Press release
Funko Reports Fourth Quarter and Fiscal 2019 Financial Results
Full Year Net Sales Increased 16% to $795 Million Provides 2020 Outlook EVERETT, Wash.--(BUSINESS WIRE)-- Funko, Inc. ("Funko,” or the “Company”) (Nasdaq:
About this update from Funko, Inc.
[{"type":"text","content":"\nFull Year Net Sales Increased 16% to $795 Million\nProvides 2020 Outlook\n\n EVERETT, Wash.--(BUSINESS WIRE)--\nFunko, Inc. (\"Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture consumer products company, today reported its consolidated financial results for the fourth quarter and fiscal year ended December 31, 2019.\n\n\nFull Year 2019 Financial Highlights\n\n\n\nNet sales increased 16% to $795.1 million\n\n\nGross profit1 increased 11% to $282.5 million, and gross profit excluding a one-time charge of $16.8 million related to the write-down of inventory2 increased 17% to $299.3 million\n\n\nGross margin1 of 35.5% and gross margin excluding the inventory write-down referenced above2 of 37.6%\n\n\nNet income of $27.8 million\n\n\nAdjusted EBITDA3 of $123.0 million and Adjusted EBITDA Margin3 of 15.5%\n\n\nCash flow from operations of $90.8 million\n\n\n\nFull Year 2019 Operating Highlights\n\n\n\nCompleted the strategic acquisition of world-class game design studio Forrest-Pruzan, creating Funko Games, and successfully entered the board game category\n\n\nGrew sales in the European region approximately 32% on a year-over-year basis\n\n\nSuccessfully grew sales of Loungefly products more than 60% on a year-over-year basis\n\n\nUnveiled an enhanced mobile app with robust new features and rolled out a fan loyalty program\n\n\nOpened Funko’s second flagship store in Hollywood, CA\n\n\nReinforced Funko’s bench with new hires across the Company in operations, planning, supply chain and finance\n\n\nStrengthened the Company’s balance sheet through the successful refinancing of Funko’s credit facilities\n\n\n\nBrian Mariotti, Chief Executive Officer, stated, “Full year top line growth of 16% was driven by the underlying strength of Pop! Vinyl, growth in key geographic markets and the introduction of new products and categories. Although we closed the year with a difficult fourth quarter, we remain confident in the underlying strength of our business model and have a number of initiatives underway to drive growth in 2020. We have an exceptional line-up of games, toys and figures coming to market in the second half, unique evergreen retail programs and new products and partnerships in underpenetrated genres, including anime, sports and music.”\n\n\n“Funko’s deep roots and expertise in all things pop culture provide us with ...