April 24th, 2024

Spin Master Corp. reports US$30.1 million loss in fourth quarter as revenues rise

By The Canadian Press on February 28, 2024.

Spin Master signage is pictured on King St. in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj

TORONTO – Spin Master Corp. reported a loss of US$30.1 million in the fourth quarter, compared with a loss of US$13.8 million a year earlier.

The Toronto-based toy and entertainment company says revenues rose to US$502.6 million, up from $465.8 million during the same quarter in 2022.

Loss per diluted share amounted to 29 cents US, compared with 13 cents US a year earlier.

President and CEO Max Rangel says the company navigated a challenging macroeconomic environment to deliver revenue growth across toys, entertainment and digital games.

Chief financial officer Mark Segal says just after the year ended, Spin Master closed its acquisition of U.S. toymaker Melissa & Doug.

In 2024, the company says it expects the acquisition to contribute between US$370 million and US$375 million in revenue.

This report by The Canadian Press was first published Feb. 28, 2024.

Companies in this story: (TSX:TOY)

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