Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'JAKK | ' |
Entity Registrant Name | 'JAKKS PACIFIC INC | ' |
Entity Central Index Key | '0001009829 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 22,303,706 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Current assets | ' | ' | |
Cash and cash equivalents | $51,519 | $189,321 | [1] |
Marketable securities | 220 | 218 | [1] |
Accounts receivable, net of allowance for uncollectible accounts of $2,536 and $4,236, respectively | 257,965 | 105,455 | [1] |
Inventory | 59,119 | 59,690 | [1] |
Income tax receivable | 24,008 | 24,008 | [1] |
Deferred income taxes | 7,058 | 7,058 | [1] |
Prepaid expenses and other | 23,650 | 20,306 | [1] |
Total current assets | 423,539 | 406,056 | [1] |
Property and equipment | ' | ' | |
Office furniture and equipment | 14,469 | 14,268 | [1] |
Molds and tooling | 76,117 | 73,487 | [1] |
Leasehold improvements | 7,057 | 7,044 | [1] |
Total | 97,643 | 94,799 | [1] |
Less accumulated depreciation and amortization | 85,549 | 78,973 | [1] |
Property and equipment, net | 12,094 | 15,826 | [1] |
Intangibles | 59,654 | 67,054 | [1] |
Other long term assets | 6,335 | 4,584 | [1] |
Investment in DreamPlay LLC | 7,000 | 7,000 | [1] |
Investment in joint venture | 1,429 | 3,161 | [1] |
Goodwill, net | 44,735 | 48,836 | [1] |
Trademarks, net | 2,308 | 2,308 | [1] |
Total assets | 557,094 | 554,825 | [1] |
Current liabilities | ' | ' | |
Accounts payable | 89,780 | 37,793 | [1] |
Accrued expenses | 85,235 | 63,677 | [1] |
Reserve for sales returns and allowances | 35,307 | 34,373 | [1] |
Income taxes payable | 17,972 | 12,922 | [1] |
Short term debt | ' | 70,710 | [1] |
Total current liabilities | 228,294 | 219,475 | [1] |
Convertible senior notes, net | 137,826 | 94,918 | [1] |
Other liabilities | 13,182 | 18,345 | [1] |
Income taxes payable | 3,259 | 4,687 | [1] |
Deferred income taxes | 10,180 | 10,180 | [1] |
Total liabilities | 392,741 | 347,605 | [1] |
Commitments and Contingencies | ' | ' | [1] |
Stockholders' equity | ' | ' | |
Preferred shares, $.001 par value; 5,000,000 shares authorized; nil outstanding | ' | ' | [1] |
Common stock, $.001 par value; 100,000,000 shares authorized; 21,969,355 and 22,303,706 shares issued and outstanding, respectively | 22 | 22 | [1] |
Additional paid-in capital | 200,305 | 202,577 | [1] |
Retained earnings (accumulated deficit) | -32,086 | 8,836 | [1] |
Accumulated other comprehensive loss | -3,888 | -4,215 | [1] |
Total stockholders' equity | 164,353 | 207,220 | [1] |
Total liabilities and stockholders' equity | $557,094 | $554,825 | [1] |
[1] | Derived from audited financial statements |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, except Share data, unless otherwise specified | |||
Accounts receivable, allowance for uncollectible accounts | $4,236 | $2,536 | [1] |
Preferred shares, par value | $0.00 | $0.00 | [1] |
Preferred shares, shares authorized | 5,000,000 | 5,000,000 | [1] |
Preferred shares, outstanding | ' | ' | [1] |
Common stock, par value | $0.00 | $0.00 | [1] |
Common stock, shares authorized | 100,000,000 | 100,000,000 | [1] |
Common stock, shares issued | 22,303,706 | 21,969,355 | [1] |
Common stock, shares outstanding | 22,303,706 | 21,969,355 | [1] |
[1] | Derived from audited financial statements |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $310,894 | $314,491 | $495,195 | $533,255 |
Cost of sales | 219,499 | 217,779 | 378,183 | 366,084 |
Gross profit | 91,395 | 96,712 | 117,012 | 167,171 |
Selling, general and administrative expenses | 51,742 | 59,416 | 145,492 | 149,178 |
Income (loss) from operations | 39,653 | 37,296 | -28,480 | 17,993 |
Profit from video game joint venture | ' | 1,000 | ' | 3,000 |
Equity in net income (loss) of joint venture | -572 | 48 | -2,024 | 4 |
Interest income | 92 | 97 | 301 | 610 |
Interest expense, net of benefit | -2,298 | -2,015 | -7,202 | -6,085 |
Income (loss) before provision for income taxes | 36,875 | 36,426 | -37,405 | 15,522 |
Provision for income taxes | 278 | 5,983 | 433 | 865 |
Net income (loss) | 36,597 | 30,443 | -37,838 | 14,657 |
Earnings (loss) per share - basic | $1.67 | $1.38 | ($1.73) | $0.59 |
Earnings (loss) per share -diluted | $1.11 | $1.10 | ($1.73) | $0.59 |
Comprehensive income (loss) | $37,508 | $30,376 | ($37,511) | $14,623 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | |
Net income (loss) | ($37,838) | $14,657 | |
Adjustments to reconcile net income (loss) to net cash used by operating activities: | ' | ' | |
Depreciation and amortization | 19,572 | 21,751 | |
Share-based compensation expense | 563 | 1,189 | |
Loss (gain) on disposal of property and equipment | 2,202 | 19 | |
Deferred income taxes | ' | -5 | |
Equity in net loss of joint venture | 2,024 | 119 | |
Gain on extinguishment of convertible notes | -84 | ' | |
Changes in operating assets and liabilities: | ' | ' | |
Accounts receivable | -152,510 | -135,931 | |
Inventory | 571 | -24,206 | |
Prepaid expenses and other current assets | -2,344 | 3,582 | |
Income tax receivable | ' | 158 | |
Accounts payable | 52,369 | 80,292 | |
Accrued expenses | 25,660 | 18,378 | |
Income taxes payable | 3,622 | 12,497 | |
Reserve for sales returns and allowances | 934 | -11,777 | |
Other liabilities | -5,163 | -2 | |
Total adjustments | -52,584 | -33,936 | |
Net cash used in operating activities | -90,422 | -19,279 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | |
Purchase of property and equipment | -7,971 | -11,811 | |
Change in other assets | 240 | -441 | |
Investment in DreamPlay LLC | ' | -7,000 | |
Contribution to joint venture | -1,636 | -1,524 | |
Distribution from joint venture | 962 | 374 | |
Cash paid for intangible assets | ' | -8,000 | |
Cash paid for net assets of business acquired | ' | -34,367 | |
Net purchase of marketable securities | -2 | -4 | |
Net cash used in investing activities | -8,407 | -62,773 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | |
Proceeds from stock options exercised | ' | 101 | |
Common stock surrendered | ' | -103 | |
Common stock repurchased | ' | -80,000 | |
Proceeds from (Repayment of) credit facility borrowings | -70,710 | 53,410 | |
Credit facility costs | ' | -486 | |
Proceeds from issuance of senior convertible notes | 100,000 | ' | |
Bank fees related to convertible notes | -4,179 | ' | |
Retirement of senior convertible notes | -61,000 | ' | |
Dividends paid | -3,084 | -7,373 | |
Net cash used in financing activities | -38,973 | -34,451 | |
Net decrease in cash and cash equivalents | -137,802 | -116,503 | |
Cash and cash equivalents, beginning of period | 189,321 | [1] | 257,258 |
Cash and cash equivalents, end of period | 51,519 | 140,755 | |
Cash paid (received) during the period for: | ' | ' | |
Income taxes | -4,721 | -13,697 | |
Interest | $3,525 | $2,250 | |
[1] | Derived from audited financial statements |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | ' |
Note 1 — Basis of Presentation | |
The accompanying unaudited interim condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to prevent the information presented from being misleading. These financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K, which contains audited financial information for the three years in the period ended December 31, 2012. | |
The information provided in this report reflects all adjustments (consisting solely of normal recurring items) that are, in the opinion of management, necessary to present fairly the financial position and the results of operations for the periods presented. Interim results are not necessarily indicative of results to be expected for a full year. | |
The condensed consolidated financial statements include the accounts of JAKKS Pacific, Inc. and its wholly-owned subsidiaries (collectively, “the Company”). The condensed consolidated financial statements also include the accounts of DreamPlay Toys, LLC, a joint venture between JAKKS Pacific, Inc. and NantWorks LLC. |
Business_Segments_Geographic_D
Business Segments, Geographic Data, Sales by Product Group and Major Customers | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Business Segments, Geographic Data, Sales by Product Group and Major Customers | ' | ||||||||||||||||||||||||||||||||
Note 2 — Business Segments, Geographic Data, Sales by Product Group and Major Customers | |||||||||||||||||||||||||||||||||
The Company is a worldwide producer and marketer of children’s toys and other consumer products, principally engaged in the design, development, production, marketing and distribution of its diverse portfolio of products. The Company’s reportable segments are Traditional Toys and Electronics and Role Play, Novelty and Seasonal Toys, each of which includes worldwide sales. | |||||||||||||||||||||||||||||||||
The Traditional Toys and Electronics segment includes action figures, vehicles, playsets, plush products, dolls, accessories, electronic products, construction toys, infant and pre-school toys, foot to floor ride-on vehicles, wagons and pet treats and related products. | |||||||||||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys include role play and dress-up products, Halloween and everyday costume play, novelty toys, seasonal and outdoor products and indoor and outdoor kids’ furniture. | |||||||||||||||||||||||||||||||||
Segment performance is measured at the operating income level. All sales are made to external customers and general corporate expenses have been attributed to the various segments based upon sales volumes. Segment assets are comprised of accounts receivable and inventories, net of applicable reserves and allowances, goodwill and other assets. | |||||||||||||||||||||||||||||||||
Results are not necessarily those that would be achieved were each segment an unaffiliated business enterprise. Information by segment and a reconciliation to reported amounts for the three and nine months ended September 30, 2012 and 2013 and as of December 31, 2012 and September 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||
Traditional Toys and Electronics | $ | 171,156 | $ | 156,874 | $ | 285,197 | $ | 243,881 | |||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys | 143,335 | 154,020 | 248,058 | 251,314 | |||||||||||||||||||||||||||||
$ | 314,491 | $ | 310,894 | $ | 533,255 | $ | 495,195 | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Operating Income (loss) | |||||||||||||||||||||||||||||||||
Traditional Toys and Electronics | $ | 19,019 | $ | 19,506 | $ | 5,913 | $ | (22,162 | ) | ||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys | 18,277 | 20,147 | 12,080 | (6,318 | ) | ||||||||||||||||||||||||||||
$ | 37,296 | $ | 39,653 | $ | 17,993 | $ | (28,480 | ) | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Depreciation and Amortization Expense | |||||||||||||||||||||||||||||||||
Traditional Toys and Electronics | $ | 7,108 | $ | 4,954 | $ | 11,994 | $ | 9,951 | |||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys | 5,051 | 4,360 | 7,130 | 6,951 | |||||||||||||||||||||||||||||
$ | 12,159 | $ | 9,314 | $ | 19,124 | $ | 16,902 | ||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Traditional Toys and Electronics | $ | 309,940 | $ | 296,025 | |||||||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys | 244,885 | 261,069 | |||||||||||||||||||||||||||||||
$ | 554,825 | $ | 557,094 | ||||||||||||||||||||||||||||||
The following tables present information about the Company by geographic area as of December 31, 2012 and September 30, 2013 and for the three and nine months ended September 30, 2012 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||||||||||
Long-lived Assets | |||||||||||||||||||||||||||||||||
China | $ | 10,793 | $ | 8,323 | |||||||||||||||||||||||||||||
United States | 3,762 | 2,796 | |||||||||||||||||||||||||||||||
Hong Kong | 1,271 | 975 | |||||||||||||||||||||||||||||||
$ | 15,826 | $ | 12,094 | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Net Sales by Customer Area | |||||||||||||||||||||||||||||||||
United States | $ | 243,986 | $ | 252,988 | $ | 423,698 | $ | 400,688 | |||||||||||||||||||||||||
Europe | 35,042 | 24,814 | 50,480 | 42,340 | |||||||||||||||||||||||||||||
Canada | 16,149 | 16,988 | 24,540 | 21,972 | |||||||||||||||||||||||||||||
Hong Kong | 385 | 2,799 | 1,490 | 5,456 | |||||||||||||||||||||||||||||
Other | 18,929 | 13,305 | 33,047 | 24,739 | |||||||||||||||||||||||||||||
$ | 314,491 | $ | 310,894 | $ | 533,255 | $ | 495,195 | ||||||||||||||||||||||||||
Major Customers | |||||||||||||||||||||||||||||||||
Net sales to major customers for the three and nine months ended September 30, 2012 and 2013 were as follows (in thousands, except for percentages): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||
of | of | of | of | ||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||
Wal-Mart | $ | 62,514 | 19.9 | % | $ | 74,759 | 24.1 | % | $ | 94,807 | 17.8 | % | $ | 108,990 | 22 | % | |||||||||||||||||
Target | 45,857 | 14.6 | 42,162 | 13.6 | 79,105 | 14.8 | 65,676 | 13.3 | |||||||||||||||||||||||||
Toys ‘R’ Us | 36,765 | 11.7 | 29,475 | 9.5 | 58,072 | 10.9 | 46,958 | 9.5 | |||||||||||||||||||||||||
$ | 145,136 | 46.2 | % | $ | 146,396 | 47.2 | % | $ | 231,984 | 43.5 | % | $ | 221,624 | 44.8 | % | ||||||||||||||||||
No other customer accounted for more than 10% of the Company’s total net sales. | |||||||||||||||||||||||||||||||||
At December 31, 2012 and September 30, 2013, the Company’s three largest customers accounted for approximately 42.1% and 44.1%, respectively, of net accounts receivable. The concentration of the Company’s business with a relatively small number of customers may expose the Company to material adverse effects if one or more of its large customers were to experience financial difficulty. The Company performs ongoing credit evaluations of its top customers and maintains an allowance for potential credit losses. |
Inventory
Inventory | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory | ' | ||||||||
Note 3 — Inventory | |||||||||
Inventory, which includes the ex-factory cost of goods, in-bound freight, duty and warehouse costs, is stated at the lower of cost (first-in, first-out) or market and consists of the following (in thousands): | |||||||||
December 31, | September 30, | ||||||||
2012 | 2013 | ||||||||
Raw materials | $ | 3,296 | $ | 3,445 | |||||
Finished goods | 56,394 | 55,674 | |||||||
$ | 59,690 | $ | 59,119 |
Revenue_Recognition_and_Reserv
Revenue Recognition and Reserve for Sales Returns and Allowances | 9 Months Ended |
Sep. 30, 2013 | |
Revenue Recognition and Reserve for Sales Returns and Allowances | ' |
Note 4 — Revenue Recognition and Reserve for Sales Returns and Allowances | |
Revenue is recognized upon the shipment of goods to customers or their agents, depending upon terms, provided there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable and collectability is reasonably assured and not contingent upon resale. | |
Generally, the Company does not allow product returns. It provides its customers a negotiated allowance for breakage or defects, which is recorded when the related revenue is recognized. However, the Company does make occasional exceptions to this policy and consequently accrues a return allowance based upon historic return amounts and management estimates. The Company occasionally grants credits to facilitate markdowns and sales of slow moving merchandise. These credits are recorded as a reduction of gross sales at the time of occurrence. | |
The Company also participates in cooperative advertising arrangements with some customers, whereby it allows a discount from invoiced product amounts in exchange for customer purchased advertising that features the Company’s products. Typically, these discounts range from 1% to 6% of gross sales, and are generally based upon product purchases or specific advertising campaigns. Such amounts are accrued when the related revenue is recognized or when the advertising campaign is initiated. These cooperative advertising arrangements are accounted for as direct selling expenses. | |
The Company’s reserve for sales returns and allowances amounted to $34.4 million as of December 31, 2012, compared to $35.3 million as of September 30, 2013. This increase is primarily due to the Company granting additional allowances to certain customers in 2013 compared to 2012. |
Credit_Facility
Credit Facility | 9 Months Ended |
Sep. 30, 2013 | |
Credit Facility | ' |
Note 5 — Credit Facility | |
In September 2012, the Company and its domestic subsidiaries entered into a secured credit facility with Wells Fargo Bank, National Association (the “Loan Agreement”). The Loan Agreement provided for a $75.0 million working capital revolving credit facility. The amounts outstanding under the revolving credit facility were originally payable in full upon maturity of the credit facility on April 30, 2013. | |
By Amendment to the Loan Agreement dated March 28, 2013, the Company was granted an over advance of up to $30.0 million over the borrowing capacity of which $29.0 million was advanced to the Company on March 29, 2013. In addition, the maturity date was changed to April 2, 2013, on which date the Company paid off the credit facility in full. The Company is in the process of obtaining a replacement credit facility. If the Company is unable to obtain a replacement line of credit, the Company's operations and growth prospects may be adversely affected, and the Company might need to seek additional equity or debt financing. There is no assurance that such alternative financing would be available on acceptable terms or at all. Furthermore, any equity financing could result in dilution to existing stockholders and any debt financing might include restrictive covenants that could impede the Company’s ability to effectively operate and grow its business in the future. |
Convertible_Senior_Notes
Convertible Senior Notes | 9 Months Ended |
Sep. 30, 2013 | |
Convertible Senior Notes | ' |
Note 6 — Convertible Senior Notes | |
In November 2009, the Company sold an aggregate of $100.0 million principal amount of 4.50% Convertible Senior Notes due 2014 (the “2014 Notes”). The 2014 Notes, which are senior unsecured obligations of the Company, pay cash interest semi-annually at a rate of 4.50% per annum and will mature on November 1, 2014. The initial conversion rate was 63.2091 shares of JAKKS common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $15.82 per share of common stock), subject to adjustment under certain circumstances. As a result of the cash dividend of $0.10 per share declared by the Board of Directors paid October 3, 2011, January 3, 2012, April 2, 2012, July 2, 2012, October 1, 2012 and January 2, 2013 and of $0.07 per share declared by the Board paid April 1, 2013 and July 1, 2013 and the above-market self-tender offer in July 2012 (see Note 9 – Common Stock and Preferred Stock), the new conversion rate is 68.8564 shares of JAKKS common stock per $1,000 principal amount of notes (or approximately $14.52 per share). Prior to August 1, 2014, holders of the 2014 Notes may convert their notes only upon the occurrence of specified events. Upon conversion, the 2014 Notes may be settled, at the Company’s election, in cash, shares of its common stock or a combination of cash and shares of its common stock. Holders of the 2014 Notes may require that the Company repurchase for cash all or some of their notes upon the occurrence of a fundamental change (as defined). On July 24, 2013, the Company repurchased an aggregate of $61.0 million principal amount of these notes at par plus accrued interest with a portion of the net proceeds from the issuance of $100.0 million principal amount of 4.25% convertible senior notes due 2018 resulting in a gain on extinguishment of $0.1 million. | |
Accounting Standards Codification ("ASC") 470-20, “Debt with Conversion and Other Options,” requires the issuer of certain convertible debt instruments that may be settled in cash (or other assets) upon conversion to separately account for the liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer's non-convertible debt borrowing rate. In accordance with ASC 470-20, the Company allocated $13.7 million of the $100.0 million principal amount of the 2014 Notes to the equity component, which represents a discount to the debt that is being amortized to interest expense through November 1, 2014. Interest expense associated with the amortization of the discount was $0.7 million for each of the three months ended September 30, 2012 and 2013 and $2.0 million and $2.5 million for each of the nine months ending September 30, 2012 and 2013. The Company repurchased $61.0 million of the 2014 Notes during the quarter ended September 30, 2013 as discussed below, with $2.8 million of the price allocated to the repurchase of the related equity component. In addition, approximately $2.2 million of the unamortized debt discount and $0.6 million of debt issuance costs were written off in connection with the repurchase of the 2014 Notes. The balance of the discount was $5.1 million and $1.2 million at December 31, 2012 and September 30, 2013, respectively. | |
On July 24, 2013, the Company sold an aggregate of $100.0 million principal amount of 4.25% Convertible Senior Notes due 2018 (the “2018 Notes”). The 2018 Notes are senior unsecured obligations of the Company paying interest semi-annually in arrears on August 1 and February 1 of each year at a rate of 4.25% per annum and will mature on August 1, 2018. The initial conversion rate for the 2018 Notes will be 114.3674 shares of our common per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $8.74 per share of common stock, subject to adjustment in certain events. Holders of the 2018 Notes may convert their notes upon the occurrence of specified events. Upon conversion, the 2018 Notes will be settled in shares of the Company’s common stock. The Company used $61.0 million of the approximate $95.9 million in net proceeds from the offering to repurchase at par $61.0 million principal amount of the 2014 Notes. The remainder of the net proceeds will be used for general corporate purposes. | |
The fair value of the 2014 Notes for the periods ending December 31, 2012 and September 30, 2013 was approximately $107.9 million and $36.5 million, respectively, based upon the most recent quoted market price. The fair value of the 2018 Notes for the period ending September 30, 2013 was approximately $76.8 million, based upon the most recent quoted market price. The fair value of the convertible senior notes is considered to be a Level 1 measurement on the fair value hierarchy. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
Note 7 — Income Taxes | |
The Company’s income tax expense of $0.3 million for the three months ended September 30, 2013 reflects an effective tax rate of 0.75%. The Company’s income tax expense of $6.0 million for the three months ended September 30, 2012 reflects an effective tax rate of 16.4%. | |
The Company’s income tax expense of $0.4 million for the nine months ended September 30, 2013 reflects an effective tax rate of (1.16%). Included in the tax expense of $0.4 million is a discrete tax benefit of $1.4 million related to a reduction in tax reserves resulting from closed statutes of limitation and a FIN48 reserve release for Moose Mountain HK mold depreciation. The Company’s income tax expense of $0.9 million for the nine months ended September 30, 2012 reflects an effective tax rate of 5.6%. Included in the tax expense of $0.9 million is a discrete tax benefit of $1 million related to a reduction in tax reserves resulting from closed statutes of limitation. |
EarningsLoss_Per_Share
Earnings/Loss Per Share | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Earnings/Loss Per Share | ' | ||||||||||||||||||||||||
Note 8 —Earnings/Loss Per Share | |||||||||||||||||||||||||
The following table is a reconciliation of the weighted average shares used in the computation of loss per share for the periods presented (in thousands, except per share data): | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Income | Weighted | Per-Share | Income | Weighted | Per- | ||||||||||||||||||||
Average | Average | Share | |||||||||||||||||||||||
Shares | Shares | ||||||||||||||||||||||||
Earnings per share – basic | |||||||||||||||||||||||||
Net income available to common stockholders | $ | 30,443 | 22,110 | $ | 1.38 | $ | 36,597 | 21,920 | $ | 1.67 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Convertible senior notes | 1,289 | 6,707 | 1,354 | 12,294 | |||||||||||||||||||||
Options and warrants | - | 5 | — | — | |||||||||||||||||||||
Unvested restricted stock grants | - | 111 | — | 69 | |||||||||||||||||||||
Earnings per share – diluted | |||||||||||||||||||||||||
Net income available to common stockholders plus assumed exercises and conversion | $ | 31,732 | 28,933 | $ | 1.1 | $ | 37,951 | 34,283 | $ | 1.11 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Income | Weighted | Per-Share | Loss | Weighted | Per- | ||||||||||||||||||||
Average | Average | Share | |||||||||||||||||||||||
Shares | Shares | ||||||||||||||||||||||||
Earnings (loss) per share – basic | |||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 14,657 | 24,656 | $ | 0.59 | $ | (37,838 | ) | 21,922 | $ | (1.73 | ) | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Convertible senior notes | 3,867 | 6,520 | — | — | |||||||||||||||||||||
Options and warrants | - | 6 | — | — | |||||||||||||||||||||
Unvested restricted stock grants | - | 92 | — | — | |||||||||||||||||||||
Earnings (loss) per share – diluted | |||||||||||||||||||||||||
Net income (loss) available to common stockholders plus assumed exercises and conversion | $ | 18,524 | 31,274 | $ | 0.59 | $ | (37,838 | ) | 21,922 | $ | (1.73 | ) | |||||||||||||
Basic earnings per share is calculated using the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares and common share equivalents outstanding during the period (which consist of warrants, options and convertible debt to the extent they are dilutive). Common share equivalents that could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted loss per share, totaled approximately 119,644 and 1,918,247 for the three months ended September 30, 2012 and 2013, respectively. Common share equivalents that could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted loss per share, totaled approximately 126,632 and 1,913,600 for the nine months ended September 30, 2012 and 2013, respectively. |
Common_Stock_and_Preferred_Sto
Common Stock and Preferred Stock | 9 Months Ended |
Sep. 30, 2013 | |
Common Stock and Preferred Stock | ' |
Note 9 — Common Stock and Preferred Stock | |
The Company has 105,000,000 authorized shares of stock consisting of 100,000,000 shares of $.001 par value common stock and 5,000,000 shares of $.001 par value preferred stock. | |
In January 2013, the Company issued an aggregate of 285,543 shares of restricted stock at a value of $3.6 million to two executive officers, which vest, subject to certain company financial performance criteria, over a one to three year period. In addition, an aggregate of 54,227 shares of restricted stock were issued to its seven non-employee directors, which vest in January 2014, at an aggregate value of approximately $0.7 million. | |
In July 2012, the Company completed a self-tender to its shareholders and purchased 4 million shares of its common stock at a price of $20.00 per share for a total of $80.0 million, excluding offering costs of approximately $0.6 million. The tendered shares were immediately retired. | |
All issuances of common stock, including those issued pursuant to stock option and warrant exercises, restricted stock grants and acquisitions, are issued from the Company’s authorized but not issued and outstanding shares. |
Business_Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations | ' |
Note 10 — Business Combinations | |
In July 2012, the Company acquired all of the stock of Maui, Inc., an Ohio corporation, Kessler Services, Inc., a Nevada corporation, and A.S. Design Limited, a Hong Kong corporation (collectively, “Maui”). The total initial consideration of $37.6 million consisted of $36.2 million in cash and the assumption of liabilities in the amount of $1.4 million. In addition, the Company agreed to pay an earn-out of up to an aggregate amount of $18.0 million in cash over the three calendar years following the acquisition based on the achievement of certain financial performance criteria. The fair value of the expected earn-out of $16.0 million was accrued and recorded as goodwill as of the acquisition date. All future changes to the earn-out liability will be charged to income. Maui is a leading manufacturer and distributor of spring and summer activity toys and impulse toys and was included in the Company’s results of operations from the date of acquisition. | |
In September 2012, the Company acquired all of the stock of JKID, LTD., a United Kingdom corporation, for an initial cash consideration of $1.1 million and deferred cash payments of $5.5 million payable in five semiannual payments of $1.1 million each. In addition, the Company agreed to pay compensation of up to an aggregate amount of $4.4 million in cash over the two year period of 2015 through 2016, based upon the achievement of certain financial performance criteria, which will be charged to expense when earned. JKID is the developer of augmented reality technology that enhances the play patterns of toys and consumer products. |
Joint_Ventures
Joint Ventures | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Joint Ventures | ' | ||||||||
Note 11 — Joint Ventures | |||||||||
The Company owned a fifty percent interest in a joint venture with THQ Inc. (“THQ”), which developed, published and distributed interactive entertainment software for the leading hardware game platforms in the home video game market. Pursuant to a Settlement Agreement and Mutual Release (the “Agreement”) dated December 22, 2009, the joint venture was terminated on December 31, 2009 and THQ was obligated to pay the Company fixed payments in the aggregate amount of $20.0 million, to be paid in installments of $6.0 million on each of June 30, 2010 (payment received in June 2010) and 2011 (payment received in June 2011) and $4.0 million on each of June 30, 2012 and 2013. Pursuant to an amendment to the Agreement, the 2012 installment is to be paid $2.0 million on June 20, 2012 (payment received in June 2012) and $1.0 million plus accrued interest of 5% per annum on each of August 30, 2012 (payment received in August 2012) and October 30, 2012 (payment received in October 2012) and the 2013 installment was to be paid in ten equal monthly non-interest bearing installments of $0.4 million commencing on February 28, 2013. On December 19, 2012, THQ filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court, and on January 24, 2013 the US Bankruptcy Court approved the sale of most of THQ’s assets to multiple buyers. Given that the final payment received from THQ (in October 2012) was within 90 days of their filing for bankruptcy, the Company has not recognized this payment as revenue and has reserved the amount received pending the final settlement of THQ’s assets in accordance with bankruptcy law. | |||||||||
The Company owns a fifty percent interest in a joint venture (“Pacific Animation Partners”) with the U.S. entertainment subsidiary of a leading Japanese advertising and animation production company. The joint venture was created to develop and produce a boys’ animated television show, which it licenses worldwide for television broadcast as well as consumer products. The Company is producing and marketing toys based upon the television program under a license from the joint venture. The joint venture has also licensed certain other merchandising rights to third parties. The Company is responsible for fifty percent of the operating expenses of the joint venture and thirty-one percent of the production costs of the television show. The joint venture completed and delivered 26 episodes of the first season of the show, which began airing in February 2012. The joint venture has also delivered 26 episodes of the 2nd season of the show, which began airing in April 2013. Production on an additional 13 episodes has commenced and is planned to be completed and delivered by late fall 2013. The Company is responsible for production costs in the aggregate amount of approximately $5.7 million, of which $1.4 million and $1.6 million were paid in 2012 and 2013, respectively. The Company’s investment is being accounted for using the equity method. For the three months ended September 30, 2012 and 2013, the Company recognized income from joint venture of $48,116 and loss of $571,730, respectively. For nine months ended September 30, 2012 and September 30, 2013 the Company recognized a loss from the joint venture of $3,914 and $2.0 million, respectively, which includes producer fees and royalty income from the joint venture in the amount of $123,348 and $382,909 for the nine months ended September 30, 2012 and 2013, respectively. | |||||||||
As of December 31, 2012 and September 30, 2013, the balance of the investment in the Pacific Animation Partners joint venture includes the following components (in thousands): | |||||||||
December 31, | September 30, | ||||||||
2012 | 2013 | ||||||||
Capital contributions, net of distributions | $ | 3,420 | $ | 4,419 | |||||
Equity in cumulative net loss | (259 | ) | (2,990 | ) | |||||
Investment in joint venture | $ | 3,161 | $ | 1,429 | |||||
In September 2012, the Company entered into a joint venture (“DreamPlay Toys”) with NantWorks LLC (“NantWorks”) in which it owns a fifty percent interest. Pursuant to the operating agreement of DreamPlay Toys, the Company paid to NantWorks cash in the amount of $8.0 million and issued NantWorks a warrant to purchase 1.5 million shares of the Company’s common stock at a value of $7.0 million in exchange for the exclusive right to arrange for the provision of the NantWorks recognition technology platform for toy products. The Company has classified these rights as an intangible asset and will amortize the asset over the anticipated revenue stream from the exploitation of these rights. The joint venture entered into a Toy Services Agreement with an initial term of three years expiring on October 1, 2015 and a renewal period at the option of the Company expiring October 1, 2018, subject to the achievement of certain financial targets, to develop and produce toys utilizing recognition technologies owned by NantWorks. Pursuant to the terms of the Toy Services Agreement, NantWorks is entitled to receive a preferred return based upon net sales of DreamPlay Toys product sales and third-party license fees. The Company retains the financial risk of the joint venture and is responsible for the day-to-day operations, including development, sales and distribution, for which it is entitled to receive any remaining profit or is responsible for any losses, and the results of operations of the joint venture will be consolidated with the Company’s results. Sales of DreamPlay Toys products have commenced in the third quarter of 2013. | |||||||||
In addition, the Company invested $7.0 million in cash in exchange for a five percent economic interest in a related entity, DreamPlay LLC, that will exploit the recognition technologies in non-toy consumer product categories. NantWorks has the right to repurchase the Company’s interest for $7.0 million. The Company has classified this investment as a long term asset on its balance sheet. |
Goodwill
Goodwill | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill | ' | ||||||||||||
Note 12 — Goodwill | |||||||||||||
The changes to the carrying amount of goodwill for the nine months ended September 30, 2013 are as follows (in thousands): | |||||||||||||
Traditional | Role Play, | Total | |||||||||||
Toys and | Novelty | ||||||||||||
Electronics | and Seasonal | ||||||||||||
Toys | |||||||||||||
Balance at beginning of the period | $ | 29,225 | $ | 19,611 | $ | 48,836 | |||||||
Adjustments to goodwill for foreign currency translation | 116 | — | 116 | ||||||||||
Acquisition earn out payment | 175 | — | 175 | ||||||||||
Adjustment for final purchase price allocation | (4,392 | ) | — | (4,392 | ) | ||||||||
Balance, September 30, 2013 | $ | 25,124 | $ | 19,611 | $ | 44,735 | |||||||
The Company applies a fair value-based impairment test to the carrying value of goodwill and indefinite-lived intangible assets on an annual basis and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. The analysis of potential impairment of goodwill requires a two-step process. The first step is the estimation of fair value. If step one indicates that an impairment potentially exists, the second step is performed to measure the amount of impairment, if any. Goodwill impairment exists when the estimated fair value of goodwill is less than its carrying value. There was no goodwill impairment during the periods ended September 30, 2012 and 2013. |
Intangible_Assets_Other_Than_G
Intangible Assets Other Than Goodwill | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Intangible Assets Other Than Goodwill | ' | |||||||||||||||||||||||||
Note 13 — Intangible Assets Other Than Goodwill | ||||||||||||||||||||||||||
Intangible assets other than goodwill consist primarily of licenses, product lines, customer relationships and trademarks. Amortized intangible assets are included in Intangibles in the accompanying balance sheets. Trademarks are disclosed separately in the accompanying balance sheets. Debt offering costs from the issuance of the Company’s convertible senior notes are included in Other Long Term Assets in the accompanying balance sheets. Intangible assets and debt issuance costs are as follows (in thousands, except for weighted useful lives): | ||||||||||||||||||||||||||
31-Dec-12 | 30-Sep-13 | |||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Useful | Carrying | Amortization | Amount | Carrying | Amortization | Amount | ||||||||||||||||||||
Lives | Amount | Amount | ||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||||
Amortized Intangible Assets: | ||||||||||||||||||||||||||
Licenses | 4.96 | $ | 91,488 | $ | (77,844 | ) | $ | 13,644 | $ | 91,488 | $ | (81,691 | ) | $ | 9,797 | |||||||||||
Product lines | 5.84 | 66,594 | (19,561 | ) | 47,033 | 66,594 | (21,496 | ) | 45,098 | |||||||||||||||||
Customer relationships | 5.21 | 9,347 | (5,903 | ) | 3,444 | 9,347 | (7,041 | ) | 2,306 | |||||||||||||||||
Trade names | 5 | 3,000 | (250 | ) | 2,750 | 3,000 | (700 | ) | 2,300 | |||||||||||||||||
Non-compete/Employment contracts | 3.9 | 3,333 | (3,150 | ) | 183 | 3,333 | (3,180 | ) | 153 | |||||||||||||||||
Total amortized intangible assets | 173,762 | (106,708 | ) | 67,054 | 173,762 | (114,108 | ) | 59,654 | ||||||||||||||||||
Deferred Costs: | ||||||||||||||||||||||||||
Debt issuance costs | 5.05 | 4,224 | (2,609 | ) | 1,615 | 8,402 | (4,124 | ) | 4,278 | |||||||||||||||||
Unamortized Intangible Assets: | ||||||||||||||||||||||||||
Trademarks | 2,308 | ― | 2,308 | 2,308 | ― | 2,308 | ||||||||||||||||||||
Total Intangible Assets: | $ | 180,294 | $ | (109,317 | ) | $ | 70,977 | $ | 184,472 | $ | (118,232 | ) | $ | 66,240 | ||||||||||||
Amortization expense related to limited life intangible assets and debt issuance costs was $4.2 million and $4.8 million for the three months ended September 30, 2012 and 2013, respectively, and $6.6 million and $8.4 million for the nine months ended September 30, 2012 and 2013, respectively. Debt issuance costs in the amount of $0.6 million were written off in the third quarter of 2013 in connection with the repurchase of a portion of the convertible senior notes due in 2014. |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||||||
Note 14 — Comprehensive Income (Loss) | |||||||||||||||||
The table below presents the components of the Company’s comprehensive income (loss) for the three and nine months ended September 30, 2012 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Net income (loss) | $ | 30,443 | $ | 36,597 | $ | 14,657 | $ | (37,838 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustment | (67 | ) | 911 | (34 | ) | 327 | |||||||||||
Comprehensive income (loss) | $ | 30,376 | $ | 37,508 | $ | 14,623 | $ | 37,511 |
Litigation
Litigation | 9 Months Ended |
Sep. 30, 2013 | |
Litigation | ' |
Note 15 — Litigation | |
In or around the end of July 2013, two purported class action lawsuits were filed in the United States District Court for the Central District of California (the “Class Actions”), alleging damages associated with the matters referenced in our July 17, 2013 Press Release. The Company is a party to, and certain of its property is the subject of, various other pending claims and legal proceedings that routinely arise in the ordinary course of its business. Other than with respect to the Class Actions, which are in a preliminary stage and with respect to which the Company cannot give assurance as to the outcome, the Company does not believe that any of these claims or proceedings will have a material adverse effect on its business, financial condition or results of operations. |
ShareBased_Payments
Share-Based Payments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Share-Based Payments | ' | ||||||||||||||||
Note 16 — Share-Based Payments | |||||||||||||||||
The Company’s 2002 Stock Award and Incentive Plan (the “Plan”) provides for the awarding of stock options and restricted stock to employees, officers and non-employee directors. Under the Plan, the Company grants directors, certain executives and other key employees restricted common stock, with vesting contingent upon completion of specified service periods ranging from one to five years. The Company also grants certain executives performance-based awards, with vesting contingent upon the Company’s achievement of specified financial goals. The Plan is more fully described in Notes 14 and 17 to the Consolidated Financial Statements in the Company’s 2012 Annual Report on Form 10-K. | |||||||||||||||||
The following table summarizes the total share-based compensation expense and related tax benefits recognized for the three and nine months ended September 30, 2012 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Restricted stock compensation expense | $ | 383 | $ | 173 | $ | 1,189 | $ | 563 | |||||||||
Tax benefit related to restricted stock compensation | $ | 144 | $ | 65 | $ | 448 | $ | 213 | |||||||||
Stock option activity pursuant to the Plan for the nine months ended September 30, 2013 is summarized as follows: | |||||||||||||||||
Plan Stock Options | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Outstanding, December 31, 2012 | 134,644 | $ | 19.82 | ||||||||||||||
Granted | ― | ― | |||||||||||||||
Exercised | ― | ― | |||||||||||||||
Cancelled | (7,500 | ) | 13.39 | ||||||||||||||
Outstanding, September 30, 2013 | 127,144 | 20.2 | |||||||||||||||
Restricted stock award activity pursuant to the Plan for the three months ended September 30, 2013 is summarized as follows: | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant | |||||||||||||||||
Price | |||||||||||||||||
Outstanding, December 31, 2012 | 95,315 | $ | 16.75 | ||||||||||||||
Awarded | 339,770 | 12.52 | |||||||||||||||
Released | (41,706 | ) | 14.78 | ||||||||||||||
Forfeited | (10,122 | ) | 14.83 | ||||||||||||||
Outstanding, September 30, 2013 | 383,257 | 13.26 |
Business_Segments_Geographic_D1
Business Segments, Geographic Data, Sales by Product Group and Major Customers (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Information by Segment and Reconciliation to Reported Amounts | ' | ||||||||||||||||||||||||||||||||
Information by segment and a reconciliation to reported amounts for the three and nine months ended September 30, 2012 and 2013 and as of December 31, 2012 and September 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||
Traditional Toys and Electronics | $ | 171,156 | $ | 156,874 | $ | 285,197 | $ | 243,881 | |||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys | 143,335 | 154,020 | 248,058 | 251,314 | |||||||||||||||||||||||||||||
$ | 314,491 | $ | 310,894 | $ | 533,255 | $ | 495,195 | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Operating Income (loss) | |||||||||||||||||||||||||||||||||
Traditional Toys and Electronics | $ | 19,019 | $ | 19,506 | $ | 5,913 | $ | (22,162 | ) | ||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys | 18,277 | 20,147 | 12,080 | (6,318 | ) | ||||||||||||||||||||||||||||
$ | 37,296 | $ | 39,653 | $ | 17,993 | $ | (28,480 | ) | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Depreciation and Amortization Expense | |||||||||||||||||||||||||||||||||
Traditional Toys and Electronics | $ | 7,108 | $ | 4,954 | $ | 11,994 | $ | 9,951 | |||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys | 5,051 | 4,360 | 7,130 | 6,951 | |||||||||||||||||||||||||||||
$ | 12,159 | $ | 9,314 | $ | 19,124 | $ | 16,902 | ||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Traditional Toys and Electronics | $ | 309,940 | $ | 296,025 | |||||||||||||||||||||||||||||
Role Play, Novelty and Seasonal Toys | 244,885 | 261,069 | |||||||||||||||||||||||||||||||
$ | 554,825 | $ | 557,094 | ||||||||||||||||||||||||||||||
Information by Geographic Area | ' | ||||||||||||||||||||||||||||||||
The following tables present information about the Company by geographic area as of December 31, 2012 and September 30, 2013 and for the three and nine months ended September 30, 2012 and 2013 (in thousands): | |||||||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||||||||||
Long-lived Assets | |||||||||||||||||||||||||||||||||
China | $ | 10,793 | $ | 8,323 | |||||||||||||||||||||||||||||
United States | 3,762 | 2,796 | |||||||||||||||||||||||||||||||
Hong Kong | 1,271 | 975 | |||||||||||||||||||||||||||||||
$ | 15,826 | $ | 12,094 | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Net Sales by Customer Area | |||||||||||||||||||||||||||||||||
United States | $ | 243,986 | $ | 252,988 | $ | 423,698 | $ | 400,688 | |||||||||||||||||||||||||
Europe | 35,042 | 24,814 | 50,480 | 42,340 | |||||||||||||||||||||||||||||
Canada | 16,149 | 16,988 | 24,540 | 21,972 | |||||||||||||||||||||||||||||
Hong Kong | 385 | 2,799 | 1,490 | 5,456 | |||||||||||||||||||||||||||||
Other | 18,929 | 13,305 | 33,047 | 24,739 | |||||||||||||||||||||||||||||
$ | 314,491 | $ | 310,894 | $ | 533,255 | $ | 495,195 | ||||||||||||||||||||||||||
Net Sales to Major Customers | ' | ||||||||||||||||||||||||||||||||
Net sales to major customers for the three and nine months ended September 30, 2012 and 2013 were as follows (in thousands, except for percentages): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | Amount | Percentage | ||||||||||||||||||||||||||
of | of | of | of | ||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||
Wal-Mart | $ | 62,514 | 19.9 | % | $ | 74,759 | 24.1 | % | $ | 94,807 | 17.8 | % | $ | 108,990 | 22 | % | |||||||||||||||||
Target | 45,857 | 14.6 | 42,162 | 13.6 | 79,105 | 14.8 | 65,676 | 13.3 | |||||||||||||||||||||||||
Toys ‘R’ Us | 36,765 | 11.7 | 29,475 | 9.5 | 58,072 | 10.9 | 46,958 | 9.5 | |||||||||||||||||||||||||
$ | 145,136 | 46.2 | % | $ | 146,396 | 47.2 | % | $ | 231,984 | 43.5 | % | $ | 221,624 | 44.8 | % |
Inventory_Tables
Inventory (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Stated at Lower of Cost (First- in, First- out) or Market | ' | ||||||||
Inventory, which includes the ex-factory cost of goods, in-bound freight, duty and warehouse costs, is stated at the lower of cost (first-in, first-out) or market and consists of the following (in thousands): | |||||||||
December 31, | September 30, | ||||||||
2012 | 2013 | ||||||||
Raw materials | $ | 3,296 | $ | 3,445 | |||||
Finished goods | 56,394 | 55,674 | |||||||
$ | 59,690 | $ | 59,119 |
EarningsLoss_Per_Share_Tables
Earnings/Loss Per Share (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Reconciliation of Weighted Average Shares Used in Computation of Earnings Per Share | ' | ||||||||||||||||||||||||
The following table is a reconciliation of the weighted average shares used in the computation of loss per share for the periods presented (in thousands, except per share data): | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Income | Weighted | Per-Share | Income | Weighted | Per- | ||||||||||||||||||||
Average | Average | Share | |||||||||||||||||||||||
Shares | Shares | ||||||||||||||||||||||||
Earnings per share – basic | |||||||||||||||||||||||||
Net income available to common stockholders | $ | 30,443 | 22,110 | $ | 1.38 | $ | 36,597 | 21,920 | $ | 1.67 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Convertible senior notes | 1,289 | 6,707 | 1,354 | 12,294 | |||||||||||||||||||||
Options and warrants | - | 5 | — | — | |||||||||||||||||||||
Unvested restricted stock grants | - | 111 | — | 69 | |||||||||||||||||||||
Earnings per share – diluted | |||||||||||||||||||||||||
Net income available to common stockholders plus assumed exercises and conversion | $ | 31,732 | 28,933 | $ | 1.1 | $ | 37,951 | 34,283 | $ | 1.11 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
Income | Weighted | Per-Share | Loss | Weighted | Per- | ||||||||||||||||||||
Average | Average | Share | |||||||||||||||||||||||
Shares | Shares | ||||||||||||||||||||||||
Earnings (loss) per share – basic | |||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 14,657 | 24,656 | $ | 0.59 | $ | (37,838 | ) | 21,922 | $ | (1.73 | ) | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Convertible senior notes | 3,867 | 6,520 | — | — | |||||||||||||||||||||
Options and warrants | - | 6 | — | — | |||||||||||||||||||||
Unvested restricted stock grants | - | 92 | — | — | |||||||||||||||||||||
Earnings (loss) per share – diluted | |||||||||||||||||||||||||
Net income (loss) available to common stockholders plus assumed exercises and conversion | $ | 18,524 | 31,274 | $ | 0.59 | $ | (37,838 | ) | 21,922 | $ | (1.73 | ) |
Joint_Ventures_Tables
Joint Ventures (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Balance of Investment in Joint Venture | ' | ||||||||
As of December 31, 2012 and September 30, 2013, the balance of the investment in the Pacific Animation Partners joint venture includes the following components (in thousands): | |||||||||
December 31, | September 30, | ||||||||
2012 | 2013 | ||||||||
Capital contributions, net of distributions | $ | 3,420 | $ | 4,419 | |||||
Equity in cumulative net loss | (259 | ) | (2,990 | ) | |||||
Investment in joint venture | $ | 3,161 | $ | 1,429 |
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||
The changes to the carrying amount of goodwill for the nine months ended September 30, 2013 are as follows (in thousands): | |||||||||||||
Traditional | Role Play, | Total | |||||||||||
Toys and | Novelty | ||||||||||||
Electronics | and Seasonal | ||||||||||||
Toys | |||||||||||||
Balance at beginning of the period | $ | 29,225 | $ | 19,611 | $ | 48,836 | |||||||
Adjustments to goodwill for foreign currency translation | 116 | — | 116 | ||||||||||
Acquisition earn out payment | 175 | — | 175 | ||||||||||
Adjustment for final purchase price allocation | (4,392 | ) | — | (4,392 | ) | ||||||||
Balance, September 30, 2013 | $ | 25,124 | $ | 19,611 | $ | 44,735 |
Intangible_Assets_Other_Than_G1
Intangible Assets Other Than Goodwill (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Intangible Assets and Debt Issuance Costs | ' | |||||||||||||||||||||||||
Intangible assets and debt issuance costs are as follows (in thousands, except for weighted useful lives): | ||||||||||||||||||||||||||
31-Dec-12 | 30-Sep-13 | |||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Useful | Carrying | Amortization | Amount | Carrying | Amortization | Amount | ||||||||||||||||||||
Lives | Amount | Amount | ||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||||
Amortized Intangible Assets: | ||||||||||||||||||||||||||
Licenses | 4.96 | $ | 91,488 | $ | (77,844 | ) | $ | 13,644 | $ | 91,488 | $ | (81,691 | ) | $ | 9,797 | |||||||||||
Product lines | 5.84 | 66,594 | (19,561 | ) | 47,033 | 66,594 | (21,496 | ) | 45,098 | |||||||||||||||||
Customer relationships | 5.21 | 9,347 | (5,903 | ) | 3,444 | 9,347 | (7,041 | ) | 2,306 | |||||||||||||||||
Trade names | 5 | 3,000 | (250 | ) | 2,750 | 3,000 | (700 | ) | 2,300 | |||||||||||||||||
Non-compete/Employment contracts | 3.9 | 3,333 | (3,150 | ) | 183 | 3,333 | (3,180 | ) | 153 | |||||||||||||||||
Total amortized intangible assets | 173,762 | (106,708 | ) | 67,054 | 173,762 | (114,108 | ) | 59,654 | ||||||||||||||||||
Deferred Costs: | ||||||||||||||||||||||||||
Debt issuance costs | 5.05 | 4,224 | (2,609 | ) | 1,615 | 8,402 | (4,124 | ) | 4,278 | |||||||||||||||||
Unamortized Intangible Assets: | ||||||||||||||||||||||||||
Trademarks | 2,308 | ― | 2,308 | 2,308 | ― | 2,308 | ||||||||||||||||||||
Total Intangible Assets: | $ | 180,294 | $ | (109,317 | ) | $ | 70,977 | $ | 184,472 | $ | (118,232 | ) | $ | 66,240 |
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Components of Comprehensive Income (Loss) | ' | ||||||||||||||||
The table below presents the components of the Company’s comprehensive income (loss) for the three and nine months ended September 30, 2012 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Net income (loss) | $ | 30,443 | $ | 36,597 | $ | 14,657 | $ | (37,838 | ) | ||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustment | (67 | ) | 911 | (34 | ) | 327 | |||||||||||
Comprehensive income (loss) | $ | 30,376 | $ | 37,508 | $ | 14,623 | $ | 37,511 |
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Total Share-Based Compensation Expense and Related Tax Benefits Recognized | ' | ||||||||||||||||
The following table summarizes the total share-based compensation expense and related tax benefits recognized for the three and nine months ended September 30, 2012 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Restricted stock compensation expense | $ | 383 | $ | 173 | $ | 1,189 | $ | 563 | |||||||||
Tax benefit related to restricted stock compensation | $ | 144 | $ | 65 | $ | 448 | $ | 213 | |||||||||
Stock Option Activity Pursuant to Plan | ' | ||||||||||||||||
Stock option activity pursuant to the Plan for the nine months ended September 30, 2013 is summarized as follows: | |||||||||||||||||
Plan Stock Options | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Outstanding, December 31, 2012 | 134,644 | $ | 19.82 | ||||||||||||||
Granted | ― | ― | |||||||||||||||
Exercised | ― | ― | |||||||||||||||
Cancelled | (7,500 | ) | 13.39 | ||||||||||||||
Outstanding, September 30, 2013 | 127,144 | 20.2 | |||||||||||||||
Restricted Stock Award Activity | ' | ||||||||||||||||
Restricted stock award activity pursuant to the Plan for the three months ended September 30, 2013 is summarized as follows: | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant | |||||||||||||||||
Price | |||||||||||||||||
Outstanding, December 31, 2012 | 95,315 | $ | 16.75 | ||||||||||||||
Awarded | 339,770 | 12.52 | |||||||||||||||
Released | (41,706 | ) | 14.78 | ||||||||||||||
Forfeited | (10,122 | ) | 14.83 | ||||||||||||||
Outstanding, September 30, 2013 | 383,257 | 13.26 |
Information_by_Segment_and_Rec
Information by Segment and Reconciliation to Reported Amounts (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |
Net sales | $310,894 | $314,491 | $495,195 | $533,255 | ' | |
Operating Income (Loss) | 39,653 | 37,296 | -28,480 | 17,993 | ' | |
Depreciation and Amortization Expense | 9,314 | 12,159 | 16,902 | 19,124 | ' | |
Assets | 557,094 | ' | 557,094 | ' | 554,825 | [1] |
Traditional Toys and Electronics | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |
Net sales | 156,874 | 171,156 | 243,881 | 285,197 | ' | |
Operating Income (Loss) | 19,506 | 19,019 | -22,162 | 5,913 | ' | |
Depreciation and Amortization Expense | 4,954 | 7,108 | 9,951 | 11,994 | ' | |
Assets | 296,025 | ' | 296,025 | ' | 309,940 | |
Role Play, Novelty and Seasonal Toys | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |
Net sales | 154,020 | 143,335 | 251,314 | 248,058 | ' | |
Operating Income (Loss) | 20,147 | 18,277 | -6,318 | 12,080 | ' | |
Depreciation and Amortization Expense | 4,360 | 5,051 | 6,951 | 7,130 | ' | |
Assets | $261,069 | ' | $261,069 | ' | $244,885 | |
[1] | Derived from audited financial statements |
Information_by_Geographic_Area
Information by Geographic Area (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |
Long-lived Assets | $12,094 | ' | $12,094 | ' | $15,826 | [1] |
Net sales | 310,894 | 314,491 | 495,195 | 533,255 | ' | |
China | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |
Long-lived Assets | 8,323 | ' | 8,323 | ' | 10,793 | |
United States | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |
Long-lived Assets | 2,796 | ' | 2,796 | ' | 3,762 | |
Net sales | 252,988 | 243,986 | 400,688 | 423,698 | ' | |
Hong Kong | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |
Long-lived Assets | 975 | ' | 975 | ' | 1,271 | |
Net sales | 2,799 | 385 | 5,456 | 1,490 | ' | |
Europe | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |
Net sales | 24,814 | 35,042 | 42,340 | 50,480 | ' | |
Canada | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |
Net sales | 16,988 | 16,149 | 21,972 | 24,540 | ' | |
Other | ' | ' | ' | ' | ' | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |
Net sales | $13,305 | $18,929 | $24,739 | $33,047 | ' | |
[1] | Derived from audited financial statements |
Net_Sales_to_Major_Customers_D
Net Sales to Major Customers (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Net sales to major customer | $146,396 | $145,136 | $221,624 | $231,984 |
Percentage of Net Sales from major customer | 47.20% | 46.20% | 44.80% | 43.50% |
Wal-Mart | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Net sales to major customer | 74,759 | 62,514 | 108,990 | 94,807 |
Percentage of Net Sales from major customer | 24.10% | 19.90% | 22.00% | 17.80% |
Target | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Net sales to major customer | 42,162 | 45,857 | 65,676 | 79,105 |
Percentage of Net Sales from major customer | 13.60% | 14.60% | 13.30% | 14.80% |
Toys 'R' Us | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Net sales to major customer | $29,475 | $36,765 | $46,958 | $58,072 |
Percentage of Net Sales from major customer | 9.50% | 11.70% | 9.50% | 10.90% |
Business_Segments_Geographic_D2
Business Segments, Geographic Data, Sales by Product Group and Major Customers - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Customer | Customer | |
Segment Reporting Information [Line Items] | ' | ' |
Percentage of net sales accounted from customer description | 'No other customer accounted for more than 10% of the Company's total net sales. | ' |
Percentage of net accounts receivable accounted for by three largest customers | 44.10% | 42.10% |
Number of major customers | 3 | 3 |
Inventory_Stated_at_Lower_of_C
Inventory Stated at Lower of Cost (First- in, First- out) or Market (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Inventory [Line Items] | ' | ' | |
Raw materials | $3,445 | $3,296 | |
Finished goods | 55,674 | 56,394 | |
Inventory | $59,119 | $59,690 | [1] |
[1] | Derived from audited financial statements |
Revenue_Recognition_and_Reserv1
Revenue Recognition and Reserve for Sales Returns and Allowances - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | Minimum | Maximum | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' | ' | |
Discount on invoiced amount of products | ' | ' | 1.00% | 6.00% | |
Reserve for sales returns and allowances | $35,307 | $34,373 | [1] | ' | ' |
[1] | Derived from audited financial statements |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility maximum borrowing capacity | ' | $75 |
Line of credit facility over borrowing capacity amount advanced | 29 | ' |
Line of credit facility, maturity date | 2-Apr-13 | ' |
Maximum | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility over advance amount | $30 | ' |
Convertible_Senior_Notes_Addit
Convertible Senior Notes - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jul. 24, 2013 | Jun. 30, 2013 | Apr. 01, 2013 | Jan. 03, 2012 | Nov. 30, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | 2-Apr-13 | ' | ' |
Gain on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | $84,000 | ' | ' |
Debt discount | ' | ' | ' | ' | 13,700,000 | ' | ' | ' | ' | ' |
4.50% Convertible senior notes (due 2014) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt, face amount | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' |
Frequency of interest payment | ' | ' | ' | ' | 'Semi-annually | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | 1-Nov-14 | ' | ' | 1-Nov-14 | ' | ' |
Conversion rate in share per $1000 principal amount of notes | ' | ' | ' | ' | 63.2091 | ' | ' | ' | ' | ' |
Debt instrument, conversion rate | ' | ' | ' | ' | $15.82 | ' | ' | ' | ' | ' |
Cash dividend on common stock per share paid | ' | $0.07 | $0.07 | $0.10 | ' | ' | ' | ' | ' | ' |
Net proceeds from debt instrument | 95,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expenses associated with amortization of equity component | ' | ' | ' | ' | ' | 700,000 | 700,000 | 2,500,000 | 2,000,000 | ' |
Repurchase of related equity component | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' |
Debt instrument unamortized discount | ' | ' | ' | ' | ' | 1,200,000 | ' | 1,200,000 | ' | 5,100,000 |
Debt discount writtent off amount | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' |
Debt issuance cost written off amount | ' | ' | ' | ' | ' | 600,000 | ' | 600,000 | ' | ' |
Debt instrument repurchase amount | 61,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt, Fair Value | ' | ' | ' | ' | ' | 36,500,000 | ' | 36,500,000 | ' | 107,900,000 |
4.50% Convertible senior notes (due 2014) | Scenario, Forecast | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate in share per $1000 principal amount of notes | ' | ' | ' | ' | 68.8564 | ' | ' | ' | ' | ' |
Debt instrument, conversion rate | ' | ' | ' | ' | $14.52 | ' | ' | ' | ' | ' |
4.25% Convertible Senior Notes due 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt, face amount | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Frequency of interest payment | 'Semi-annually | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | 1-Aug-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate in share per $1000 principal amount of notes | 114.3674 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, conversion rate | $8.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from debt instrument | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on debt extinguishment | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt, Fair Value | ' | ' | ' | ' | ' | $76,800,000 | ' | $76,800,000 | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Provision (benefit) for income taxes | $278 | $5,983 | $433 | $865 |
Effective income tax rate | 0.75% | 16.40% | 1.16% | 5.60% |
Discrete tax benefits | Reduction of Uncertain Tax Positions | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Provision (benefit) for income taxes | ' | ' | ($1,400) | ($1,000) |
Reconciliation_of_Weighted_Ave
Reconciliation of Weighted Average Shares Used in Computation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Net income (loss) available to common stockholders | $36,597 | $30,443 | ($37,838) | $14,657 |
Net income (loss) available to common stockholders plus assumed exercises and conversion | 37,951 | 31,732 | -37,838 | 18,524 |
Earnings (loss) per share - basic | ' | ' | ' | ' |
Net income (loss) available to common stockholders | 21,920 | 22,110 | 21,922 | 24,656 |
Effect of dilutive securities: | ' | ' | ' | ' |
Convertible senior notes | 12,294 | 6,707 | ' | 6,520 |
Options and warrants | ' | 5 | ' | 6 |
Unvested restricted stock grants | 69 | 111 | ' | 92 |
Earnings (loss) per share - diluted | ' | ' | ' | ' |
Net income (loss) available to common stockholders plus assumed exercises and conversion | 34,283 | 28,933 | 21,922 | 31,274 |
Earnings (loss) per share - basic | ' | ' | ' | ' |
Net income (loss) available to common stockholders | $1.67 | $1.38 | ($1.73) | $0.59 |
Earnings (loss) per share - diluted | ' | ' | ' | ' |
Net income (loss) available to common stockholders plus assumed exercises and conversion | $1.11 | $1.10 | ($1.73) | $0.59 |
4.50% Convertible senior notes | ' | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Effect of dilutive securities | $1,354 | $1,289 | ' | $3,867 |
EarningsLoss_Per_Share_Additio
Earnings/Loss Per Share - Additional Information (Detail) (Common Stock Equivalents) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Common Stock Equivalents | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially dilutive securities excluded from computation of diluted earnings per common share | 1,918,247 | 119,644 | 1,913,600 | 126,632 |
Common_Stock_and_Preferred_Sto1
Common Stock and Preferred Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | |
Director | Restricted Stock | Restricted Stock | Executive officer | Executive officer | Executive officer | Non-employee directors | Non-employee directors | |||||
ExecutiveOfficers | Minimum | Maximum | Restricted Stock | Restricted Stock | Restricted Stock | |||||||
Minimum | Maximum | |||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock, shares authorized | ' | ' | 100,000,000 | 100,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, shares authorized | ' | ' | 5,000,000 | 5,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' |
Total number of shares authorized | ' | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock, par value | ' | ' | $0.00 | $0.00 | [1] | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, par value | ' | ' | $0.00 | $0.00 | [1] | ' | ' | ' | ' | ' | ' | ' |
Restricted stock issued, shares | ' | ' | ' | ' | ' | ' | 285,543 | ' | ' | 54,227 | ' | |
Restricted stock issued, value | ' | ' | ' | ' | ' | ' | $3.60 | ' | ' | $0.70 | ' | |
Vesting period | ' | ' | ' | ' | '1 year | '5 years | ' | '1 year | '3 years | ' | ' | |
Number of executive officers | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of non-employee directors | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares of restricted stock, vesting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014-01 | |
Number of shares repurchased | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock price per share | ' | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Value of shares repurchased | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Offering cost of shares repurchased | ' | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Derived from audited financial statements |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Jul. 26, 2012 | Sep. 14, 2012 |
Maui, Inc. | JKID, LTD. | |
Installment | ||
Business Acquisition [Line Items] | ' | ' |
Business acquisition, total initial consideration | $37.60 | ' |
Business acquisition, cash paid | 36.2 | 1.1 |
Business acquisition, liabilities assumed | 1.4 | ' |
Business acquisition maximum additional earn-out payment | 18 | 4.4 |
Additional earn-out payment period | '3 years | '2 years |
Fair value of the expected earn-out included in goodwill | 16 | ' |
Business acquisition, deferred cash payment | ' | 5.5 |
Business acquisition, deferred cash payment in installment | ' | $1.10 |
Number of semi-annual payment of deferred cash payment | ' | 5 |
Joint_Ventures_Additional_Info
Joint Ventures - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||
Oct. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | Dec. 31, 2009 | Oct. 30, 2012 | Aug. 30, 2012 | Jun. 20, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Installment | DreamPlay Toys | DreamPlay Toys | THQ Inc | THQ Inc | THQ Inc | THQ Inc | THQ Inc | THQ Inc | THQ Inc | THQ Inc | Pacific Animation Partners Joint Venture | Pacific Animation Partners Joint Venture | Pacific Animation Partners Joint Venture | Pacific Animation Partners Joint Venture | |||||
After Amendment | After Amendment | After Amendment | Project | First season of the show | Second season of the show | ||||||||||||||
Project | Project | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in joint venture | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' |
Payment due from joint venture party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Payment received from joint venture party | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 4,000,000 | 6,000,000 | 6,000,000 | ' | 1,000,000 | 1,000,000 | 2,000,000 | ' | ' | ' | ' |
Accrued interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' |
Number of monthly installment to receive | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments For Settlement Agreement | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in joint venture, percentage share of operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Investment in joint venture, percentage share of production costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | ' | ' | ' |
Number of episodes for which production completed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 26 |
Second season episode show airing beginning date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013-04 |
Production on additional episodes planned completion date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | ' | ' | ' |
Number of episodes for which production commenced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' |
Total estimated production cost for approved episodes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | ' | ' |
Production cost incurred for episodes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,400,000 | ' | ' |
Equity in net income/(loss) of joint venture | ' | -571,730 | 48,116 | -2,000,000 | 3,914 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Producer fees and royalty income from joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 382,909 | 123,348 | ' | ' |
Cash paid to Nant Works for joint venture | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue of warrants (in shares) | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue of warrants | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture term | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture investment | ' | ' | ' | ' | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic interest, percentage | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance_of_Investment_in_Joint
Balance of Investment in Joint Venture (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | |
Capital contributions, net of distributions | $4,419 | $3,420 | |
Equity in cumulative net loss | -2,990 | -259 | |
Investment in joint venture | $1,429 | $3,161 | [1] |
[1] | Derived from audited financial statements |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Traditional Toys and Electronics | Role Play, Novelty and Seasonal Toys | Role Play, Novelty and Seasonal Toys | |||
Goodwill [Line Items] | ' | ' | ' | ' | |
Goodwill Beginning Balance | $48,836 | [1] | $29,225 | $19,611 | $19,611 |
Adjustments to goodwill for foreign currency translation | 116 | 116 | ' | ' | |
Acquisition earn out payment | 175 | 175 | ' | ' | |
Adjustment for final purchase price allocation | -4,392 | -4,392 | ' | ' | |
Goodwill Ending Balance | $44,735 | $25,124 | $19,611 | $19,611 | |
[1] | Derived from audited financial statements |
Intangible_Assets_and_Debt_Iss
Intangible Assets and Debt Issuance Costs (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Acquired Intangible Assets by Major Class [Line Items] | ' | ' | |
Intangible assets, gross carrying amount | $184,472 | $180,294 | |
Intangible assets, accumulated amortization | -118,232 | -109,317 | |
Intangible assets, net amount | 66,240 | 70,977 | |
Unamortized Intangible Assets (Trademarks), Weighted Useful Lives | '0 | ' | |
Trademarks, net | 2,308 | 2,308 | [1] |
Amortized Intangible Assets, Gross Carrying Amount | 173,762 | 173,762 | |
Amortized Intangible Assets, Accumulated Amortization | -114,108 | -106,708 | |
Amortized Intangible Assets, Net Amount | 59,654 | 67,054 | [1] |
Licenses | ' | ' | |
Acquired Intangible Assets by Major Class [Line Items] | ' | ' | |
Weighted Useful Lives (Years) | '4 years 11 months 16 days | ' | |
Amortized Intangible Assets, Gross Carrying Amount | 91,488 | 91,488 | |
Amortized Intangible Assets, Accumulated Amortization | -81,691 | -77,844 | |
Amortized Intangible Assets, Net Amount | 9,797 | 13,644 | |
Product lines | ' | ' | |
Acquired Intangible Assets by Major Class [Line Items] | ' | ' | |
Weighted Useful Lives (Years) | '5 years 10 months 2 days | ' | |
Amortized Intangible Assets, Gross Carrying Amount | 66,594 | 66,594 | |
Amortized Intangible Assets, Accumulated Amortization | -21,496 | -19,561 | |
Amortized Intangible Assets, Net Amount | 45,098 | 47,033 | |
Customer relationships | ' | ' | |
Acquired Intangible Assets by Major Class [Line Items] | ' | ' | |
Weighted Useful Lives (Years) | '5 years 2 months 16 days | ' | |
Amortized Intangible Assets, Gross Carrying Amount | 9,347 | 9,347 | |
Amortized Intangible Assets, Accumulated Amortization | -7,041 | -5,903 | |
Amortized Intangible Assets, Net Amount | 2,306 | 3,444 | |
Trade Name | ' | ' | |
Acquired Intangible Assets by Major Class [Line Items] | ' | ' | |
Weighted Useful Lives (Years) | '5 years | ' | |
Amortized Intangible Assets, Gross Carrying Amount | 3,000 | 3,000 | |
Amortized Intangible Assets, Accumulated Amortization | -700 | -250 | |
Amortized Intangible Assets, Net Amount | 2,300 | 2,750 | |
Non-compete/Employment contracts | ' | ' | |
Acquired Intangible Assets by Major Class [Line Items] | ' | ' | |
Weighted Useful Lives (Years) | '3 years 10 months 24 days | ' | |
Amortized Intangible Assets, Gross Carrying Amount | 3,333 | 3,333 | |
Amortized Intangible Assets, Accumulated Amortization | -3,180 | -3,150 | |
Amortized Intangible Assets, Net Amount | 153 | 183 | |
4.50% Convertible senior notes | ' | ' | |
Acquired Intangible Assets by Major Class [Line Items] | ' | ' | |
Deferred Costs, Weighted Useful Lives (Years) | '5 years 18 days | ' | |
Deferred Costs, Gross Carrying Amount | 8,402 | 4,224 | |
Deferred Costs, Accumulated Amortization | -4,124 | -2,609 | |
Deferred Costs, Net Amount | $4,278 | $1,615 | |
[1] | Derived from audited financial statements |
Intangible_Assets_Other_Than_G2
Intangible Assets Other Than Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense | $4.80 | $4.20 | $8.40 | $6.60 |
4.50% Convertible senior notes (due 2014) | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Debt issuance cost written off amount | $0.60 | ' | $0.60 | ' |
Components_of_Comprehensive_In
Components of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income (loss) | $36,597 | $30,443 | ($37,838) | $14,657 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 911 | -67 | 327 | -34 |
Comprehensive income (loss) | $37,508 | $30,376 | ($37,511) | $14,623 |
Litigation_Additional_Informat
Litigation - Additional Information (Detail) (US District Court, California) | 1 Months Ended |
Jul. 31, 2013 | |
Case | |
US District Court, California | ' |
Litigation [Line Items] | ' |
Number of lawsuits filled | 2 |
ShareBased_Payments_Additional
Share-Based Payments - Additional Information (Detail) (Restricted Stock) | 9 Months Ended |
Sep. 30, 2013 | |
Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '1 year |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '5 years |
Total_ShareBased_Compensation_
Total Share-Based Compensation Expense and Related Tax Benefits Recognized (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock compensation expense | $173 | $383 | $563 | $1,189 |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Tax benefit related to restricted stock compensation | $65 | $144 | $213 | $448 |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Number of Shares | ' |
Outstanding, December 31, 2012 | 134,644 |
Granted | ' |
Exercised | ' |
Cancelled | -7,500 |
Outstanding, September 30, 2013 | 127,144 |
Weighted Average Exercise Price | ' |
Outstanding, December 31, 2012 | $19.82 |
Granted | ' |
Exercised | ' |
Cancelled | $13.39 |
Outstanding, September 30, 2013 | $20.20 |
Summary_of_Restricted_Stock_Aw
Summary of Restricted Stock Award Activity (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Number of Shares | ' |
Outstanding, December 31, 2012 | 95,315 |
Awarded | 339,770 |
Released | -41,706 |
Forfeited | -10,122 |
Outstanding, September 30, 2013 | 383,257 |
Weighted Average Grant Price | ' |
Outstanding, December 31, 2012 | $16.75 |
Awarded | $12.52 |
Released | $14.78 |
Forfeited | $14.83 |
Outstanding, September 30, 2013 | $13.26 |