4Kids Entertainment has reported its financial results for the first quarter ending March 31st 2009.
Net revenues for the period totaled $10.2 million, compared with $15.0 million for the same period in 2008. The firm's net loss was $2.0 million, compared to a loss of $6.4 million in 2008.
"Our first quarter results reflect a number of positive developments," said Al Kahn, chairman and CEO of 4Kids. "Our licensing revenue was flat year over year with Monster Jam, Yu Gi Oh and Cabbage Patch Kids being our top earning properties.
"We also benefited from reducing our expenses and from the termination of our agreement with Fox. We are on track to realise substantial cost savings in 2009 as we expect additional cost cuts to further reduce expenses as the year goes on."
However, on the down side, the firm's trading card business continued to be negatively impacted by the wider economic climate.
"Revenue from the sale of Chaotic trading cards for the quarter was approximately $437,000 compared to $2.4 million for the same period last year," Kahn continued. "The substantial decline in Chaotic trading card sales resulted from our distributors focusing on selling through existing Chaotic trading card inventory rather than ordering new product.
"We are, however, beginning to see a pick up in Chaotic trading card sales in the second quarter, which we expect will continue assuming economic conditions stablise or improve."
Kahn also expressed confidence in a planned Teenage Mutant Ninja Turtles film due in late 2011, while the 25th celebrations for the brand have also given it a boost.