Toronto toy manufacturer’s profits triple in Q2
August 12, 2015
by CANADIAN PRESS
The company behind the “Paw Patrol” franchise, which includes a Nickelodeon show and various branded products, said profits jumped to US$7.6 million in the three months ended June 30, compared with $2.1 million in the same period a year earlier.
It did not provide earnings per share figures for either quarter and did not immediately respond to a request for further details.
Spin Master, which manufactures a range of toys and board games, made its initial public offering on the Toronto Stock Exchange last month.
During the quarter, revenue grew 19.9% to US$127.7 million from US$106.5 million in the same period last year when it was still a private company.
In its outlook, Spin Master said the second half of the year typically represents about 70% to 75% of the company’s annual gross sales, largely driven by families buying more toys during the holiday season.
“We’re excited about our strong slate of new product launches, including Meccanoid, a four-foot talking robot, in addition to licensed products associated with the new ‘Star Wars’ movie,” said co-CEO Anton Rabie.
© 2015 The Canadian Press