Welcome to our dedicated page for Jakks Pac news (Ticker: JAKK), a resource for investors and traders seeking the latest updates and insights on Jakks Pac stock.
JAKKS Pacific reports news about its toy, consumer-products and costume businesses, including licensed entertainment products, owned brands and retail distribution. The company designs, manufactures, markets and sells product lines such as action figures, plush, playsets, role play items, collectibles, tech accessories, costumes and costume accessories.
Recurring updates include licensing agreements for film, gaming, anime and consumer-brand properties; product launches through JAKKS and its Disguise costume division; quarterly financial results; and board-approved dividend actions. Company announcements also reference its portfolio of proprietary brands, including Disguise, Fly Wheels, Charming, Kidtopia, Moose Mountain, Maui, ReDo Skateboard Co., Sky Ball and Xtreme Power Dozer.
JAKKS Pacific, Inc. (NASDAQ: JAKK) is partnering with SunPoint Public Adjusters and Jelly Belly Corp. to provide toys and treats for children affected by recent wildfires in California and the Pacific Northwest. The holiday drive aims to uplift families suffering from the catastrophic impacts of the fires and the ongoing COVID-19 pandemic. The deadline for families to submit information for receiving assistance is December 15, 2020. JAKKS Pacific continues its commitment to philanthropy through this initiative, ensuring joy during the holiday season for those in need.
JAKKS Pacific reported Q3 2020 net sales of $242.3 million, down 14% from $280.1 million last year, mainly due to declines in Disney Frozen and Disguise Halloween costumes. However, net income rose to $32.1 million or $4.27 per diluted share, up from $16.3 million last year. Gross margin improved to 30.8%, driven by cost control and inventory management. JAKKS has strong liquidity with $112 million available. Year-to-date adjusted EBITDA is up 56% to $24.3 million. Management forecast continued profitability into 2021, supported by new product launches and improved consumer spending.
JAKKS Pacific, Inc. (NASDAQ:JAKK) will announce its third quarter 2020 financial results on November 2, 2020, post-market close. A teleconference to discuss these results and potential future plans will take place at 5:00 p.m. ET. Participants can join via a webcast or by phone. Replay options will be available through November 9, 2020. JAKKS Pacific is a prominent designer, manufacturer, and marketer of toys and related products, with various proprietary brands. For more details, visit their investor relations page.
Disguise, Inc., part of JAKKS Pacific, announced a partnership renewal with Microsoft for Halloween costumes based on popular gaming franchises Halo and Minecraft. Disguise will have the rights to design, market, and distribute costumes for Halo for three more years and Minecraft for two years starting in 2021. Minecraft is experiencing strong growth, particularly during the pandemic, while Halo's sales are bolstered by a dedicated fan base and the upcoming release of Halo Infinite. Disguise looks to expand its market presence during the contract term.
JAKKS Pacific has secured a waiver on its EBITDA covenant until March 31, 2022, reducing the requirement from $34 million to $25 million. The agreement with lenders allows JAKKS to pre-pay $15 million of its term loan immediately, with the option to pre-pay an additional $5 million by Q3 2021. As of September 30, 2021, the company had $138.8 million in outstanding debt. CEO Stephen Berman highlighted that this agreement will decrease interest expenses and enhance financial flexibility without diluting shareholder value, aiming for operational improvements and future growth.
JAKKS Pacific has been invited to the 9th Annual Gateway Conference, held virtually on September 9-10, 2020. CEO Stephen Berman and CFO John Kimble will participate in a fireside chat on September 10 at 10:30 AM PT. One-on-one meetings will be scheduled throughout the day. The Gateway Conference connects top companies with institutional investors, providing opportunities for Q&A sessions and management presentations. For invites or additional details, interested parties can contact conference@gatewayir.com.