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JAKKS Pacific issues business update

Published 09/20/2017, 02:18 PM
© Reuters.  JAKKS Pacific issues business update
JAKK
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  • JAKKS Pacific (JAKK +8%) say it doesn't anticipate any long-term material adverse impact from the Toys ‘R’ Us bankruptcy filing.
  • The company says the uninsured portion of the amounts due from Toys ‘R’ Us represents less than 3% of its outstanding accounts receivables as of September 18.
  • Looking ahead, JAKKS says it now expects to recognize charges against income for the 2017 fiscal year, including cash charges related to the write-off of bad debt and minimum guarantee shortfalls, and non-cash charges related to the impairment of certain assets including goodwill from acquisitions.
  • In a revision to its prior forecast, JAKKS now sees negative EPS for the year, but still expects to have positive EBITDA.
  • JAKKS otherwise anticipates no significant impact on its ability to execute on-going corporate initiatives and business operations.
  • Source: Press Release


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