4Kids Entertainment Inc. Reports First Quarter Results
NEW YORK--(BUSINESS WIRE)--May 17, 1999--4Kids Entertainment, Inc. (NASDAQ: KIDE), reported today its results of operations for the first quarter which ended on March 31, 1999.
First quarter net revenues increased 35 percent to $3,251,941 compared to $2,403,378 reported for the same period last year. For the quarter, the Company reported net income of $744,630 or $.13 cents per share on a fully diluted basis, compared to last year's first quarter income of $278,303 or $0.5 cents per share adjusted for the 3 for 2 stock split announced by the Company on March 29, 1999.
Alfred R. Kahn, Chairman and Chief Executive Officer, commented, "We are pleased with the results for the first quarter of 1999, particularly in comparison to the strong first quarter of 1998, which included significant revenue related to The Electronic Arts Video Game License for World Championship Wrestling. The results for the first quarter of 1999 primarily reflect the success from the licensing of World Championship Wrestling and Pokemon properties. During the first quarter, royalties reported by Toy Biz, the master toy licensee for WCW, accelerated as more product shipped and sold through. Additionally, royalties reported from the Pokemon strategy card game licensed to Wizards of the Coast substantially exceeded initial expectations and continue to grow."
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