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JAKKS Pacific Inc Lowers FY 2013 Guidance; Suspends Dividend; Announces Layoff

Wednesday, 17 Jul 2013 04:04pm EDT 

JAKKS Pacific Inc announced that for fiscal 2013, it anticipates net sales of approximately $620.0 million, with revised loss per share in the range of approximately $56.1 million, or $2.56 per diluted share. The revised guidance represents a reduction from the Company's previously anticipated full year net sales of approximately $694 million to $700 million and diluted earnings per share in the range of approximately $0.63 to $0.68, excluding financial and legal advisory fees relating to the 2011 unsolicited indication of interest. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $693 million and EPS of $0.45 for fiscal 2013. The Company also announced that due to business conditions, it has suspended its quarterly dividend, which it will re-evaluate upon a return to profitability. The Company also announced a restructuring plan to commence in the third quarter, which will include the substantial reduction of leased space, employees and other overhead expenses. Despite the projected loss this year, JAKKS is anticipating a return to profitability in the year 2014. 

Company Quote

29 Aug 2014