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Jakks Pacific Inc (JAKK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Jakks Pacific Inc

CIK: 1009829 Ticker: JAKK
Exhibit 99.1

JAKKS Pacific Reports Second Quarter 2021 Financial Results

Highest First-Half Sales since 2018; Sixth Straight Quarter of Year-over-Year Gross Margin Expansion

SANTA MONICA, Calif.--(BUSINESS WIRE)--July 28, 2021--JAKKS Pacific, Inc. (NASDAQ: JAKK) today reported financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Overview:

  • Net sales were $112.4 million, up 43% compared to $78.8 million last year, and up 18% compared to $95.2 million in 2019
  • Gross margin of 28.4%, up 710 basis points vs. Q2 2020
  • Highest Q2 gross margin percentage since 2016
  • Refinanced long-term debt to 2027 maturity, lower leverage and a 300-basis point improvement in borrowing cost
  • Accelerated maturity of convertible debt to September 2021, $2.9 million currently outstanding as of July 27, 2021
  • Net loss attributable to common stockholders of $15.4 million or $2.48 per share, compared to a net loss attributable to common stockholders of $23.6 million or $7.70 per share in Q2 2020
  • Adjusted net loss attributable to common stockholders (a non-GAAP measure) of $2.3 million or $0.38 per share, compared to an adjusted net loss attributable to common stockholders of $13.4 million or $4.38 per share in Q2 2020
  • Adjusted EBITDA (a non-GAAP measure) was $5.0 million, compared to negative $4.6 million in the second quarter of 2020
  • Trailing twelve month adjusted EBITDA of $49.1 million (8.7% of net sales) up 69% from $29.0 million (5.0% of net sales) in the trailing twelve months ended June 2020

Management Commentary

“I couldn’t be prouder of our organization’s execution in the past quarter,” said Stephen Berman, CEO of JAKKS Pacific. “It has been well publicized within our industry and others the challenges being faced with the supply-chain and logistics, stretching from Asia to the U.S. and Europe. Nonetheless, our teams worked together across offices to deliver product to our customers as well as build up our domestic inventory in preparation for the second half of the year. The focus of the organization as it continues to navigate the pandemic is extremely gratifying and a testament to our agility as a hands-on, customer-focused company.

"From a sales perspective, we saw excellent results across our Toys/Consumer Products and our Costumes businesses, both in North America and Internationally. Strong consumer demand continues to fuel our Toy business and we anticipate strong results from several programs we are initiating for this Holiday season with our largest customers. In addition, we are on track for what we anticipate will be a great Halloween season with a wide range of new introductions including Jurassic World®, Minions®, Ghostbusters® and The Paw Patrol Movie™.”

Second Quarter 2021 Results

Net sales for the second quarter of 2021 were $112.4 million, up 43% versus $78.8 million last year. The Toys/Consumer Products segment sales were up 45% globally and sales of Disguise costumes were up 37% compared to last year.

Year-to-date Toys/Consumer Products sales were up 36% compared to 2020 and 28% compared to 2019. Year-to-date the Costumes segment was up 31% compared to 2020 and down 13% compared to 2019 which featured a more robust entertainment slate.


The following information was filed by Jakks Pacific Inc (JAKK) on Wednesday, July 28, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Jakks Pacific Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Condensed Consolidated Statements Of Stockholders' Equity
Basis Of Presentation
Basis Of Presentation (Details)
Business Segments, Geographic Data, And Sales By Major Customers
Business Segments, Geographic Data, And Sales By Major Customers (Details) - Schedule Of Revenue By Major Customers By Reporting Segments
Business Segments, Geographic Data, And Sales By Major Customers (Details) - Schedule Of Revenue From External Customers And Long-Lived Assets, By Geographical Areas
Business Segments, Geographic Data, And Sales By Major Customers (Details) - Schedule Of Segment Reporting Information, By Segment
Business Segments, Geographic Data, And Sales By Major Customers (Tables)
Cash Flow, Supplemental Disclosures
Cash Flow, Supplemental Disclosures (Details)
Common Stock And Preferred Stock
Common Stock And Preferred Stock (Details)
Common Stock And Preferred Stock (Details) - Schedule Of Series A Preferred Stock
Common Stock And Preferred Stock (Tables)
Comprehensive Loss
Comprehensive Loss (Details) - Comprehensive Income (Loss)
Comprehensive Loss (Tables)
Credit Facilities
Credit Facilities (Details)
Debt
Debt (Details)
Debt (Details) - Convertible Debt
Debt (Details) - Convertible Debt (Parentheticals)
Debt (Details) - Schedule Of Debt
Debt (Tables)
Fair Value Measurements
Fair Value Measurements (Details) - Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation
Fair Value Measurements (Details) - Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis
Fair Value Measurements (Tables)
Goodwill
Goodwill (Details)
Income Taxes
Income Taxes (Details)
Intangible Assets Other Than Goodwill
Intangible Assets Other Than Goodwill (Details) - Schedule Of Intangible Assets And Goodwill
Intangible Assets Other Than Goodwill (Tables)
Inventory
Inventory (Details)
Inventory (Details) - Schedule Of Inventory, Current
Inventory (Tables)
Joint Ventures
Joint Ventures (Details)
Litigation And Contingencies
Loss Per Share
Loss Per Share (Details)
Loss Per Share (Details) - Schedule Of Earnings Per Share, Basic And Diluted
Loss Per Share (Tables)
Prepaid Expense And Other Assets
Prepaid Expense And Other Assets (Details) - Deferred Costs, Capitalized, Prepaid, And Other Assets
Prepaid Expense And Other Assets (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition And Reserve For Sales Returns And Allowances
Revenue Recognition And Reserve For Sales Returns And Allowances (Details)
Share-Based Payments
Share-Based Payments (Details)
Share-Based Payments (Details) - Nonvested Restricted Stock Shares Activity
Share-Based Payments (Details) - Schedule Of Nonvested Restricted Stock Units Activity
Share-Based Payments (Details) - Share-Based Payment Arrangement, Expensed And Capitalized, Amount
Share-Based Payments (Tables)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Jakks Pacific Inc provided additional information to their SEC Filing as exhibits

Ticker: JAKK
CIK: 1009829
Form Type: 10-Q Quarterly Report
Accession Number: 0001185185-21-001073
Submitted to the SEC: Mon Aug 09 2021 4:34:39 PM EST
Accepted by the SEC: Mon Aug 09 2021
Period: Wednesday, June 30, 2021
Industry: Games Toys And Childrens Vehicles No Dolls And Bicycles

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