Jakks Pacific Reports 4th-Quarter Profit Fell 27%

Jakks Pacific Inc., which makes toys including World Wrestling Federation action figures, said fourth-quarter profit fell 27% as the company had a reserve relating to Kmart Corp.’s bankruptcy protection filing.

Net income fell to $4.39 million, or 22 cents a share, from $6.03 million, or 32 cents, a year earlier, Jakks said. Sales rose 4% to $61.4million from $59.1 million.

Jakks said it had a $5-million reserve related to Kmart’s Jan. 22 bankruptcy filing. Kmart is one of Jakks’ five largest customers, according to a Jakks regulatory filing. Sales barely increased because Malibu-based Jakks withheld shipments of about $1.4 million of products to the discount retailer, Chief Financial Officer Joel Bennett said.

Shares of Jakks rose 7 cents to $18.73 on Nasdaq. They have gained 51% in the last year.

Other earnings from California companies, excluding one-time items:

* Fidelity National Financial Inc., an Irvine-based operator of the nation’s largest title insurance company, said net earnings more than doubled in the fourth quarter on record revenue. The company posted earnings of $92.3 million, or $1.04 a share, up from $37.5 million, or 48 cents a share, for the same period a year earlier. Revenue rose 39% to $1.1 billion.

* First American Corp. reported net income of $52.3 million, or 68 cents a share, compared with last year’s $31.8 million, or 47 cents a share, which included a net after-tax benefit of $10.7 million. Revenue at the Santa Ana-based provider of real-estate related information and financial services rose 41% to $1.1 billion.

* Jack in the Box Inc. reported net income rose to $26.7 million, or 67 cents a share, from $23.7 million, or 65 cents, a year earlier. Revenue at the San Diego-based fast-food hamburger chain grew 9.4% to $594.2 million.