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Spin Master reports US$24.5 million loss in second quarter, says CFO to retire
TORONTO — Spin Master Corp. says it lost US$24.5 million in its second quarter, down from a profit of US$28 million a year earlier.
Revenues for the toy and entertainment company totalled US$412 million, down from US$420.7 million during the same quarter last year.
The company says revenues increased in entertainment but were lower in toys and digital games.
Diluted earnings per share came in at a loss of 24 cents US, compared with earnings of 26 cents US a year earlier.
The company also announced its chief financial officer Mark Segal will retire in the first half of 2025.
Spin Master says Segal has been instrumental in the company's international growth, acquisitions, and expansion into digital games.
This report by The Canadian Press was first published July 30, 2024.
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