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09-29-2006, 02:16 PM
Posted By: <b>bruce Dorskind</b><p><br />Topps beats quarterly estimates on card sales<br />by David Jones<br /><br />Topps Co. reported a 31% drop in quarterly earnings but still beat Wall Street estimates. <br /><br />The Manhattan-based bubble gum and trading card maker earned $3.4 million, or 8 cents a share, in the second quarter ended Aug. 26, down from $4.8 million or 12 cents a share in the year-earlier period. <br /><br />Stronger sales from its U.S. trading card business helped lift revenue 9% to $82.3 million.<br /><br /><br />Excluding pre-tax charges of $2 million related to severance pay and the company's recent proxy fight, Topps earned 12 cents as share, exceeding Wall Street estimates of 8 cents a share. <br /><br />Topps said sales in its entertainment unit rose 30% to $42.5 million, as sales of U.S. trading cards increased "substantially," which more than offset declines in the firm's international publishing business and WizKids Inc. unit. <br /><br />Shares of Topps rose as much as 6% to $9.39 and were up 2.7% intraday.