TORONTO — Toymaker Spin Master Corp. (TSX:TOY) more than tripled its profits in the second quarter as the success of a kids' TV series about puppy public servants helped boost overall results.
The company behind the "Paw Patrol" franchise, which includes a Nickelodeon show and various branded products, said profits jumped to US$7.6 million in the three months ended June 30, compared with $2.1 million in the same period a year earlier.
It did not provide earnings per share figures for either quarter and did not immediately respond to a request for further details.
Spin Master, which manufactures a range of toys and board games, made its initial public offering on the Toronto Stock Exchange last month.
During the quarter, revenue grew 19.9 per cent to US$127.7 million from US$106.5 million in the same period last year when it was still a private company.
In its outlook, Spin Master said the second half of the year typically represents about 70 to 75 per cent of the company's annual gross sales, largely driven by families buying more toys during the holiday season.
"We're excited about our strong slate of new product launches, including Meccanoid, a four-foot talking robot, in addition to licensed products associated with the new 'Star Wars' movie," said co-CEO Anton Rabie.
The Canadian Press