Sep 29, 2021 (Baystreet.ca via COMTEX) -- Spin Master /zigman2/quotes/209607883/delayed CA:TOY +2.25% is a Toronto-based children's entertainment company that creates, designs, manufactures, licenses, and markets various toys, entertainment franchises, and digital games around the world. Its shares have climbed 49% in 2021 as of close on September 28. However, the stock has dropped 13% month over month.
The company unveiled its second-quarter 2021 results on August 4. It delivered revenue growth of 39% to $390 million. Spin Master was powered by Gross Product Sales growth of 27% to $359 million. Gross profit was reported at $209 million. This was up from $118 million in the second quarter of 2020. Spin Master saw profit increase on the back of cost reductions and changes in its product mix.
Adjusted net income was reported at $41.6 million or $0.40 per share. Moreover, adjusted EBITDA nearly quadrupled to $81.8 million over $21.5 million in Q2 2020. Spin Master also saw cash provided by operating activities rise to $94.2 million in the second quarter - up from $64.2 million in the prior year.
On the business side, Spin Master acquired Originator Inc. This San Francisco-based company develops and publishes education focused mobile apps for kids and families. Remote learning erupted during the COVID-19 pandemic, which should spur investor interest in this space.
Shares of Spin Master possess a price-to-earnings ratio of 27. That puts the stock in solid value territory in comparison to its industry peers.
Moreover, it boasts a flawless balance sheet. I'm looking to snatch up this exciting stock before the end of September.
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