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4 Kids Entertainment Inc (FOUR) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

4Licensing Corp

CIK: 58592

 

 

 

INVESTOR CONTACTS:

MEDIA CONTACT:

 

Todd Fromer / Garth Russell

Barry Stagg

 

KCSA Strategic Communications

4Kids Entertainment

 

(212) 896-1215 / (212) 896-1250

(646) 822-4257

 

tfromer@kcsa.com / grussell@kcsa.com

bstagg@4kidsent.com

 

4Kids Entertainment Reports 2008 Fourth Quarter

and Year End Results

NEW YORK, March 16, 2009 – 4Kids Entertainment, Inc. (NYSE: KDE)

, the global children’s entertainment and merchandise licensing company, today announced financial results for the quarter and year ended December 31, 2008.

Net revenues for the three months ended December 31, 2008 totaled $14.3 million, compared to $16.5 million for the same period in 2007. The Company’s net loss for the three months ended December 31, 2008 was $(19.6) million, or $(1.48) per diluted share, as compared to a net loss of $(16.8) million, or $(1.26) per diluted share, for the same period in 2007.

 

For the year ended December 31, 2008, net revenues totaled $63.7 million, compared to $55.6 million for the same period in 2007. Revenue for the year ended December 31, 2008 included approximately $15.3 million from the sale of Chaotic® trading cards. The Company’s net loss for the year ended December 31, 2008 was $(36.8) million, or $(2.79) per diluted share, as compared to $(23.3) million, or $(1.77) per diluted share, for the same period in 2007.

 

“The sharp economic downturn and associated severe deterioration of consumer confidence starting in September 2008 deeply impacted our licensing revenue and trading card game sales in the fourth quarter. Our results were also impacted by declining licensing revenue throughout the year from some of our more established properties. While we are extremely disappointed by our results for 2008, we implemented significant cost cutting initiatives in the fourth quarter of 2008 and the first quarter of 2009 that we expect to reduce our operating costs by $25 million in 2009 as compared with 2008,” stated Alfred R. Kahn, Chairman and Chief Executive Officer, 4Kids Entertainment.

 

“While Chaotic trading card sales for the first nine months of 2008 were in line with our expectations, sales for fourth quarter fell well below our expectations at $0.5 million. This decline in sales is primarily due to retailers and distributors reducing, canceling or returning orders in an effort to reduce their inventory as they respond to the rapid, steep economic decline. In addition to impacting sales, it also triggered an increase in our reserve for returns and allowances and a $3 million write-down of our trading card inventory. Despite the fourth quarter sales numbers, Chaotic finished the year as the number three selling trading card game in the U.S. behind Pokémon and Yu-Gi-Oh!,” said Kahn.

 

“Looking forward, we believe Chaotic still offers a tremendous opportunity for 4Kids in the future as we roll out the Chaotic trading cards in the UK, France and Germany during

 


The following information was filed by 4Licensing Corp on Monday, March 16, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 58592
Form Type: 10-K Annual Report
Accession Number: 0000058592-09-000010
Submitted to the SEC: Mon Mar 16 2009 3:00:37 PM EST
Accepted by the SEC: Mon Mar 16 2009
Period: Wednesday, December 31, 2008
Industry: Patent Owners And Lessors

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