TORONTO - Spin Master Corp. says recent earnings have been hit by the impact of the Toys R Us liquidation in the U.S. and it expects the retail disruption to continue into the first half of this year.
The Toronto-based toy and entertainment company says net income for the fourth quarter was US$11.4 million or 11 diluted cents per share, down from US$20 million or 20 cents for the same quarter a year earlier.
Adjusted net income for the quarter ending Dec. 31 came in at US$6.1 million, or six cents per share, compared with US$25.5 million or 25 cents per share a year earlier.
Analysts had expected net income of US$14.9 million or 18 cents per share, according to Thomson Reuters Eikon.
Revenue for the quarter came in at US$414.3 million, down from US$440.9 million for the same quarter a year earlier.
The company says the absence of Toys R Us in the U.S. market, and a later Easter, will particularly impact the first quarter this year.
