Jakks Pacific’s Profit Falls 33%
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Toy maker Jakks Pacific Inc. said Wednesday fourth-quarter profit fell a slightly less-than-expected 33% because of a resurgence in demand for World Wrestling Federation action figures.
Net income fell to $6 million, or 32 cents a share, from $9 million, or 49 cents, a year earlier. Results beat the 27-cent average estimate of analysts polled by First Call/Thomson Financial. Sales dropped 5.4% to $59.1 million.
Malibu-based Jakks said fourth-quarter profit was boosted by sales of its Gooze slime and WWF action figures. Action-figure sales rose as much as 30%, President Stephen Berman said.
Jakks shares fell 13 cents to close at $10.88 on Nasdaq.
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