{"id":447662,"date":"2021-03-01T17:08:23","date_gmt":"2021-03-01T22:08:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=447662"},"modified":"2021-03-01T17:08:23","modified_gmt":"2021-03-01T22:08:23","slug":"spin-master-reports-q4-and-full-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/spin-master-reports-q4-and-full-year-2020-financial-results\/","title":{"rendered":"Spin Master Reports Q4 and Full Year 2020 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n Q4 Profitability Climbs Significantly
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\n Operational Initiatives Strengthen Spin Master’s Platform for Long-term Growth<\/i>
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\n TORONTO<\/span>, March 1, 2021<\/span> \/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 fourth quarter and year ended December\u00a031, 2020. The Company’s full Management’s Discussion and Analysis (“MD&A”) for the three-month period and year ended December\u00a031, 2020 is available under the Company’s profile 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

“We’re proud of the significant operational improvements and cost efficiencies our team delivered in 2020, while simultaneously navigating the complexities of the global pandemic,” said Ronnen Harary<\/span>, Spin Master’s Co-CEO. “At the outset, we were committed to resolving the operational challenges we faced in 2019. I am pleased to say that we achieved our goal through significantly improved focus and execution in every function across Spin Master globally. We are particularly excited with the strong growth we saw in our digital games business led by Toca Life World. With a clear vision for our future, a solid operating platform with three thriving creative centres encompassing toys, entertainment and digital games and an exceptional leadership team in place, fortified by the appointment of Max Rangel<\/span> as Global President and with him assuming the position of CEO in April, we are now poised for our next stage of growth. We are well positioned to grow in 2021 as we continue to navigate through COVID-19, based on our diversified brand portfolio, award-winning entertainment franchises and innovative digital games, all driving towards generating strong long term growth and shareholder value.”<\/p>\n

“We are pleased to see the results of the operational improvement initiatives we put into place throughout 2020, solidify in the fourth quarter,” added Mark Segal<\/span>, Spin Master’s Chief Financial Officer. “By Q4 2020 we completed most of the work necessary to remediate the operational issues arising in Q4 2019. We were able to streamline our distribution and warehousing structure, considerably reduce inventory levels, lower our costs and expand our gross margins. This allowed us to generate nearly US$124 million<\/span> in free cash flow for the quarter and US$232 million<\/span> for 2020, allowing us to end 2020 with the strongest net cash position in our history of just over US$320 million<\/span>. Our solid financial position together with the achievement of our targeted run-rates on key expenses related to our operational improvement initiatives, supports the growth potential of our global platform. As we look to 2021, despite some continuing lockdowns and retail disruptions, 2021 is starting with strong momentum.”<\/p>\n

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\n Q4 2020 Financial Highlights as compared to the same period in 2019<\/u>
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