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JAKKS Pacific® Reports Fourth Quarter And Year-End Results For 2012

The JAKKS Board of Directors has declared a regular quarterly cash dividend of $0.07 per common share payable on April 1, 2013 to shareholders of record at the close of business on March 15, 2013 reflecting a current annual yield of 2.1%.

As of December 31, 2012, the Company’s working capital was $179.5 million, including cash and equivalents and marketable securities of $189.5 million, compared to working capital of $374.7 million including cash and equivalents and marketable securities of $257.5 million as of December 31, 2012.

Conference Call

JAKKS Pacific will webcast its fourth quarter earnings conference call today, February 21, 2013, 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 11:30 a.m. ET on February 21 through March 21, 2013. The playback can be accessed by calling (888) 843-7419, or (630) 652-3042 for international callers, pass code “34214746”.

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 ®. 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® and Cabbage Patch Kids®. 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.

© 2013 JAKKS Pacific, Inc. All rights reserved.

JAKKS Pacific, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
                   
 
December 31, December 31,
  2012     2011  
(In thousands)
 
ASSETS
 
Current assets:
Cash and cash equivalents $ 189,321 $ 257,258
Marketable securities 218 214
Accounts receivable, net 105,455 103,637
Inventory, net 59,690 47,019
Income taxes receivable 24,008 24,166
Deferred income taxes - 34,505
Prepaid expenses and other current assets   20,306     30,686  
Total current assets   398,998     497,485  
 
Property and equipment 94,799 81,399
Less accumulated depreciation and amortization   78,973     65,213  
Property and equipment, net   15,826     16,186  
 
Goodwill 48,836 24,015
Trademarks & other assets, net 73,946 27,731
Deferred income taxes - 47,081
Investment in joint venture 3,161 2,736
Investment in DreamPlay   7,000     -  
Total assets $ 547,767   $ 615,234  
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable and accrued expenses $ 101,470 $ 77,210
Reserve for sales returns and allowances 34,373 43,440
Income taxes payable 12,922 2,183
Short term debt, net of current portion   70,710     -  
Total current liabilities   219,475     122,833  
 
Long term debt 94,918 92,188
Other liabilities 18,345 1,630
Income taxes payable 4,687 4,992
Deferred tax liability   3,122     -  
Total liabilities   340,547     221,643  
 
Stockholders' equity:
Common stock, $.001 par value 22 26
Additional paid-in capital 202,577 274,532
Retained earnings 8,836 123,174
Accumulated other comprehensive loss   (4,215 )   (4,141 )
Total stockholders' equity   207,220     393,591  
Total liabilities and stockholders' equity $ 547,767   $ 615,234  
 
JAKKS Pacific, Inc. and Subsidiaries
Fourth Quarter Earnings Announcement, 2012
Condensed Statements of Income (Unaudited)
                           
 
Three Months Ended December 31, Twelve Months Ended December 31,
 
  2012     2011     2012     2011  
(In thousands, expect per share data) (In thousands, expect per share data)
 
Net sales $ 133,507 $ 141,079 $ 666,762 $ 677,751
Less cost of sales
Cost of goods 81,652 86,878 374,549 379,573
Royalty expense 20,172 32,920 82,874 92,830
Amortization of tools and molds   917     2,324     11,402     11,358  
Cost of sales   102,741     122,122     468,825     483,761  
Gross profit 30,766 18,957 197,937 193,990
Direct selling expenses 25,555 20,639 64,366 53,078
Selling, general and administrative expenses 34,602 32,189 137,313 128,525
Depreciation and amortization   1,824     2,125     9,480     11,107  
Income (loss) from operations (31,215 ) (35,996 ) (13,222 ) 1,280
Other income (expense):
Income from video game joint venture - - 3,000 6,000
Equity in net income (loss) of joint venture 126 (9 ) 130 (34 )
Interest income 61 83 671 412
Interest expense, net of benefit   (3,143 )   (2,068 )   (9,228 )   (8,196 )
Income (loss) before provision (benefit) for income taxes (34,171 ) (37,990 ) (18,649 ) (538 )
Provision (benefit) for income taxes   85,286     (17,972 )   86,151     (9,010 )
Net income (loss) $ (119,457 ) $ (20,018 ) $ (104,800 ) $ 8,472  
Earnings (loss) per share $ (5.45 ) $ (0.77 ) $ (4.37 ) $ 0.32
Shares used in earnings (loss) per share 21,923 25,839 23,963 26,893




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