SANTA MONICA, Calif.--(EON: Enhanced Online News)--JAKKS Pacific, Inc. (NASDAQ: JAKK) today revised its previously issued outlook for 2016. The Company now expects net sales of approximately $700 million, seven percent lower than its previous outlook, with earnings expected to be approximately $0.01-$0.05 per diluted share. Adjusted EBITDA is expected to be approximately $37.0 million for the year. The shortfall is primarily due to lower than expected sales of select key product lines. By comparison, net sales in 2015 were $745.7 million with earnings of $0.71 per diluted share and Adjusted EBITDA of $51.0 million. JAKKS is optimistic that its strategic initiatives, including new internally developed content, products based on new licenses, its new skin care and performance make-up brand, and the opening of offices in five new countries will contribute to the future growth of its business and profitability.
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. (NASDAQ: JAKK) is a leading designer, manufacturer and marketer of toys and consumer products sold throughout the world, with its headquarters in Santa Monica, California. JAKKS Pacific’s popular proprietary brands include BIG-FIGS™, XPV®, Max Tow™ and Friends, Disguise®, Moose Mountain®, Funnoodle®, Maui®, Kids Only!®; a wide range of entertainment-inspired products featuring premier licensed properties; and C’est Moi™, a skincare and performance make-up brand. Through JAKKS Cares, the company’s commitment to philanthropy, JAKKS is helping to make a positive impact on the lives of children. Visit us at www.jakks.com and follow us on Instagram (@jakkstoys), Twitter (@jakkstoys) and Facebook (JAKKS Pacific).
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Forward Looking Statements
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. 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.