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JAKKS Pacific® Reports Third Quarter Results For 2012

The JAKKS Board of Directors has declared a regular quarterly cash dividend of $0.10 per common share payable on January 2, 2013 to shareholders of record at the close of business on December 14, 2012.

Conference Call

JAKKS Pacific will webcast its third quarter earnings conference call today, October 23, 2012, at 9:00 a.m. ET (6:00 a.m. PT). To listen to the live webcast, go to www.jakks.com/investors, and click on the earnings webcast link under Events and Presentations at least 10 minutes prior to register, download and install any necessary audio software. A telephonic playback will be available from 11:00 a.m. ET on October 23 through November 23, 2012. The playback can be accessed by calling (888) 843-7419, or (630) 652-3042 for international callers, passcode 33410527.

About JAKKS Pacific, Inc.

JAKKS Pacific, Inc. (NASDAQ: JAKK) is a leading designer and marketer of toys and consumer products with a wide range of products that feature popular brands and children's toy licenses. JAKKS’ diverse portfolio includes Action Figures, Electronics, Dolls, Dress-Up, Role Play, Halloween Costumes, Kids Furniture, Vehicles, Plush, Art Activity Kits, Seasonal Products, Infant/Pre-School, Construction Toys, Ride-On Vehicles, Wagons, Inflatable Environments and Tents, Impulse Toys and Pet Products sold under various proprietary brands including JAKKS Pacific®, Creative Designs International™, Road Champs®, Funnoodle®, JAKKS Pets™, Plug It In & Play TV Games™, Kids Only!™, Tollytots®, Disguise®, Moose Mountain® and Maui Toys®. JAKKS is also the creator of the underlying Monsuno® property and toy line. JAKKS is an award-winning licensee of several hundred nationally and internationally known trademarks including Nickelodeon®, Warner Bros.®, Ultimate Fighting Championship®, Hello Kitty®, Graco®, Cabbage Patch Kids® and Pokémon®. www.jakks.com

This press release may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates and projections about JAKKS Pacific's business based partly on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements due to numerous factors, including, but not limited to, those described above, changes in demand for JAKKS' products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, and difficulties with integrating acquired businesses. Continued payment of the quarterly cash dividend will depend on many factors, including, but not limited to, JAKKS' earnings, financial condition, business development needs, and is at the discretion of the Board of Directors. The forward-looking statements contained herein speak only as of the date on which they are made, and JAKKS undertakes no obligation to update any of them to reflect events or circumstances after the date of this release.

© 2012 JAKKS Pacific, Inc. All rights reserved.

JAKKS Pacific, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
             
 
September 30, December 31,
  2012     2011  
(In thousands)
 
ASSETS
 
Current assets:
Cash and cash equivalents $ 140,755 $ 257,258
Marketable securities 218 214
Accounts receivable, net 242,635 103,637
Inventory, net 73,229 47,019
Income taxes receivable 24,008 24,166
Deferred income taxes 34,504 34,505
Prepaid expenses and other current assets   26,215     30,686  
Total current assets   541,564     497,485  
 
Property and equipment 92,911 81,399
Less accumulated depreciation and amortization   77,781     65,213  
Property and equipment, net   15,130     16,186  
 
Goodwill 50,511 24,015
Trademarks & other assets, net 73,540 27,731
Deferred income taxes 47,074 47,081
Investment in joint venture 3,767 2,736
Investment in DreamPlay   7,000     -  
Total assets $ 738,586   $ 615,234  
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable and accrued expenses $ 182,973 $ 77,210
Reserve for sales returns and allowances 31,663 43,440
Income taxes payable 15,988 2,183
Short term debt, net of current portion   53,410    
Total current liabilities   284,034     122,833  
 
Long term debt 94,235 92,188
Other liabilities 27,328 1,630
Income taxes payable   3,926     4,992  
Total liabilities   409,523     221,643  
 
Stockholders' equity:
Common stock, $.001 par value 22 26
Additional paid-in capital 202,758 274,532
Retained earnings 130,458 123,174
Accumulated other comprehensive income (loss)   (4,175 )   (4,141 )
Total stockholders' equity   329,063     393,591  
Total liabilities and stockholders' equity $ 738,586   $ 615,234  
 
Working Capital $ 257,530 $ 374,652
 

JAKKS Pacific, Inc. and Subsidiaries
Third Quarter Earnings Announcement, 2012
Condensed Statements of Income (Unaudited)
                               
 

Three Months Ended September 30,

Nine Months Ended September 30,
 
  2012     2011     2012     2011  
(In thousands, expect per share data) (In thousands, expect per share data)
 
Net sales $ 314,491 $ 332,419 $ 533,255 $ 536,672
Less cost of sales
Cost of goods 174,180 182,324 292,897 292,695
Royalty expense 36,908 38,974 62,702 59,910
Amortization of tools and molds   6,691     5,451     10,485     9,034  
Cost of sales   217,779     226,749     366,084     361,639  
Gross profit 96,712 105,670 167,171 175,033
Direct selling expenses 19,526 14,628 38,811 32,439
Selling, general and administrative expenses 35,404 36,495 102,711 96,336
Depreciation and amortization   4,486     4,479     7,656     8,982  
Income (loss) from operations 37,296 50,068 17,993 37,276
Other income (expense):
Income from video game joint venture 1,000 - 3,000 6,000
Equity in net income (loss) of joint venture 48 (26 ) 4 (25 )
Interest income 97 102 610 329
Interest expense, net of benefit   (2,015 )   (2,063 )   (6,085 )   (6,128 )
Income (loss) before provision (benefit) for income taxes 36,426 48,081 15,522 37,452
Provision (benefit) for income taxes   5,983     13,256     865     8,962  
Net income (loss) $ 30,443   $ 34,825   $ 14,657   $ 28,490  
Earnings (loss) per share $ 1.10 $ 1.10 $ 0.59 $ 0.97
Shares used in earnings (loss) per share 28,933 32,914 31,274 33,303




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