executive Stephen Berman said.

"You always just plan for the best," Berman said. "I just think everything fell in line when the quarter was completed."

For the first quarter of 2007, Jakks said it expected sales of $114 million to $120 million and earnings of 7 cents to 10 cents a share. For the year, it said, it should earn $75.8 million, or $2.39 a share, on sales of $800 million.

Separately, the company said it reached licensing deals with HIT Entertainment, owned by Apax Partners, to produce products for preschool-age children featuring Thomas and Friends, Bob the Builder and Barney this year.

Jakks' stock rose $3.71 to $25.24.

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