[2] 4Kids Entertainment Reports Record Third Quarter Results.NEW YORK--(BUSINESS WIRE)--November 15, 1999-- 4Kids Entertainment, Inc. (Nasdaq:KIDE), today reported record results of operations for the third quarter and nine months ended September 30, 1999. Third quarter net revenues increased 511% to $16,833,357 compared to $2,756,488 reported for the same period last year. For the quarter, the Company reported net income of $6,830,139 or $. 54 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, compared to last year's third quarter income of $406,155 or $.04 cents per share. For the nine-month period net revenues rose 248% to $25,592,252 compared to $7,357,997 for the same period in 1998. Net income for the nine month period was $9,502,906 or $.78 cents per share on a fully diluted basis, compared to net income of $799,874 or $.07 per share for the prior year period. 1998 per share amounts have been restated to reflect the three for two stock split in March 1999 and the two for one stock split in September 1999. Al Kahn, Chairman and Chief Executive Officer, commented, "Our record results for the third quarter of 1999 primarily reflect the ongoing exceptional growth in the Nintendo Pokemon licensing program. Royalties reported from Pokemon licensees have exceeded expectations. We also anticipate a strong fourth quarter based on holiday sales of Nintendo, Pokemon and WCW WCW World Championship Wrestling WCW Wellesley Centers for Women WCW West Coast Watchers , licensed merchandise." The Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) US theatrical release of "Pokemon, The First Pokemon Movie" on November 10 opened at No. 1 with an estimated $32.4 million for the Friday-Sunday period, said Warner Bros. distribution president Dan Fellman. Since its Wednesday opening, the film has grossed $52.1 million, setting a new record for a five- day opening in November, he added. The Pokemon television program has begun its international release in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Early indications from those markets show very promising ratings. Following the international television introduction has been the international debut of the Nintendo Pokemon Video Games See video game console. , Hasbro Toys and the Wizards of the Coast Wizards of the Coast (often referred to as WotC or simply Wizards) is an American publisher of games, primarily based on fantasy and science fiction themes. Originally a basement-run role-playing game publisher, they popularized the collectible card game genre with in cards. Many international markets are reporting enthusiastic consumer response to licensed merchandise. Also contributing to record third quarter results is the continued success of World Championship Wrestling For the Australian professional wrestling promotion, see World Championship Wrestling (Australia). For the poet, see William Carlos Williams. World Championship Wrestling (WCW) was an American professional wrestling promotion which existed from 1988 to 2001. "WCW". Electronic Arts released its much anticipated WCW video game "WCW Mayhem This article is about pay-per-view event. For the video game, see WCW Mayhem (video game). For the music release, see . Mayhem was a professional wrestling pay-per-view produced by World Championship Wrestling and held in the month of November in 1999 and 2000. " and the Toy Biz "Tuff Talkers" is on top ten lists across the country for "must have" holiday toys. The Company further announced the resignation of Mr. Gerald Rissman from the Board of Directors. "I would like to thank Gerry whose guidance and advice during his term on the Board has helped us to achieve our success today", stated Al Kahn Chairman and Chief Executive Officer. "We wish him the best in his future endeavors." The Company also announced the appointment of Mr. Joel Cohen Joel Cohen, (b. 1942) is an American musician specializing in early music repertoires. Since 1968 he has been the director of the Boston Camerata, generally considered to be the pre-eminent American early music ensemble. Cohen founded the Camerata Mediterranea in 1990. to the Board of Director seat vacated by Mr. Rissman. Mr. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. is a Managing Director of JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. & Company with direct responsibility for its Private Client Group. Mr. Cohen started with the firm in 1973 and ran such divisions as Technology and Operations, European Institutional Sales, Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. Training, Futures and Options, Treasurer's Division, Operational Services Department and the National Banking Division. "We look forward to working with Joel Cohen, who will bring new insights, experience and talent to our Company, commented Mr. Kahn, Chairman and Chief Executive Officer. The Company has exclusive representation for Nintendo's Pokemon for merchandise licensing, movie and television distribution outside of Asia. The Company also has exclusive licensing rights outside Japan for the Nintendo 64 and Game Boy video game systems and their game characters, including Super Mario, Donkey Kong Donkey Kong may refer to:
Headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 4Kids Entertainment, Inc. is a vertically integrated entertainment company whose wholly-owned subsidiaries include: Leisure Concepts, Inc., a leader in domestic and international merchandise licensing and product development; 4Kids Productions, a television, film and home video production company; and Summit Media, a domestic and international television distribution, media buying and planning company. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Due to the fact that the Company faces competition from toy companies, motion picture studios and other licensing companies, and the uncertainty of public response to the Company's properties, actual results or outcomes may differ materially from any such forward looking statements. -0-
4Kids Entertainment, Inc.
Consolidated Statement of Income
For the third quarter and nine months ended September 30,1999 and 1998
THREE MONTHS ENDED SEPTEMBER 30
1999 1998
REVENUES $16,833,357 $ 2,756,488
EXPENSES $ 5,146,772 $ 2,125,601
NET INCOME $ 6,830,139 $ 406,155
NET INCOME PER SHARE (1)
BASIC EARNINGS PER SHARE $ 0.61 $ 0.04
DILUTED EARNINGS PER SHARE $ 0.54 $ 0.04
WEIGHTED AVG. SHARES OUTSTANDING
BASIC $11,148,828 $ 9,092,805
DILUTED $12,684,357 $11,546,070
NINE MONTHS ENDED SEPTEMBER 30
1999 1998
REVENUES $25,592,252 $ 7,357,997
EXPENSES $ 9,536,277 $ 6,179,683
NET INCOME $ 9,502,906 $ 799,874
NET INCOME PER SHARE(1)
BASIC EARNINGS PER SHARE $ 0.91 $ 0.09
DILUTED EARNINGS $ 0.78 $ 0.07
WEIGHTED AVG. SHARES
OUTSTANDING
BASIC 10,421,094 8,926,953
DILUTED 12,119,254 10,963,716
(1) 1998 per share amounts have been restated to reflect the three for two stock split in March 1999 and the two for one stock split in September 1999 |
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