Topps Exceeds Expectations

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Posted By: bruce Dorskind

Topps beats quarterly estimates on card sales
by David Jones

Topps Co. reported a 31% drop in quarterly earnings but still beat Wall Street estimates.

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.

Stronger sales from its U.S. trading card business helped lift revenue 9% to $82.3 million.


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.

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.

Shares of Topps rose as much as 6% to $9.39 and were up 2.7% intraday.

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Posted By: leon

I think that it's good for the hobby for TOPPS to do good. However, I wonder how much of the increase in sales is due to MLB cancelling contracts with card mfg's a year or so ago?

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Posted By: DR

http://www.slate.com/id/2150516/?GT1=8592

''Upper management was a distant, nepotistic network descending from a mysterious, largely invisible septuagenarian CEO. Below that, departments feuded with other departments. Middle managers skirmished in snarky, caps-locked e-mails CC'd to higher-ups. "Good mornings" seethed with passive aggression.''




Thanks,
David

BUY / SELL / TRADE -> 1878 TO 1911 NON-SPORTS

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Posted By: J Levine

I actually own one share of Topps stock that I got for a birthday present many many years ago...interesting to see the report.

Joshua