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Mega Brands profit falls on lower U.S. sales

Tags: Mega Brands

Mega Brands (MB-T) reported a 97-percent fall in adjusted fourth-quarter profit hurt mainly by lower toy sales in the United States.

The toymaker's quarterly net income fell to $234,000 US from $11.3 million a year ago.

On an adjusted basis, the company earned 2 cents per share, compared with 70 cents per share a year ago.

Net sales for the company, which sells both its own brands and licensed toys, fell 3 percent to $108.5 million.

Toy sales were down 8 percent and North American sales fell 4 percent in the quarter, the company said in a statement. CTV Two CTV News CTV News Channel BNN - Business News Network CP24