4Kids Entertainment Reports First Quarter 2005 Financial Results
4Kids Entertainment, Inc. today announced financial results for the first quarter ended March 31, 2005.
For the quarter, net revenues totaled $20.3 million, compared to $22.5 million in the same period last year. Net income for the quarter was $2.0 million, compared to net income of $3.2 million in the year-earlier period.
4Kids Chairman and CEO Al Kahn said that the company’s results in the first quarter reflect an overall decrease in licensing revenue for 4Kids’ properties and a decline in advertising revenue for 4Kids TV as compared to the first quarter of 2004. The first quarter results were also impacted by increased advertising and promotional costs associated with the re-branding of the four hours of children’s programming produced by 4Kids and broadcast on Saturday mornings on FOX as “4Kids TV” and with the upgrade and re-launch of the 4Kids TV website.
In the first quarter of 2005, 4Kids repurchased 350,000 shares out of the current authorization of one million shares authorized for repurchase by the Board of Directors in November 2004. The company continues to be optimistic about 2005 and believes that investing in their shares is an excellent use of company cash at the present time.
[Source: Business Wire]