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UPDATE 1-Mega Brands profit falls on lower US sales
March 14, 2012 / 11:43 AM / 6 years ago

UPDATE 1-Mega Brands profit falls on lower US sales

March 14 (Reuters) - Canada’s Mega Brands reported a 97 percent fall in adjusted fourth-quarter profit hurt mainly by lower toy sales in the United States.

The toymaker’s quarterly net income fell to $234,000 from $11.3 million a year ago.

On an adjusted basis, the company earned 2 cents per share, compared with 70 cents per share a year ago.

Net sales for the company, which sells both its own brands and licensed toys, fell 3 percent to $108.5 million.

Toy sales were down 8 percent and North American sales fell 4 percent in the quarter, the company said in a statement.

Shares of the Montreal-based company closed at C$7.88 on Tuesday on the Toronto Stock Exchange.

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