Press release
Funko Provides Additional COVID-19 Business Update
EVERETT, Wash.--(BUSINESS WIRE)-- Funko, Inc. ("Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture consumer products company, today announced
About this update from Funko, Inc.
[{"type":"text","content":" EVERETT, Wash.--(BUSINESS WIRE)--\nFunko, Inc. (\"Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture consumer products company, today announced that due to the uncertainty of the COVID-19 crisis, it is taking the following actions to enhance its financial flexibility:\n\n\n\nBeginning on April 5th, Funko will furlough a significant portion of its employees. Affected employees will maintain their health benefits, and subject to local regulations, will also be able to access unemployment benefits;\n\n\nImplementing salary reductions across the executive team as well as members of upper level management;\n\n\nExecuting reductions in operating expenses and non-product development capital expenditures; and\n\n\nProactively managing working capital, including reducing incoming inventory to align with anticipated sales.\n\n\n\nIn addition to these actions, Funko is evaluating further options to increase flexibility and retain liquidity. Since December 31, 2019, the Company repaid all outstanding borrowings on its $75 million revolving credit facility and subsequently drew down approximately $29 million. As of March 31, 2020, the Company expects to have over $50 million of cash on hand and $46 million of availability on its revolving credit facility.\n\n\n“During this uncertain and unprecedented time, it is essential we take actions to best position Funko for our employees, partners and shareholders,” stated Brian Mariotti, Chief Executive Officer. “We are making difficult decisions that we believe will put us in a position of strength to navigate this crisis and support the long-term health of our Company.”\n\n\nAbout Funko\n\n\nHeadquartered in Everett, Washington, Funko is a leading pop culture consumer products company. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at https://funko.com/, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).\n\n\nFinancial Disclosure Advisory\n\n\nThe Company reports its financial results in accordance with U.S. generally accepted accounting principles. All financial data in this press release is preliminary and represents th...