4Kids Entertainment Financial Results
posted on by George Phillips
4Kids Entertainment announced their fiscal 2006 year end results today. For the fiscal year ending December 31, 2006, 4Kids Entertainment reported a $1.0 million loss on $71.8 million in sales, compared to $5.1 million in profit on $80.6 million in sales in fiscal 2004.
For the fourth quarter, sales totaled $18.3 million, down from $23.5 million the previous year. The net loss for the quarter was $2.3 million, as compared with a net income of $0.5 million the previous year.
Alfred Khan, CEO and Chairman of 4Kids Entertainment, stated "Our financial results for 2006 were disappointing."
Khan pointed out decreased licensing revenue from Teenage Mutant Ninja Turtles and Yu-Gi-Oh, as well as a decline in ad sales from 4Kids TV, the animation block produced by the company. New properties that 4Kids holds includes an animated series based on the X-Box game Viva Pinata, as well as a new trading card game company, TC Digital Games LLC, along with an investment in the Chaotic trading card game website. Khan also noted that 4Kids TV will continue to broadcast on Fox stations for the 2007-2008 season. Additionally, 4Kids is excited about the upcoming Teenage Mutant Ninja Turtles feature film, as well as a TMNT video game from Ubisoft.
4Kids Entertainment ended 2006 with $111.0 million in cash and investments, and $26.6 million in liabilities, but no bank/loan debt.