Newspaper article The Canadian Press

Spin Master Corp. Q1 Income Falls Nearly 14% Due to Toys "R" Us Debt

Newspaper article The Canadian Press

Spin Master Corp. Q1 Income Falls Nearly 14% Due to Toys "R" Us Debt

Article excerpt

Spin Master Corp. income falls nearly 14%

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TORONTO - Spin Master Corp. says its net income fell nearly 14 per cent in the first quarter due in part to the impact of a multi-million dollar Toys "R" Us bad debt expense.

The company, which keeps its books in U.S. dollars, says its net income was $8.7 million or nine cents per share for the first quarter of its 2018 financial year, compared to $10.1 million or 10 cents per share for the same quarter the previous year.

The toy company says it incurred a $15.2 million bad debt expense, including administration costs, after Toys "R" Us Inc. sought approval to wind down its American business and liquidate inventory, and Toys "R" Us International closed and liquidated most of its U.K. business in the quarter.

Adjusted net income was $22 million or 22 cents a share for the quarter, compared to $13. …

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