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JAKKS Pacific Reports Second Quarter 2022 Financial Results
Highest Q2 Net Sales and Operating Income in Company History SANTA MONICA, Calif.--(BUSINESS WIRE)-- JAKKS Pacific, Inc. (NASDAQ: JAKK) today reported
About this update from Jakks Pacific, Inc.
[{"type":"text","content":"\nHighest Q2 Net Sales and Operating Income in Company History\n\n SANTA MONICA, Calif.--(BUSINESS WIRE)--\nJAKKS Pacific, Inc. (NASDAQ: JAKK) today reported financial results for the second quarter ended June 30, 2022.\n\nSecond Quarter 2022 Overview\n\n\nNet sales were $220.4 million, a year-over-year increase of 96.2%\n\n\nToys/Consumer Products were $148.9 million, a year-over-year increase of 82.6%\n\n\nCostumes were $71.6 million, a year-over-year increase of 132.2%\n\n\n\n\nGross margin of 27.6%, down 77 basis points vs. Q2 2021\n\n\nOperating income of $23.7 million (10.7% of net sales) vs. $1.8 million (1.6% of net sales) in Q2 2021\n\n\nNet income attributable to common stockholders of $26.2 million or $2.61 per diluted share, compared to a net loss attributable to common stockholders of $15.4 million or $2.48 per share in Q2 2021\n\n\nAdjusted net income attributable to common stockholders (a non-GAAP measure) of $21.1 million or $2.10 per diluted share, compared to an adjusted net loss attributable to common stockholders of $2.3 million or $0.38 per share in Q2 2021\n\n\nAdjusted EBITDA (a non-GAAP measure) of $27.1 million, vs. $5.0 million in Q2 2021\n\n\nManagement Commentary\n\n“Our past quarter’s results are extremely gratifying,” said Stephen Berman, CEO of JAKKS Pacific. “The teams collaborated and executed at the highest level – chasing exceptional demand for our product, and relentlessly engaging with our manufacturers, customers and vendors to set everyone up for a great back-part of the year. We’re excited to continue to delight our consumers with a tremendous offering across our toy, consumer product and Halloween ranges, both on-shelf and on-line, and in the US and internationally.\n\n“During the quarter we continued to see solid consumer demand across most of our major toy businesses, especially with Disney’s Encanto™ and Sega’s Sonic the Hedgehog®. Our Costume business shipped over $71 million, the highest Q2 shipment level since Disguise joined JAKKS in 2008. Despite the continuation of supply-chain cost pressures, we nonetheless recorded our first profitable second quarter in 10 years. We have also accelerated our importation of product to support the second half of the year and mitigate our traffic at the ports during the peak season.\n\n“We’re pleased to share that we utilized some of the proceeds ...