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Jakks Pacific Posts $17.6 Million Q3 Loss

10-26-2017

Jakks Pacific swung to a $17.6 million net loss in Q3 ended Sept. 30, as it took a $19.4 million pre-tax charge tied to Toys R Us’ bankruptcy filing.

Q3 net sales fell 13.3% to $262.4 million due partly to halting shipments to Toys R Us after it filed for bankruptcy in September. Jakks has since started “working closely” with Toys R Us for the holiday selling season, CEO Stephen Berman said in a statement. A bankruptcy court judge Tuesday approved $3.1 billion in debtor-in-possession financing for the chain (Inside Licensing Oct. 25).

Jakks also took a $7 million write-off on its investment in DreamPlay, a “toys to life” joint venture it launched with Los Angeles billionaire Patrick Soon-Shiong’s Nantworks in 2013. The technology was designed to work via an app that could be downloaded to mobile devices. When a device’s camera was trained on a toy contained DreamPlay technology, preset animations were triggered. Among the initial partners was Disney. The joint venture was renewed in 2015, but the agreement expired last month.

Contact:

Jakks Pacific, Joel Bennett, Chief Financial Officer, 310-455-6210

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