JAKKS PACIFIC ACQUIRES TOYMAX INTERNATIONAL.Byline: Daily News Jakks Pacific JAKKS Pacific, Inc. NASDAQ: JAKK is is a multi-brand company that designs and markets a broad range of toys and consumer products and is based in Malibu, California. Its product categories include action figures, art activity kits, stationery, writing instruments, performance Inc., the Malibu-based maker of wrestling action figures and themed toys associated with cartoon characters, announced the acquisition Sunday of Toymax International Inc. which makes kites, foam floaties for swimming pools and ``Creepy creep·y adj. creep·i·er, creep·i·est Informal 1. Of or producing a sensation of uneasiness or fear, as of things crawling on one's skin: a creepy feeling; a creepy story. 2. Crawlers'' toys. The deal, announced on the first day of the 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 Toy Fair, the world's largest exposition of toy makers, is worth an estimated $55 million and cements Jakks' position as the nation's third-largest toymaker
Toymaker (real name Cosmo Krank) is a brand new, original villain in The Batman. He first appeared in Cash for Toys. He is voiced by Patton Oswalt. , behind Mattel and Hasbro. ``What Toymax does for us is diversify our company outside the normal toy business,'' Stephen Berman, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Jakks, said by telephone from New York. ``The normal toy industry does the majority of their sales in the Christmas season. Now that we've acquired Toymax . . . we get into the spring/summer business.'' Jakks immediately acquires 64 percent of Toymax's outstanding shares from principal shareholders. Toymax will become a wholly owned subsidiary 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. of Jakks once the remaining shares are purchased from stockholders. The deal is expected to be completed in the second quarter. Berman said there were be no immediate changes planned at Plainview, N.Y.-based Toymax. Executives of the company did not return telephone calls Sunday, but a statement from CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steve Lebensfield said he expected the acquisition will make Jakks ``even more of a force in our industry.'' Toymax had sales of $100 million last year. Jakks, which ranks 27th on the Fortune 100 Fastest Growing Companies list, will report fourth quarter and year-end figures Tuesday, which Berman said would set records for the company. Analysts' consensus is the company will have earnings per share of 42 cents for the quarter and $1.65 for the year ended Dec. 31. Jakks closed at $17.53 Friday and Toymax at $2.62. Both are traded on Nasdaq. Founded in 1995, Jakks has seen steady growth, including the purchase of Kidz Biz Ltd., the first venture in European distribution. ``We couldn't be more excited with our existing toy business and the growth we're having, especially during recession time,'' Berman said. ``We're still performing with growth in revenue and earnings.'' |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion