4Kids Entertainment Reports First Quarter Results; Net Revenues Increase 201%, Net Income Rises 91%.Business Editors NEW YORK--(BUSINESS WIRE)--May 14, 2003 4Kids Entertainment, Inc. (NYSE NYSE See: New York Stock Exchange : KDE (K Desktop Environment) A GUI-based user interface primarily for Unix and Linux machines, but also available for Windows and Mac. The source code is freely distributed and is maintained by developers around the world. ) today announced net revenues for the first quarter ended March 31, 2003 climbed 201% to $20,977,634 from $6,960,836 in the same period last year. Net income for the quarter was $2,969,549 or $0.21 per 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. share, compared to net income of $1,553,681 or $0.11 per diluted share, in the year-earlier period, an increase of 91%. Al Kahn Kahn , Louis Isadore 1901-1974. Estonian-born American architect whose bold monumental designs include the Yale University Art Gallery (1954) and the Kimbell Art Museum in Fort Worth, Texas (1972). Noun 1. , Chairman and Chief Executive Officer, said, "Q1 results were driven by our licensing segment primarily from strong retail sales of Yu-Gi-Oh!(TM) products. Additionally, we saw the successful retail introduction in the quarter of Teenage Mutant (programming) mutant - Microsoft's term for a mutex which is generally used in user mode but can also be used in kernel mode. According to this terminology a mutex is only used in kernel mode. ["Microsoft Windows NT Workstation Resource Kit"]. Ninja Turtles(TM) toys and licensed products including plush toys and t-shirts for The Dog(TM). " Yu-Gi-Oh! and Pokemon(R) continue to be among the most highly rated shows on kids network television. New Yu-Gi-Oh! trading cards and Mattel Mattel Inc. (NYSE: MAT) is an American toy company and is the largest toy company based on revenue. Its products include Barbie dolls, Hot Wheels and Matchbox cars, American Girl dolls, board games, and, in the early 1980s, video game consoles. toy products are being released regularly. In the first quarter Nintendo launched Pokemon Ruby ruby, precious stone, the transparent red variety of corundum, found chiefly in Myanmar, Thailand, and Sri Lanka and classified among the most valuable of gems. The Myanmarese stones are blood red, the most valued tint being the "pigeon's blood. and Pokemon Sapphire sapphire, precious stone. A transparent blue corundum, it is classified among the most valuable of gems. Sapphires are found chiefly in Thailand, India, Sri Lanka, and Myanmar and also in Australia and in the United States (in Montana). video games See video game console. introducing 130 new Pokemon characters. "FoxBox, 4Kids' four hours of programming on Saturday mornings on the Fox Network saw improved ratings during the first quarter with new program launches including the Teenage Mutant Ninja Turtles and the Cramp cramp, painful uncontrollable contraction of a muscle or group of muscles. The type that results from cold, strain, or disturbance of circulation (as experienced by swimmers) is eased by massage and the application of heat. Twins(TM). We are currently in the process of evaluating new shows for FoxBox's 2003-2004 line-up and remain focused on building ratings and attracting properties that have a proven track record for driving licensed product sales," said Kahn. 4Kids' Home Video achieved a major milestone in the first quarter, shipping its one millionth Yu-Gi-OH! title. The division, which has been driven by strong Yu-Gi-Oh! sales, is on track to release one new title per month. "We are encouraged by the progress we have made in the first quarter. The debut of Teenage Mutant Ninja Turtles has resulted in increased licensing revenue during the quarter. As we work to enhance programming on FoxBox for the upcoming season, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we can attract new television series from top quality content owners seeking network exposure. Finally, our strong cash position and debt-free balance sheet enables us to compete for the very best content opportunities in the international marketplace," concluded Kahn. About 4Kids Entertainment Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. with international offices in London, 4Kids Entertainment, Inc. (NYSE: KDE) is a global provider of children's entertainment and merchandise licensing. 4Kids, through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , provides domestic and international merchandise licensing; product development; television, film, music and home video production and distribution; media buying and planning; and Web site development. For further information, visit the company's website at www.4KidsEntertainment.com. 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. This release and prior releases are available on the Company's Worldwide Web site at www.4KidsEntertainment.com You may register to receive 4Kids Entertainment's future press releases or to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. a complete Digital Investor Kit(TM) including press releases, regulatory filings and corporate materials by clicking on the "Digital Investor Kit(TM)" icon at www.kcsa.com.
4KIDS ENTERTAINMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands of dollars, except share data)
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Three Months Ended
March 31, March 31,
2003 2002
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NET REVENUES $20,978 $6,961
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COSTS AND EXPENSES:
Selling, general and administrative 7,316 4,468
Production service costs 1,920 123
Amortization of television and film costs and
Fox broadcast fee 7,116 220
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Total costs and expenses 16,352 4,811
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INCOME FROM OPERATIONS 4,626 2,150
INTEREST INCOME 324 477
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INCOME BEFORE INCOME TAX
PROVISION 4,950 2,627
INCOME TAX PROVISION 1,980 1,073
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NET INCOME $2,970 $1,554
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PER SHARE AMOUNTS:
Basic earnings per common share $0.23 $0.12
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Diluted earnings per common share $0.21 $0.11
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Weighted average common shares
outstanding - basic 13,135,008 12,576,340
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Weighted average common shares
outstanding - diluted 13,899,630 13,639,169
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