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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, Inc. (NASDAQ:JAKK) will release its fourth quarter 2020 financial results on February 18, 2021, after market hours. Following this, a teleconference and webcast will be held at 5:00 p.m. ET. Interested parties can join the call through a dedicated link or by dialing the provided numbers for U.S. and international callers. Replay of the teleconference will be available for seven days post-event. JAKKS Pacific is a leading toy designer and manufacturer with popular brands such as Fly Wheels™ and Disguise®. The company emphasizes forward-looking statements regarding future performance.
Disguise, Inc., the Halloween costume division of JAKKS Pacific, has secured North American rights to the popular pre-school brand Blippi in collaboration with Moonbug Entertainment. Beginning in 2021, Disguise will design, market, manufacture, and distribute Blippi-themed costumes and accessories. Blippi is renowned for engaging educational content available on platforms like YouTube and Hulu. Tara Hefter, EVP and GM of Disguise, expressed excitement about this partnership, highlighting Blippi's recognizable character design, which encourages curiosity and adventure among toddlers.
Disguise, a division of JAKKS Pacific, has partnered with Warpstar to create costumes and accessories based on the Kirby franchise, starting in 2021. The agreement grants worldwide distribution rights, excluding Japan, and aligns with the growing demand for gaming-themed products. Disguise is set to expand its portfolio, which includes popular Nintendo characters, by adding Kirby costumes, utilizing its expertise as a leader in licensed video game costumes. Kirby, co-owned by Nintendo and HAL Laboratory, is a top-selling video game franchise with over 74 million units sold.
JAKKS Pacific, Inc. (NASDAQ: JAKK) has extended its global toy rights agreement with Nintendo of America. This allows JAKKS to continue designing, manufacturing, and selling various Nintendo® and Super Mario™ branded toys worldwide. In 2020, the company launched successful products like Super Mario™ It’s-A Me Mario! and Boo Mansion playset. The partnership, which began in 2013, has seen JAKKS ship tens of millions of figures globally, celebrating 35 years of Super Mario this year.
JAKKS Pacific, Inc. (NASDAQ: JAKK) has joined forces with SunPoint Public Adjusters and Jelly Belly Corp. to provide toys and treats to children affected by wildfires in California and the Pacific Northwest. Following a successful Halloween initiative, the companies aim to support these children during the holiday season, especially those displaced by the fires and the COVID-19 pandemic. Families needing assistance can register online, with a deadline of December 15, 2020, for submissions. This partnership underscores JAKKS Pacific's commitment to philanthropy and community welfare.
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.
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