Spin Master surges out of the gate, reports strong results in first public filing
Toronto toy maker see revenue spike 20 per cent after last month's IPO
TORONTO—Spin Master Corp., a global toy maker and children’s entertainment company, has reported strong results in its first financial filing as a public company. The Toronto-based company went public with a $220 million initial public offering last month.
“These results reflect strong performance across our diverse product portfolio,” Ronnen Harary, Spin Master’s co-CEO, said. “As a newly public company, we have strong operating momentum and financial strength, positioning Spin Master for continued growth.”
The company reported its revenue increased to US$127.7 million in the second-quarter of 2015, up 19.9 per cent from the same quarter last year. The company’s gross profit also jumped to $65.4 million from US$52.4 million last year.
“We are very pleased with the Company’s financial results in the second quarter of 2015,” Anton Rabie, co-CEO and chairman, said. “We experienced particularly strong results from the Pre-School and Girls segment, reflecting the tremendous success of our PAW Patrol brand, and reflecting both pent-up demand for toys and international launches of the TV show.”
The company also cited its Zoomer, Clubby Puppies, Little Charmers and Kinetic Sand product lines as strong growth contributors. Company revenues were up across all markets, with the most notable increase in Europe.
“Our strategies for growth are the same ones we have successfully executed to date,” Ben Gadbois, company president, noted. “Specifically, we intend to continue to innovate across our portfolio of brands and product lines, develop evergreen global entertainment properties, significantly grow our international sales and further leverage our global platform through strategic acquisitions.”