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4Kids Reports Third Quarter Financial Results

4Kids Entertainment, Inc. on Wednesday announced third quarter financial results.

Net revenues for the third quarter ended September 30, 2005 were $20.5 million, compared to $24.7 million in the same period last year. Net income for the third quarter was $2.0 million or $0.15 per diluted share, compared to net income of $2.5 million or $0.18 per diluted share in the same period last year.

For the nine months ended September 30, 2005, net revenues were $59.8 million, compared to $69.2 million in the same period a year ago. Net income for the nine month period was $4.6 million or $0.33 per diluted share, compared to net income of $7.7 million or $0.54 per diluted share in the same period last year.

4Kids Entertainment Chairman and Chief Executive Officer Al Kahn blamed the decline in third quarter net revenues on softer sales of licensed merchandise and home videos and reduced broadcast sales of the company’s Yu-Gi-Oh! and Teenage Mutant Ninja Turtles brands.

[Source: Business Wire]

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