4Kids Entertainment Reports Second Quarter Results; Net Revenues Increase 185%, Net Income Rises 200%.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 13, 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 second quarter ended June 30, 2003 climbed 185% to $23.4 million from $8.2 million in the same period last year. Net income for the quarter was $3.6 million, or $0.26 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 $1.2 million, or $0.09 per diluted share, in the year-earlier period, an increase of 200%. For the six months ended June 30, 2003, net revenues rose 193% to $44.3 million from $15.1 million in the same period last year. Net income for the six-month period was $6.6 million, or $0.47 per diluted share, compared to net income of $2.8 million, or $0.20 per diluted share, in the same period a year earlier, an increase of 136%. Al Kahn, Chairman and Chief Executive Officer, said, "Second quarter results reflect continuing momentum in our licensing segment as retail sales of Yu-Gi-Oh!(TM) products remain strong. 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 are also performing well at retail, adding significantly to our licensing revenues." Commenting on the FoxBox, 4Kids' four hours of programming on Saturday mornings on the Fox Network, Al Kahn said, "While FoxBox ratings have been below expectations, the FoxBox has created additional revenue opportunities for 4Kids in merchandise licensing, home video and music publishing The contractual relationship between a songwriter or music composer and a music publisher, whereby the writer assigns part or all of his or her music copyrights to the publisher in exchange for the publisher's commercial exploitation of the music. . These additional revenue sources, such as the Teenage Mutant Ninja Turtles toy line toy line n. Chiefly Southern U.S. The line used in a game of marbles. , were one of the primary reasons for the lease of the FoxBox programming block. We will be launching a new FoxBox season on September 6 with exciting new shows, including Shaman King Shaman King (シャーマンキング Shāman Kingu) is both an anime series and a manga series by Hiroyuki Takei. The manga has ended in Japan with 32 volumes in total. , Sonic X(TM) and Funky funky - Said of something that functions, but in a slightly strange, klugey way. It does the job and would be difficult to change, so its obvious non-optimality is left alone. Often used to describe interfaces. Cops (Common Open Policy Service) An IETF standard for exchanging policy information in a network. COPS allows routers and switches to reserve bandwidth based on organization policy, which stipulates the priority for individual users and groups. as well as new episodes of returning shows Teenage Mutant Ninja Turtles(TM), Kirby: Right Back At Ya!(TM) and Ultimate Muscle: The Kinnikuman Legacy(TM)," said Kahn. "We had a strong second quarter and are very pleased with the performance of our properties. Yu-Gi-Oh! and Pokemon(R) continue to be among the most highly rated kids shows on network television. While Yu-Gi-Oh! products continue to drive our licensing revenues, Teenage Mutant Ninja Turtles products have gained substantial momentum at retail since their introduction earlier this year. We also expect Pokemon licensed products to sell increased volumes at retail on the strength of the new 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. , which introduced 130 new Pokemon characters during the first quarter," 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, television networks, 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 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)
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
----------- ----------- ----------- -----------
NET REVENUES $ 23,369 $ 8,178 $ 44,347 $ 15,139
COSTS AND EXPENSES:
Selling, general and
administrative 8,174 5,018 15,417 9,486
Production service
costs 1,989 354 3,982 477
Amortization of
television and film
costs and Fox
broadcast fee 7,388 1,162 14,504 1,382
----------- ----------- ----------- -----------
Total costs and
expenses 17,551 6,534 33,903 11,345
----------- ----------- ----------- -----------
INCOME FROM OPERATIONS 5,818 1,644 10,444 3,794
INTEREST INCOME 259 315 583 792
----------- ----------- ----------- -----------
INCOME BEFORE INCOME TAX
PROVISION 6,077 1,959 11,027 4,586
INCOME TAX PROVISION 2,432 732 4,412 1,805
----------- ----------- ----------- -----------
NET INCOME $ 3,645 $ 1,227 $ 6,615 $ 2,781
=========== =========== =========== ===========
PER SHARE AMOUNTS:
Basic earnings per
common share $ 0.28 $ 0.10 $ 0.50 $ 0.22
=========== =========== =========== ===========
Diluted earnings per
common share $ 0.26 $ 0.09 $ 0.47 $ 0.20
=========== =========== =========== ===========
Weighted average
common shares
outstanding - basic 13,139,891 12,590,791 13,137,450 12,583,566
=========== =========== =========== ===========
Weighted average
common shares
outstanding - diluted 13,987,627 13,653,166 13,943,629 13,646,168
=========== =========== =========== ===========
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