Jakks net income down 21% on costs
From Times Wire Services
Toy maker Jakks Pacific Inc. said Wednesday that its second-quarter profit fell 21% as higher costs offset a rise in sales.
For the quarter ended June 30, net income fell to $5 million, or 17 cents a share, from $6.4 million, or 22 cents, a year earlier.
Analysts polled by Thomson Financial had expected earnings per share of 25 cents.
Sales rose 4% to $129.5 million. Analysts had predicted revenue of $130.6 million.
Malibu-based Jakks said action figures, dress-up and role-play toys all performed well in the quarter.
Its shares fell $4.64 to $25.28.
