{"id":379089,"date":"2020-11-11T17:03:15","date_gmt":"2020-11-11T22:03:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=379089"},"modified":"2020-11-11T17:03:15","modified_gmt":"2020-11-11T22:03:15","slug":"spin-master-reports-q3-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/spin-master-reports-q3-2020-financial-results\/","title":{"rendered":"Spin Master Reports Q3 2020 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n Delivers Solid Financial Performance
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\n Operational Improvement Milestones Achieved Ahead of Schedule<\/b>\n <\/p>\n

\n TORONTO<\/span>, Nov.\u00a011, 2020 \/PRNewswire\/ –\u00a0Spin Master Corp. (“Spin Master” or the “Company”) (TSX: TOY) (www.spinmaster.com<\/a><\/u>), a leading global children’s entertainment company, today announced its financial results for the third quarter ended September\u00a030, 2020. The Company’s full Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September\u00a030, 2020 is available on SEDAR (www.sedar.com<\/a><\/u>) and posted on the Company’s web site at www.spinmaster.com\/financial-info.php<\/a><\/u>. <\/p>\n

“This quarter we showed continued progress on many fronts,” said Ronnen Harary<\/span>, Spin Master’s Co-CEO. “We launched one of our strongest Fall lines ever, with many of our toys making retailers’ top toy lists and in the quarter we grew both Gross Product Sales and Revenue while managing through the uncertain conditions arising from COVID-19. In September, we premiered our first-ever straight-to-streaming entertainment franchise Mighty Express and also saw significant growth in our Toca Boca<\/span> digital games business driven by increased engagement and new content. Thanks to the dedication and tenacity of our team members globally, we are very well positioned for the holiday season with strong POS momentum globally for our products, lean retail inventories and continued consumer demand within the toy category.” <\/p>\n

“Our efforts to manage costs and improve our profitability continue to show progress,” added Mark Segal<\/span>, Spin Master’s Chief Financial Officer. “Our team achieved key milestones on our operational improvement goals well ahead of schedule and we are well positioned to execute our plan. During the quarter, we have reduced our inventory levels and improved our net working capital and liquidity position. With a diversified portfolio of brands, entertainment franchises and digital games across our global platform and a very solid financial base, we remain focused on investing to create long term value.”<\/p>\n

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\n Q3 2020 Financial Highlights as compared to the same period in 2019<\/u>
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