Canadian toy company Mega Brands Inc. had a higher profit in the third quarter as its revenue and margins improved from the same time last year.
The Montreal-based company’s net income was $19.5-million (U.S.), up from $17.1-million a year earlier On a per-share basis, Mega Brands earned 65 cents per diluted share or $1.19 per basic share.
A year earlier, the EPS was 51 cents on a diluted basis or $1.04 per basic share.
Mega Brands says its sales increased to $140-million from $133.3-million in the third quarter of 2011.
It says strength in North American sales of its Mega Bloks building toys more than offset weakness in other parts of the world.
”Mega Brands achieved higher sales and earnings, improved gross margin and stronger cash flow in the third quarter,” Marc Bertrand, the company’s president and CEO, said in a statement.
”After nine months, we are well ahead of 2011 and well-positioned for the fourth quarter with higher listings at North American retailers compared to the same period last year, including the launch of the Mega Bloks Skylanders Giants and Mega Bloks Barbie collections which will soon be appearing in stores.”