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Jakks cuts 2012 outlook on lackluster sales, shares fall
September 28, 2012 / 8:55 PM / 5 years ago

Jakks cuts 2012 outlook on lackluster sales, shares fall

Sept 28 (Reuters) - 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 after-market trading.

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.

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