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Spin Master Q1 revenue soars on higher sales of some toys and digital games

Spin Master Q1 revenue soars on higher sales of some toys and digital games
Business
TORONTO - Shares in Spin Master Corp. were up more than 10 per cent after the company reported a first-quarter profit of US$3.2 million as digital games contributed to a nearly 40 per cent increase in overall revenue compared with last year.

Shares in the toy and game company were up C$4.97 at C$47.48 in trading on the Toronto Stock Exchange.

Spin Master, which reports in U.S. dollars, said its net income was equal to three cents per diluted share for the quarter ended March 31. That compared with a year-earlier loss of US$26.7 million or 26 cents per diluted share.

On an adjusted basis, Spin Master says it earned eight cents per share for its most recent quarter compared with an adjusted loss 46 cents per share a year ago.

Total revenue rose to US$316.6 million compared with US$227.3 million of revenue in the first quarter of 2020, which included the beginning of the COVID-19 pandemic.

Excluding digital games and entertainment revenue, Spin Master’s net product sales rose 24.4 per cent to $255.6 million, driven by the preschool and girls category and outdoor toys. It also generated $61 million in other revenue. Digital games accounted for $34.1 million of the other revenue, up from $6.9 million a year ago. Entertainment and licensing revenue was $26.9 million, up from $15 million last year.
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