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JAKKS Pacific Inc. (JAKK-1.29%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net sales of $691 million, down from $712 million the previous year. The decrease is attributed to lower sales in both the Toys/Consumer Products and Costumes segments.
Cost of sales for the year was $478 million, representing 69% of net sales, a slight increase from 68.6% in the previous year. This increase is due to higher inventory obsolescence costs.
The company reported a gross profit of $213 million, down from $223 million in the previous year, reflecting the decrease in net sales.
Selling, general, and administrative expenses increased to $173 million from $164 million, primarily due to higher media costs, product development expenses, and employee compensation.
Net income for the year was $34 million, compared to $38 million in the previous year. The effective tax rate for the year was 13.9%, which included a discrete tax benefit.
Cash provided by operating activities was $39 million, while cash used in investing and financing activities was $13 million and $27 million, respectively.
JAKKS had a working capital of $119 million as of December 31, 2024. The company continues to focus on expanding its product lines and entering new product categories.
The filing also details various financial agreements, including the termination of the 2021 BSP Term Loan and the continued use of the JPMorgan ABL Facility.
JAKKS does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
JAKKS continues to focus on licensing popular intellectual property and expanding its international sales, with non-U.S. markets accounting for 21% of total net sales in 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the JAKKS Pacific Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.