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Spin Master loses US$54.8M in first quarter, Melissa & Doug acquisition boosts sales

Written by on May 7, 2024

TORONTO — Spin Master Corp. says it lost US$54.8 million in the first quarter, compared with a loss of US$1.9 billion a year earlier.

The toy and entertainment company says revenues totalled US$316.2 million, up from US$271.4 million during the same quarter last year.

The acquisition of toy company Melissa & Doug added US$40.4 million to Spin Master’s revenue during the quarter.

Chief financial officer Mark Segal says toy gross product sales excluding the acquisition’s impact were in line with a year earlier, during what’s normally the lowest quarter for the toy industry.

Segal says the company is already starting to capitalize on cost synergies and identify revenue growth opportunities from the acquisition.

Diluted loss per share was 53 cents US, compared with two cents a year earlier.

This report by The Canadian Press was first published May 7, 2024.

Companies in this story: (TSX:TOY)

The Canadian Press