Jakks Pacific reports Q1 adjusted EPS (40c), consensus (94c)

Reports Q1 revenue $107.5M, consensus $100.27M. "We are pleased with our year-to-date performance as we close the first quarter," said Stephen Berman, JAKKS Pacific Inc.’s Chairman and CEO, "and are excited about the possibilities for the remainder of the year. We shipped over $100 million worth of product in Q1 for the second consecutive year and it is the first time we’ve done that in back-to-back years since 2009. We have challenging revenue comparisons all year, but our significant gross margin improvement lessened the impact in the first quarter. Our Q1 gross profit dollars haven’t been this high since 2015. We managed inventory down further and eliminated most of our temporary warehouse capacity. And, as we previously disclosed, earlier in the quarter we paid down our long-term debt to less than $30 million."