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Jakks Pacific Inc. (NASDAQ: JAKK) is a premier designer, manufacturer, and marketer of a broad range of consumer products, with a primary focus on toys and children's entertainment merchandise. Based in Santa Monica, California, Jakks Pacific serves customers globally, delivering a diverse portfolio of products that include action figures, dolls, dress-up costumes, electronics, plush toys, seasonal items, and more.
The company holds licenses for some of the most iconic brands and characters from leading entertainment giants such as Disney, Nickelodeon, Pokémon, Warner Bros., and Hello Kitty. Jakks Pacific also operates several proprietary brands like Creative Designs International™, Road Champs®, Funnoodle®, Jakks Pets™, Plug It In & Play TV Games™, Kids Only!™, Tollytots®, and Disguise™.
In the latest financial results, Jakks Pacific reported a third consecutive annual increase in gross profit dollars, reflecting a robust financial standing. Despite a slight decline in net sales for the fourth quarter of 2023, the company saw a 1% increase in the Toys/Consumer Products segment globally. Jakks also successfully reduced its inventory by 35%, showcasing efficient inventory management. The company has zero total debt as of December 31, 2023, a significant improvement from $67.2 million the previous year.
Recent highlights include launching a new line of The Simpsons toys, which includes action figures, plush toys, and playsets. This launch targets fans of the long-running animated series, enhancing Jakks' reputation for tapping into beloved franchises.
Furthermore, Jakks Pacific has announced a partnership with Dreamworks and Dav Pilkey for a new Dog Man toy line, scheduled to coincide with the release of the Dog Man animated feature film in early 2025. This collaboration aims to capture the vibrant and loyal fanbase of the Dog Man book series.
Jakks Pacific continues to innovate and expand its product lines, ensuring it remains a key player in the competitive toy industry. Their ongoing projects and strategic partnerships are designed to solidify their market position and drive long-term growth.
JAKKS Pacific (NASDAQ: JAKK) announced a multi-year contract extension with BLACK+DECKER, starting in 2021, to design and sell a range of toy workbenches and kitchen products across North America. This partnership extends over 16 years, reflecting the increasing demand for roleplay toys, particularly during home-based activities. Popular products include the Tool Belt Set and Power Tool Workshop. JAKKS products are available at major retailers like Target and Walmart.
JAKKS Pacific announced the successful refinancing of its term loan facility, securing a new $99 million term loan from Benefit Street Partners and a $67.5 million revolving credit facility from JP Morgan Chase. The new term loan, maturing in June 2027, replaces a $128.9 million loan with a 10.5% interest rate, projected to reduce interest expenses by over $5 million annually. The refinancing strengthens the company’s liquidity and financial flexibility, enabling investments in growth and margin improvement.
Disguise, a leader in costume design, has formed a global partnership with Funko to create and distribute Pop! Masks™ starting in 2021 across multiple regions including North America and Europe. The initial collection will feature designs based on popular characters from Warner Bros. and Sony Pictures. Funko aims to enhance fan engagement by offering collectible masks that can be worn or displayed. The line is set to expand in 2022 with over 30 new styles, and pre-orders are already available on Amazon and Funko's website.
JAKKS Pacific (NASDAQ: JAKK) has partnered with Moonbug Entertainment to become the official North American seasonal toy and costume partner for CoComelon, starting in 2021. Disguise, JAKKS' costume division, will create costumes and accessories inspired by the popular children's show, which boasts over 100 million YouTube subscribers. JAKKS will also market and sell CoComelon toy lines, available in 2022. This collaboration aims to enhance children's play experiences, leveraging the show's success across streaming platforms.
JAKKS Pacific reported Q1 2021 net sales of $83.8 million, a 26% increase from $66.6 million in Q1 2020, marking the highest year-over-year growth since 2015. Gross margin improved to 31.1%, an increase of 650 basis points compared to last year. Despite a net loss of $24.4 million, adjusted net loss decreased to $9.5 million, improving from $21.9 million in Q1 2020. Adjusted EBITDA reached negative $2.4 million, up from negative $13.9 million. Management anticipates continued strong sales and improved financial performance through 2021.
JAKKS Pacific, Inc. (NASDAQ: JAKK) has secured U.S. rights for PAW Patrol: The Movie, set for theatrical release on August 20, 2021. The company will produce a variety of branded toys, including ride-ons and activity tables. For the first time, Disguise, its Halloween costume division, will create and distribute PAW Patrol costumes and accessories. This partnership with ViacomCBS Consumer Products is anticipated to boost retail support for the upcoming film, signaling a significant product expansion into the preschool and Halloween markets.
JAKKS Pacific has renewed its partnership with SEGA of America for the Sonic the Hedgehog franchise, enabling the design, manufacture, and sale of merchandise through 2022 and beyond. The agreement covers Classic and Modern Sonic products, including action figures, playsets, and collectibles. Since launching in 2019, JAKKS' Sonic merchandise has seen significant success in retail, with consistent growth noted by company executives. New products are set to be introduced, aligning with upcoming projects from SEGA.
JAKKS Pacific, Inc. (NASDAQ:JAKK) will release its first quarter 2021 financial results on April 28, 2021, after market close. A teleconference and webcast are scheduled for 5:00 p.m. ET, inviting analysts and investors to discuss these results and potential future plans. Interested participants can access the call via internet or phone, with playback available for seven days post-event. The company emphasizes its innovative product range across various brands and acknowledges that forward-looking statements may involve risks and uncertainties affecting future performance.
JAKKS Pacific reported Q4 2020 net sales of $128.3 million, down 16% from $152.5 million last year. However, the company achieved a gross margin of 32.8%, the highest in a decade, and improved its net loss to $11.7 million from $20.6 million in Q4 2019. Full-year gross margin was the highest since 2016. Adjusted EBITDA rose 49% to $28.1 million. JAKKS ended the year with strong liquidity of $126.6 million and a 29% reduction in inventory. Looking ahead, the company expects a rebound in toy sales driven by new Disney content.
JAKKS Pacific announced the acquisition of global toy rights for SEGA's Sonic the Hedgehog 2 film in 2022. The agreement includes action figures, playsets, vehicles, plush toys, and costumes inspired by the film's characters. This extends a successful multi-year licensing deal initiated in 2019, which resulted in top-selling products from the first film. JAKKS anticipates strong performance based on previous sales, aiming to innovate and create new fan experiences.
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