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Saturday, 15 May 2010

Mega Brands returns to quarterly profits

Mega Brands Inc. returned to a first-quarter profit on Friday as the Canadian toymaker benefited from a gain related to its recent recapitalization plan.

The Montreal-based company, known for toys such as Mega Bloks, Halo Wars and the recent Thomas and Friends line, has earned $98.2 million compared with a loss of $25.9 million for the same time a year earlier.

The 2010 quarter included a gain related to the settlement of a debt from a recapitalization plan completed in March. The restructuring deal raised $100 million through a stock sale and $121 million in a private placement of new capital.

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