Irwin Toy Limited
PR Newswire, Dec 23 18:24
TORONTO, Dec. 23 /CNW-PRN/ - Irwin Toy Limited reports net earnings of $1,247,000 or 24 cents per share for the three months ended October 31, 1999 compared with net earnings of $1,745,000 or 33 cents per share for the corresponding period last year. For the nine months ended October 31, 1999 the Company reports a net loss of $397,000 or 7 cents net loss per share compared with net earnings of $738,000 or 14 cents net earnings per share for the first nine months of last year.
Consolidated net sales for the three months ended October 31, 1999 were $45,436,000 compared with $61,184,000 for the same period last year and for the nine months ended October 31, 1999 were $79,280,000 compared with $100,696,000 for the corresponding period last year.
A strategic decision taken by the Company at the beginning of the year to commit to substantially less TV advertising of toy products has resulted in reduced sales and lower expenditures, both of which were anticipated at the time the decision was made.
The Company has North American, Australian and New Zealand rights to Dragonball Z - a line of action figures and accessories - and is encouraged by the tremendous popularity of the line, particularly in the US. While this is expected to have a favourable effect upon the Company's fourth fiscal quarter, it will likely impact next year's performance to a much greater extent.
During October 1999, Messrs. Bryan and Scott Irwin departed from their positions as senior vice-presidents of the Company. These individuals remain directors of the Company. Their management responsibilities have been assumed by executives recruited from within and outside the Company.
The upgrading and testing of the Company's critical operational, financial and information systems in regard to Year 2000 readiness have been successfully completed. The Company believes that it has taken all required measures so as to effect uninterrupted service to its customers, and it has made contingency plans to deal with any failure of its critical systems. However, it is not possible to be certain that all aspects of the Year 2000 Issue affecting the Company, including those related to the efforts of customers, suppliers, or other third parties, will be fully resolved.
Due to the seasonal nature of the Company's business, the information provided for the first nine months of the year should not be taken as an indication of the results for the entire current fiscal year. SOURCE Irwin Toy Limited
-0- 12/23/1999
/CONTACT: Percy Mathias, Tel.: 416-583-4526, Fax: 416-533-3257, E-mail: pmathias@interlog.com/
Irwin Toy Limited
PR Newswire, Dec 23 18:24
Well, disappointing earning report to say the least.
Jack |
