Sept 28 Toy-maker Jakks Pacific Inc
cut its full-year 2012 outlook due to low domestic sales and
higher costs, sending its shares down as much as 10 percent in
The company, which makes products under brands such as
Pokemon, Hello Kitty and The Smurfs, now expects an adjusted
full-year profit of between 68 cents per share and 74 cents per
share. It had earlier forecast earnings of between $1.04 per
share and $1.08 per share.
Jakks also cut its 2012 revenue forecast to between $690
million and $700 million from the earlier range of $720 million
to $728 million.
In addition, if the company does not achieve adjusted
earnings of at least 74 cents per share during the year, it will
have to take a non-cash charge of $3.45 per share on account of
the impairment of its deferred tax assets.
Jakks Pacific shares were trading at $13.30 in extended
trading, after closing at $14.57 on the Nasdaq on Friday.