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Jakks Pacific Inc (JAKK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

SEC Filings

Jakks Pacific Inc

CIK: 1009829 Ticker: JAKK
Exhibit 99.1


JAKKS Pacific Reports Fourth Quarter and Full Year 2019 Financial Results

SANTA MONICA, Calif.--(BUSINESS WIRE)--February 19, 2020--JAKKS Pacific, Inc. [NASDAQ: JAKK] today reported financial results for the fourth quarter and full-year ended December 31, 2019.

Fourth Quarter 2019 Overview vs. Same Period Last Year:

  • Net sales were $152.5 million, up 15% compared to $132.3 million reported in the comparable period in 2018, boosted by strong sales of Disney Frozen 2 products.
  • Gross margin was 30.4%, compared to 30.6% in Q4 of last year.
  • Net loss attributable to common stockholders was $20.6 million, or $0.70 per basic and diluted share, including non-cash charges of $10.7 million for intangibles impairment and tooling disposal, and the change in fair value of the derivative liability attributable to our preferred stock. This compares to a net loss attributable to common stockholders of $3.2 million, or $0.14 per basic and diluted share, in the fourth quarter of 2018.
  • Adjusted EBITDA (a non-GAAP measure) was $3.3 million, compared to negative $1.6 million in the fourth quarter of 2018. See note below on “Use of Non-GAAP Financial Information.”
  • Adjusted net loss attributable to common stockholders (a non-GAAP measure) was $0.26 per basic and diluted share, an improvement of $0.11. See note below on “Use of Non-GAAP Financial Information.”

Fiscal 2019 Overview vs. Same Period Last Year:

  • Net sales were $598.6 million, up 5% compared to $567.8 million reported in the prior year, boosted by strong sales of Disney Frozen 2 products and increases in sales of Disguise costumes.
  • Gross margin was 26.6%, compared to 27.4% in 2018.
  • Net loss attributable to common stockholders was $56.0 million, or $2.16 per basic and diluted share, including non-cash charges totaling $23.9 million for intangibles impairment and tooling disposal, the change in fair value of the derivative liability attributable to our preferred stock, and the loss on the extinguishment of debt resulting from our recapitalization transaction in Q3 of 2019. This compares to a net loss attributable to common stockholders of $42.4 million, or $1.83 per basic and diluted share in 2018.
  • Adjusted EBITDA (a non-GAAP measure) was $18.9 million, a significant improvement compared to $2.3 million in 2018. See note below on “Use of Non-GAAP Financial Information.”
  • Adjusted net loss attributable to common stockholders (a non-GAAP measure) was $0.73 per basic and diluted share, an improvement of $0.52. See note below on “Use of Non-GAAP Financial Information.”

Management Commentary

JAKKS Chairman and CEO Stephen Berman stated, “We are pleased to report solid improvement in our sales and adjusted EBITDA for the fourth quarter and for the full-year of 2019. Despite significant industry-wide softness in retail toy sales through most of 2019, including the holiday season, we were able to grow our sales, as strong sales of Disney Frozen 2, Disguise® and Nintendo® more than offset the declines of some older products. Our net sales grew 15% in the quarter, continuing the momentum we saw in the third quarter. For the full year, our sales were up 5%, led by the strong performance of several product lines. More importantly, we were able to meaningfully reduce our normal operating expenses, resulting in a significant improvement in adjusted EBITDA for the year.

“We closed out the year on a strong note and have carried momentum into 2020. We remain committed to containing costs and managing our balance sheet prudently. We expect good performance in 2020 driven by expansion within our evergreen categories and new product initiatives, coupled with new licenses as well as current licenses that we see growing in popularity, and additional owned IP launching throughout the year. We expect licenses such as Disney Princess, Frozen 2, Nintendo and others to benefit our 2020 results.”


The following information was filed by Jakks Pacific Inc (JAKK) on Thursday, February 20, 2020 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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Inside Jakks Pacific Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
- Summary Of Intangible Assets (Detail)
Accrued Expenses
Accrued Expenses (Detail)
Accrued Expenses (Tables)
Business Combinations
Business Combinations - Additional Information (Detail)
Business Segments, Geographic Data, And Sales By Major Customers
Business Segments, Geographic Data, And Sales By Major Customers (Tables)
Business Segments, Geographic Data, And Sales By Major Customers - Net Sales To Major Customers (Detail)
Business Segments, Geographic Data, And Sales By Major Customers - Additional Information (Detail)
Business Segments, Geographic Data, And Sales By Major Customers - Information By Geographic Area (Detail)
Business Segments, Geographic Data, And Sales By Major Customers - Information By Segment And Reconciliation To Reported Amounts (Detail)
Commitments
Commitments (Tables)
Commitments - Additional Information (Detail)
Commitments - Future Annual Minimum Royalty Guarantees (Detail)
Commitments - Future Minimum Guaranteed Amount (Detail)
Common Stock And Preferred Stock
Common Stock And Preferred Stock (Tables)
Common Stock And Preferred Stock - Additional Information (Detail)
Common Stock And Preferred Stock - Series A Preferred Stock (Details)
Concentration Of Credit Risk
Credit Facility
Credit Facility - Additional Information (Detail)
Credit Facility - Schedule Of Credit Facilities (Details)
Credit Facility Credit Facilities (Tables)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Key Component Of Convertible Senior Notes (Detail)
Debt - Schedule Of Term Loans (Detail)
Debt - Summary Of Convertible Senior Notes (Detail)
Employee Benefits Plan
Employee Benefits Plan - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Financial Assets Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements - Reconciliation Of Beginning And Ending Balances Of Assets Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details)
Goodwill
Goodwill (Tables)
Goodwill - Additional Information (Detail)
Goodwill - Changes In Carrying Amount Of Goodwill (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Deferred Tax Assets/(Liabilities) (Detail)
Income Taxes - Components Of Income (Loss) Before Provision For Income Taxes (Detail)
Income Taxes - Information Of Utps Affecting Effective Tax Rate, If Recognized (Detail)
Income Taxes - Provision (Benefit) For Income Taxes (Detail)
Income Taxes - Reconciliation For Significant Differences In Tax At Statutory And Effective Rates (Detail)
Intangible Assets Other Than Goodwill
Intangible Assets Other Than Goodwill (Tables)
Intangible Assets Other Than Goodwill - Additional Information (Detail)
Intangible Assets Other Than Goodwill - Future Amortization Expenses (Detail)
Joint Ventures
Joint Ventures (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Future Minimum Lease Payments (Detail)
Leases - Topic 840 (Details)
Litigation And Contingencies
Principal Industry
Principal Industry (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Detail)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Tables)
Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail)
Share-Based Payments
Share-Based Payments (Tables)
Share-Based Payments - Additional Information (Detail)
Share-Based Payments - Summary Of Restricted Stock Award Activity (Detail)
Share-Based Payments - Summary Of Rsu Award Activity (Detail)
Share-Based Payments - Total Share-Based Compensation Expense And Related Tax Benefits Recognized (Detail)
Subsequent Event
Subsequent Event - Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Inventory Valued At Lower Of Cost (First-In, First-Out) Or Market, Net Of Inventory Obsolescence Reserve (Detail)
Summary Of Significant Accounting Policies - Property And Equipment, Estimated Useful Lives (Detail)
Summary Of Significant Accounting Policies - Reconciliation Of Weighted Average Shares Used In Computation Of Basic And Diluted Earnings Per Share (Detail)
Supplemental Information To Consolidated Statements Of Cash Flows
Supplemental Information To Consolidated Statements Of Cash Flows - Additional Information (Detail)
Ticker: JAKK
CIK: 1009829
Form Type: 10-K Annual Report
Accession Number: 0001628280-20-007624
Submitted to the SEC: Tue May 12 2020 8:13:59 PM EST
Accepted by the SEC: Wed May 13 2020
Period: Tuesday, December 31, 2019
Industry: Games Toys And Childrens Vehicles No Dolls And Bicycles

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