Toy maker Mega Brands Inc. posted a profitable second-quarter, versus a loss in the same period last year, as sales of its products gained traction.
The Montreal-based company reported profit of $310,000 (U.S.) for the three months ended June 30, an increase from a loss of $428,000 a year earlier.
Sales climbed 6 per cent to $83.9-million, up from $78.8-million in the comparable period, and also ahead of analyst expectations of $81-million, according to Thomson Reuters.
North American sales rose 6 per cent while international sales were up 8 per cent.
“These results – and the fact that retail sales of our products are running ahead of shipments – show that we are building momentum throughout our business,” said president and chief executive officer Marc Bertrand in a release.
“We continue to invest in innovation and licensed properties, including an expanded offering of video game-based products from industry leaders such as Microsoft, Electronic Arts and Blizzard Entertainment.”
Mega Brands has had some good product and financial results to crow about after several recalls of its magnetic toys reduced sales and nearly forced the company into bankruptcy.
The company hopes to be back to annual revenue of $500-million wthin four years.
Mega Brands designs, manufactures and markets toys and stationery products in more than 100 countries.
It has some 1,300 employees with offices, manufacturing facilities and distribution centres in 14 countries.Report Typo/Error
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