Spin Master Corp. reported financial results for the third quarter ended Sept. 30, 2017. Highlights include a revenue of $606.1 million, increasing 27.6 percent from $475 million during the same period last year.
Gross product sales increased 27.4 percent to $660.9 million compared to $518.6 million last year, driven by sales of Paw Patrol, Hatchimals, and Cardinal Games, which more than offset declines in Air Hogs and Zoomer. Gross profit increased 27.9 percent to $316.0 million, representing 52.3 percent of revenue, compared with $247.7 million in 2016, or 52.2 percent of revenue.
Selling, general, and administrative expenses, excluding share-based compensation expenses, represented 26.8 percent of revenue compared to 26.2 percent last year. This increased slightly due to higher warehousing expenses, as well as a charge from the Toys “R” Us bankruptcy filing of $5.4 million.
Net income was $111.7 million, compared to $83.3 million last year. Adjusted net income was $11.7 million compared to $87.5 million this time in 2016. Adjusted EBITDA was $170.3 million compared with $133.3 million last year.