Meg beats the street with $0.79 earnings EBITDA of $29.2 million compared to $28.2 million
Diluted EPS of $0.79 compared to $0.63
MONTREAL, Oct. 31, 2013 /CNW Telbec/ - MEGA Brands Inc. (TSX: MB) announced its financial results today for the third quarter ended September 30, 2013. (All figures are expressed in US dollars.)
Consolidated net sales in the third quarter were $140.9 million compared to $140.1 million in the corresponding 2012 period.
Sales for the Toys segment increased 1% compared to the third quarter of 2012, with strong shipments of Preschool & Girls construction toys, offset by lower sales of Boys & Collectors construction toys.
Sales for the Stationery & Activities segment were up 1%, the tenth consecutive quarter of year-over-year growth.
On a geographical basis, North American sales were 1% higher and international sales were level.
Earnings before interest, taxes, depreciation and amortization (''EBITDA'') increased to $29.2 million compared to $28.2 million in the third quarter of 2012. EBITDA is a supplementary financial measure.
Net earnings were $22.6 million or $0.79 per diluted share ($0.99 per basic share) compared to $19.5 million or $0.63 per diluted share ($1.19 per basic share) in the third quarter of 2012.
For the nine-month period ended September 30, 2013, consolidated net sales increased 4% to $303.5 million compared to $292.7 million in the same period last year, with 4% growth in Toys, 2% in Stationery & Activities, 4% in North America and 2% in International. EBITDA increased to $38.1 million compared to $35.2 million in the corresponding period in 2012. Net earnings were $19.4 million or $0.82 per diluted share ($0.94 per basic share) compared to $12.6 million or $0.64 per diluted share ($0.77 per basic share) in the same 2012 period.
''With our solid Preschool & Girls offering and recent traction in Boys & Collectors construction toys, including the launch of Call of Duty Collector Construction Sets, we continue to focus on sustaining our positive sales momentum through the balance of 2013,'' said Marc Bertrand, President and CEO. ''In addition, we are continuing to move forward with initiatives to improve our balance sheet, global manufacturing position and brand portfolio.
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