- Eighth consecutive quarter of year-over-year sales growth
- Growth in Toys and Stationery & Activities
- Diluted EPS of
.51 compared to
.36
MONTREAL, Nov. 2, 2011 /CNW Telbec/ - MEGA Brands Inc. (TSX: MB) announced its financial results today for the third quarter ended September 30, 2011. The Corporation adopted International Financial Reporting Standards effective January 1, 2011 and all comparative 2010 figures have been restated. (All figures are expressed in US dollars.)
Consolidated net sales in the third quarter increased 4% to $133.4 million compared to $128.3 million in the corresponding 2010 period. This is the eighth consecutive quarter of higher year-over-year consolidated sales since the fourth quarter of 2009.
Toy and Stationery & Activities sales were both up 4% compared to the third quarter of 2011. On a geographical basis, North American sales were up 6% and International sales 2%. The Corporation's overall sales performance compares favorably to its peers in light of the cautious mood of retailers who are managing inventories tightly due to economic uncertainty.
Net earnings were $17.1 million or
.51 per diluted share, compared to $17.2 million or
.36 per diluted share in the third quarter of 2010.
''We continue to build momentum in our toy business with retail sales running ahead of shipments and positive movement at retail for our 2011 products, while seeing clear signs that the recovery in Stationery & Activities is firmly on track,'' said Marc Bertrand, President and CEO. ''We are focused on a strong finish to 2011 and creating an even more exciting product portfolio for 2012 based on great innovation and a compelling array of licenses.''