Jakks Net Income Jumps 41%; Sales Rise
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Toy maker Jakks Pacific Inc. on Wednesday reported a 41% increase in third-quarter earnings as sales rose 13%.
Malibu-based Jakks said third-quarter net income rose to $32.8 million, or $1.05 a share, from $23.3 million, or 76 cents, a year earlier.
The company -- maker of Cabbage Patch Kids dolls, Care Bears and Plug It In & Play TV Games -- said revenue rose to $233.5 million from $206.1 million.
The results came after Mattel Inc. and Hasbro Inc. this week reported quarterly earnings that missed Wall Street targets.
“After relatively lackluster results from its competitors and a continued uncertain economic environment, we had expected the company to be more tempered in its outlook,” Wedbush Morgan Securities analyst Edward Woo said of Jakks. “However, it now appears that the company has executed well in getting its products on retailer shelves. This should position the company well for the upcoming holidays and into 2006.”
Jakks shares rose $1.57, or 9.3%, to $18.50.
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