4Kids Entertainment has revealed its financial results for the third quarter ending September 30th.
Net revenues for the three months totaled $7.3 million, compared to $17.8 million for the same period in 2008. The company's net loss was $5.0 million, as compared to $5.3 million for the same period in 2008.
Meanwhile, for the nine months ending September 30th, net revenues totaled $21.9 million, compared to $49.4 million for the corresponding period in 2008. Net loss was $20.8 million (2008: $17.2 million).
"Business conditions remained challenging for the company during the third quarter as reflected in our results," said Alfred Kahn, chairman and CEO of 4Kids. "However, we closed on two deals over the last six weeks which we believe are big positives for 4Kids. The sale of the Teenage Mutant Ninja Turtles property to Nickelodeon not only compensated 4Kids for the early termination of its representation agreement, but also provided the company with a substantial infusion of cash.
"Our NFL trading card game licence also provides the company with an opportunity to use our online platform for a new trading card game.
"We are encouraged by the increase in our television ratings thus far for the 2009-2010 broadcast season, compared with the same period during the 2008-2009 braodcast season," Kahn continued. "We are hopeful that sales of toys and games and licensed merchandise in the coming holiday season will be stronger than last year's sales numbers, and that the company's fourth quarter licensing revenue will likewise benefit."