Spiral Toys Inc (OTCBB:STOY) turned green after it released impressive third-quarter results for the period ended on September 30, 2015. Among the other highlights, the company’s jump in revenues by three times from its previous quarter was the main achievement. The company reported $4.3 million in revenues v/s $1.5 million during the previous quarter and $98,000 in the corresponding quarter of 2014.
Moreover, Spiral Toys Inc (OTCBB:STOY) reportedly shipped as many as 950,000 of its CloudPet components to third-party distributors, which is massively high from 339,000 components shipped during the previous quarter. Further, the company has successfully generated $160,000 as royalty fees during the reported quarter in comparison to $13,000 in the previous quarter. The royalty fee is accounted, on the basis, of a total of 540,000 CloudPets shipped to retailers by the company.
The net loss of the company for the reported quarter stood at $(0.00) per share of $187,000 as against $(0.02) per share or $831,000 during the previous year.
The excellent performance attained by Spiral Toys Inc (OTCBB:STOY) underscores the company’s new marketing efforts. In the recent times, the company had launched a new marketing campaign aimed at boosting mobile app usage. The company also performed well during the holiday season through robust sales of its CloudPets at some of the major retailers including Target Corporation (NYSE:TGT), Wal-Mart Stores, Inc. (NYSE:WMT), Kmart and Toys”R”Us.
During the earnings report, the company’s CEO Mark Meyers said that the third quarter is reflective of the company’s shift from development stage as it progressed regarding gaining revenues from its flagship toy, CloudPets. Going ahead, the company plans to bolster its digital presence and is likely to stage three new products next year.
As Spiral Toys came in as a clear winner for the day, other related industry players such as Playmates Toys (OTCMKTS:PMTYF) and Kid Brands Inc (OTCMKTS:KIDBQ) hardly showed any sign of movement during the entire session.