Jakks Pacific Inc. reported financial results for the first quarter ended March 31, 2018.
Net sales for the first quarter were $93.0 million compared to $94.5 million reported in the comparable period in 2017. The net loss attributable to Jakks Pacific for the first quarter was $36.2 million, or $1.57 per diluted share. This compares to a net loss attributable to Jakks Pacific of $18.3 million, or $1.01 per diluted share, reported in the comparable period in 2017. Adjusted EBITDA for the first quarter was negative $14.6 million, compared to Adjusted EBITDA of negative $10.6 million in the 2017 first quarter.
Gross margin in the first quarter was 24.7 percent, down from 31.8 percent last year as a result of reserves for anticipated contractual royalty shortfalls attributed to the recently announced liquidation of Toys “R” Us and higher royalties resulting from a shift in product mix.
