TORONTO — Spin Master Corp. says it lost US$54.8 million in the first quarter, compared with a loss of US$1.9 million a year earlier.
The toy and entertainment company says revenues totalled US$316.2 million, up from US$271.4 million during the same quarter last year. The acquisition of toy company Melissa & Doug added US$40.4 million to Spin Master's revenue during the quarter. Chief financial officer Mark Segal says toy gross product sales excluding the acquisition's impact were in line with a year earlier, during what's normally the lowest quarter for the toy industry.
Segal says the company is already starting to capitalize on cost synergies and identify revenue growth opportunities from the acquisition.This report by The Canadian Press was first published May 7, 2024.Note to readers: This is a corrected story. A previous version misstated Spin Master's Q1 2023 loss.
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