Reports Third Quarter Results; Net Revenues Increase 109%, Net Income Rises 46%
NEW YORK--(BUSINESS WIRE)--Nov. 13, 2003--4Kids Entertainment
, Inc. (NYSE: KDE) today announced net revenues for the third quarter ended September 30, 2003 climbed 109% to $25.3 million from $12.1 million in the same period last year. Net income for the quarter was $2.9 million, or $0.20 per diluted share, compared to net income of $2.0 million, or $0.14 per diluted share, in the year-earlier period, an increase of 46%.
For the nine months ended September 30, 2003, net revenues rose 156% to $69.7 million from $27.2 million in the same period last year. Net income for the nine-month period was $9.5 million, or $0.68 per diluted share, compared to net income of $4.7 million, or $0.35 per diluted share, in the same period a year earlier, an increase of 100%.
Al Kahn, Chairman and Chief Executive Officer of 4Kids Entertainment
, said, "Third quarter results reflect the continued success of our strategy to create many different revenue streams based upon a diversified property portfolio. Yu-Gi-Oh!
(TM) and Pokémon
(R) continue to be among the top ranked children's programs on the Kids WB
network. Strong retail sales of Yu-Gi-Oh!
related products and licensed merchandise were one of the primary drivers of revenues for our licensing division. 4Kids Home Video shipped its two-millionth Yu-Gi-Oh!
title in September."
"Teenage Mutant Ninja Turtles
(TM) also continues to build momentum at retail. The Teenage Mutant Ninja Turtles
toy line from Playmates(R) contributed significantly to our results for the third quarter. We also released the first Teenage Mutant Ninja Turtles
home video title in the U.S. in September. The Teenage Mutant Ninja Turtles
television series has been licensed for broadcast in many international markets, where there already is substantial interest in Turtles licenses. We also received contributions this quarter from licensing programs for Artlist Collection: The Dog(TM) and Nintendo
Commenting on the Fox Box
, 4Kids' four hours of programming on Saturday mornings on the Fox Network
, Kahn said, "We launched the 2003-2004 Fox Box
season on September 6 with exciting new shows, including Shaman King
and Sonic X
(TM) as well as new episodes of returning shows Teenage Mutant Ninja Turtles
, Kirby: Right Back At Ya!
(TM) and Ultimate Muscle: The Kinnikuman Legacy
(TM). Season to date, this new line-up is rating higher than the comparable period last season."
"We are continuing to work with our major licensees to prepare for the holiday season. Konami
(R) has released new Yu-Gi-Oh!
and Teenage Mutant Ninja Turtles
video game titles. Mattel(R) will introduce new Yu-Gi-Oh!
toys and Playmates will introduce new Teenage Mutant Ninja Turtles
toys in the fourth quarter," commented Kahn.
"With Fox Box
as our content distribution platform, 4Kids is well positioned to launch new properties. We also have the financial strength to support new and existing licensing programs," concluded Kahn.
About 4Kids Entertainment
Headquartered in New York City with international offices in London, 4Kids Entertainment
, Inc. (NYSE: KDE) is a global provider of children's entertainment and merchandise licensing. 4Kids, through its wholly owned subsidiaries, provides domestic and international merchandise licensing; television, film, music and home video production and distribution; media planning and buying; product development; and Web site development. For further information, visit the Company's Web site at www.4KidsEntertainment.com.
This press release contains forward-looking statements. Due to the fact that the Company faces competition from toy companies, television networks, motion picture studios and other licensing companies, and the uncertainty of public response to the Company's properties, actual results or outcomes may differ materially from any such forward-looking statements.