Shares of Funko Inc. has recently announced its financial report for the 4th quarter and full year ended December 31, 2017. The licensed pop culture toy maker saw its revenues surge in the fourth-quarter by at least 28% if to compare from the preceding year’s quarter which had $132.4 million. Currently, revenues of the company had recorded a $169.5 million for the period.
As for the net income of the company, Funko recorded $6.3 million during the period which is 7 cents per share. Adjusted earnings added 22 cents a share as well.
Net income of the company dropped 6.3 million, or 7 cents a share, compared with $15.8 million in the preceding year’s period. In a full year perspective, Net income recorded $7.3 million during the year and this comprised of a $5.1 million pre-tax loss on extinguishment of debt.
Funko is an American company that manufactures licensed pop culture collectibles. Funko is most known for producing licensed vinyl figures and bobbleheads.
“We are pleased with our fourth quarter and 2017 results and the underlying trends in our business. 2017 was an incredible year for Funko, we increased net sales 21% to $516 million, we sold across a record number of properties, we made three strategic acquisitions, and we completed an initial public offering. We believe our financial results in the fourth quarter and for the year are a testament to the diversity, flexibility and strength of our business.”Chief executive officer, Brian Mariotti told reports.
Earnings per diluted share of the company added 7 cents for the quarter. Even though its gross margin outpoured 180 basis points to 39.3% in a year over year basis, Funko’s income from operations amplified by at least 2% to $21.4 million compared to last year’s data.
“Our products are gender, age and channel agnostic, our fan base is large and highly engaged, and our mix of business is balanced between older classic content and newly released content. We are executing our strategic initiatives in line with our plans and delivering against our financial and operating targets. We are off to a great start in 2018 and see strong growth opportunities this year and beyond.” Mariotti added.
New Chief Marketing Officer
In other news, Funko Inc. introduced a New Chief Marketing Officer. Molly Hartney will not only be the Senior Vice President of E-commerce of the company but will also be the head of the marketing department. Hartney will be responsible for improving the Business’s marketing and digital presence.
“Molly will play a pivotal role in leading the development of Funko’s brand strategy across all consumer touch points and we are thrilled to welcome her to the team,” Mariotti stated in a report. “With a strong track record of driving significant growth for consumer brands, we believe her experience and fresh perspective will be essential in leading our integrated omnichannel marketing strategy. She brings a deep customer focus to Funko and has the right expertise to take our brand to the next level and support our continued growth.”
“Funko sits at the epicenter of pop culture and this is an exciting time in the Company’s history to come on board,” Hartney expressed. “This brand already has such a dedicated, passionate and active fan base and I am eager to build on that strong foundation. I have a passion for increasing brand awareness and I look forward to working with the Funko leadership team to shape the next chapter and achieve the Company's growth objectives.”
Funko’s shares added 2.71% in its recent trades as it continued to surge further. While it is overbought at the time being, the toy company’s trading performance hasn’t signaled any bearish indication yet. With that, a buy would be advised.
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