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Mega Brands narrows Q1 loss, on strong sales

Proactive Investors
Thursday, 10 May 2012

Toy maker Mega Brands (TSE:MB) narrowed its net loss in the first quarter which is historically slow, amid a 14 percent growth in revenue.

The Montreal-based company makes everything from Mega Bloks to puzzles, RoseArt craft materials and stationary products.

Net loss improved to $8.5 million, or 52 cents a share, compared with the $9.3 million, or 57 cents a share, last year.

Mega Brands said that historically the first quarter is the period with the lowest sales of the year and negative profitability.

For the January-March period, revenue jumped 14 percent to $58.2 million from $51 million in 2011.

"Our first quarter results show good sales growth, particularly in North America, and our key profitability metrics have improved compared to last year," Mega Brands' chief executive Marc Bertrand said in a release.

"Our top priority for the rest of the year is to capitalize on the strong momentum we have built in our brands."

On a geographical basis, sales were 21 percent higher in North America, while overseas revenue rose two percent.

Toy sales grew 10 percent, driven by higher product shipments in the preschool and boys construction categories. Toys sales have grown year-over-year in nine of the last 10 quarters.

Stationary and activities product sales were up 26 percent, the fourth consecutive quarter of year-over-year growth.

Quarterly gross margins eased to 33.3 percent from 34.9 percent.

Mega Brands share price moved 22 cents, or 3.91 percent, reaching $5.84 each in trade on the Toronto Stock Market.
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Source: Bloomberg - on May 8, 2012

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