Irwin Toy Posts Profit in First Quarter
Reuters - 6/28/00 4:51:00 PM
TORONTO (Reuters) - Irwin Toy Ltd. [T.IWT] reported a first-quarter profit on Wednesday, a marked turnaround from the previous year's disappointing results, and unveiled a new global marketing strategy.
Canada's largest domestically owned toy maker said it had first-quarter earnings of C$874,000, or 16 Canadian cents per share, for the three months ending April 30. That compares with a net loss of C$998,000 or 19 Canadian cents per share for the same period last year. The company did not provide quarterly revenues.
George Irwin, whose family holds a majority interest in the 74-year-old toy and sporting goods maker, told shareholders at its annual meeting that ``Irwin Toy has successfully navigated the turn of the corner.''
Irwin Toy, struggling recently amid disappointing results, takeover speculation and rumors of family feuds, will focus on establishing and cultivating brand awareness under its new corporate logo, Irwin said. Irwin Toy's products include the Dragonball Z action figures and Scooby Doo plush toys and video games.
Shares in Irwin Toy, which has a 6 percent market share in Canada and distributes its products in more than 80 countries, were unchanged at C$7.00 on the Toronto Stock Exchange in mid-morning trading. The stock has moved in a 52-week range of C$7.35 to C$1.65.
($1-$1.48 Canadian
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Turn the corner is right. 16 cent EPS vs. a loss is great as it in the slow season.
Jack |
