Spin Master revenue increases 30% in latest quarter, profits significantly up - 660 NEWS
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Spin Master revenue increases 30% in latest quarter, profits significantly up

Last Updated Mar 7, 2018 at 6:00 pm MDT

Spin Master Corp. says its revenue and profits soared in its latest quarterly earnings, driven by growing international sales. Bakugan 7-in-1 Maxus Helios, from Spin Master, is shown on Thursday, Oct. 1, 2009, in New York. THE CANADIAN Press/AP-Mark Lennihan

TORONTO – Spin Master Corp. says its revenue and profits soared in its latest quarterly earnings, driven by growing international sales.

The Toronto-based company, which reports in U.S. dollars, says net income in the quarter ended Dec. 31 was $20 million or 21 cents per share compared with $2.7 million or three cents per share in 2016.

Adjusted net income was $25.5 million or 25 cents per share in the latest quarter, compared to $9.3 million or nine cents per share.

Revenue increased by more than 30 per cent — from US$440.9 million in the final quarter of 2017 compared to $338.4 million in 2016.

Spin Master president Ben Gadbois says the company is seeing the results of its efforts to increase sales in existing and new markets with products with global appeal, such as Hatchimals Surprise, Soggy Doggy and Luvabella.

The children’s entertainment company also acquired the Perplexus toy brand in its latest quarter and more recently signed a deal to buy stuffed toy brand Gund on March 5.

The Gund acquisition is the company’s ninth since its initial public offering in 2015.