4Kids - 4Kids Entertainment Reports First Quarter Results
4Kids Entertainment Reports First Quarter Results
NEW YORK--(BUSINESS WIRE)--May 10, 2006--4Kids Entertainment, Inc. (NYSE: KDE - News), a global provider of children's entertainment and merchandise licensing, today announced financial results for the three months ended March 31, 2006.
Net revenues for the three months ended March 31, 2006 were $19.8 million compared to $20.3 million in the same period last year. Net income for the first quarter of 2006 was $1.5 million, or $0.12 per diluted share, compared to net income of $2.0 million, or $0.14 per diluted share, in the same period last year. The diluted weighted average common shares outstanding for the three months ended March 31, 2006 were 13,368,231 shares compared with 13,833,711 shares for the same period last year.
Alfred R. Kahn, 4Kids Entertainment's Chairman and Chief Executive Officer, said, "Our revenue for the first quarter of 2006 was slightly below the comparable period in 2005. Our gains in licensing revenue from Cabbage Patch Kids domestically and Winx Club(TM) internationally partially offset, declines in licensing revenues from the Yu-Gi-Oh!® and Teenage Mutant Ninja Turtles® properties. Although total costs and expenses in the first quarter of 2006 increased from the same period last year, these increases were substantially offset by additional interest income from invested cash and a lower effective tax rate."
"The first quarter of 2006 also included several exciting developments for the Company. We announced the upcoming launch of Viva Pinata, the new television series that we are developing with Microsoft, and that will air this fall on 4Kids TV," said Kahn. "We formed a new subsidiary, 4Sight Licensing Solutions, Inc., which will specialize in the marketing and licensing of brands geared primarily to adults, teens and 'tweens'. 4Sight recently entered into an exclusive agreement with Microsoft to represent Xbox, including Xbox 360, in all countries where the Xbox is sold. We also concluded the negotiation of an extension of our agreement with Fox Broadcasting Corp. for the 2006 - 2007 and 2007 - 2008 broadcast seasons. Finally, we have started to implement a cost-cutting program across the Company and its subsidiaries which we expect will result in significant reductions in expenses in the second half of 2006 and in 2007."
"We are also continuing to execute our strategic shift towards greater ownership of new properties as exemplified by Chaotic, the new television series and interactive card game that we expect to debut in the fall. We will be showcasing Chaotic at this year's Licensing Show in New York City in June. With $126.2 million in total cash and investments and no long-term debt, we remain well positioned to capitalize on this year's many new opportunities," Kahn concluded.
NEW YORK--(BUSINESS WIRE)--May 10, 2006--4Kids Entertainment, Inc. (NYSE: KDE - News), a global provider of children's entertainment and merchandise licensing, today announced financial results for the three months ended March 31, 2006.
Net revenues for the three months ended March 31, 2006 were $19.8 million compared to $20.3 million in the same period last year. Net income for the first quarter of 2006 was $1.5 million, or $0.12 per diluted share, compared to net income of $2.0 million, or $0.14 per diluted share, in the same period last year. The diluted weighted average common shares outstanding for the three months ended March 31, 2006 were 13,368,231 shares compared with 13,833,711 shares for the same period last year.
Alfred R. Kahn, 4Kids Entertainment's Chairman and Chief Executive Officer, said, "Our revenue for the first quarter of 2006 was slightly below the comparable period in 2005. Our gains in licensing revenue from Cabbage Patch Kids domestically and Winx Club(TM) internationally partially offset, declines in licensing revenues from the Yu-Gi-Oh!® and Teenage Mutant Ninja Turtles® properties. Although total costs and expenses in the first quarter of 2006 increased from the same period last year, these increases were substantially offset by additional interest income from invested cash and a lower effective tax rate."
"The first quarter of 2006 also included several exciting developments for the Company. We announced the upcoming launch of Viva Pinata, the new television series that we are developing with Microsoft, and that will air this fall on 4Kids TV," said Kahn. "We formed a new subsidiary, 4Sight Licensing Solutions, Inc., which will specialize in the marketing and licensing of brands geared primarily to adults, teens and 'tweens'. 4Sight recently entered into an exclusive agreement with Microsoft to represent Xbox, including Xbox 360, in all countries where the Xbox is sold. We also concluded the negotiation of an extension of our agreement with Fox Broadcasting Corp. for the 2006 - 2007 and 2007 - 2008 broadcast seasons. Finally, we have started to implement a cost-cutting program across the Company and its subsidiaries which we expect will result in significant reductions in expenses in the second half of 2006 and in 2007."
"We are also continuing to execute our strategic shift towards greater ownership of new properties as exemplified by Chaotic, the new television series and interactive card game that we expect to debut in the fall. We will be showcasing Chaotic at this year's Licensing Show in New York City in June. With $126.2 million in total cash and investments and no long-term debt, we remain well positioned to capitalize on this year's many new opportunities," Kahn concluded.
posted at 5:14 a.m.
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