TORONTO — Spin Master Corp. says it had a net loss of US$26.7 million in the first quarter as it struggled with supply chain issues and the COVID-19 outbreak.
The company, which reports in U.S. dollars, says results for the quarter ending March 31 worked out to a loss of 26 cents per share, compared with a net loss of $20.9 million or 21 cents per share for the same quarter last year.
Revenue was $227 million, down from the $239 million last year.
Analysts had expected a net loss of $15.9 million, or 14 cents per share, and revenue of $218 million, according to financial markets data firm Refinitiv.
Spin Master's supply chain issues originated last year as the company worked to consolidate its U.S. distribution network, but it says the COVID-19 outbreak made issues worse as the pandemic hit its Asian supply chain early in the quarter.
The company says demand for its entertainment content and digital gaming was up significantly over last year as consumers looked to occupy their children while at home.
This report by The Canadian Press was first published May 6, 2020
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The Canadian Press
