Jakks Pacific Profit Falls 31% on Slow Sales
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Malibu-based toy maker Jakks Pacific Inc. said third-quarter profit dropped 31% to $9.6 million, or 39 cents a share, on sluggish sales resulting from the decline in popularity of certain products.
The results were in contrast to net income of $14 million, or 58 cents, in the year-earlier quarter. Revenue fell 12% to $90.3 million.
Jakks said certain higher-priced products, such as the Singing Starz Karaoke Machine and the Equalizer Radio Controlled Vehicle, had lost popularity and were being replaced with products such as plug-and-play TV Games and the Road Champs NASCAR RC vehicle line.
Jakks shares rose 27 cents to $12.92 on Nasdaq.
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