GREY:MBLKF - Post by User
Post by
stainless101on Oct 25, 2010 12:43pm
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Post# 17607674
Q2 was good, Q3 will be great
Q2 was good, Q3 will be greatMega Brands turns 2Q profit
Retail Editor 2 -- Gifts and Dec, 8/17/2010 9:54:00 AM
MONTREAL - Mega Brands Inc. has announced that its net salesincreased 12% to $78.8 million in the second quarter and six monthsended June 30, 2010, helped in part by strong performance in preschooltoys. This is in comparison to $70.1 million for the same quarter lastyear.
Net earnings were $1.2 million or nil per diluted sharecompared to a net loss of $13.3 million or
.36 per diluted share inthe second quarter of 2009.
Net sales were higher in both NorthAmerica and international, led by a solid increase in toys shipments andstable sales of stationery and activities products. The growth in toysales reflects a continued strong performance in the preschool category;increased sales in the boys category led by Halo, Iron Man 2; initialshipments of Dragons Universe; and a steady performance in games andpuzzles.
"We are pleased to report a third consecutive quarter ofyear-over-year improvement in net sales and gross margins, and apositive outlook for the balance of 2010," said Marc Bertrand, presidentand CEO. "For the second half of the year, we are well-positioned withmore shelf space at retail, the launch of Thomas & Friends ininternational markets in the third quarter and the full global roll-outof our exciting Dragons Universe product line supported by TVadvertising in North America beginning this month."
For the six-monthperiod ended June 30, 2010, net sales are up 13% to $127.9 millioncompared to $113.7 million in the same period last year. Net earningswere $99.4 million or
.53 per diluted share compared to a loss of$39.2 million or $(1.07) per diluted share in the corresponding periodof 2009. In the first quarter of 2010, the corporation recognized anon-cash gain on settlement of debt which increased net earnings by
.68 per diluted share.