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TOPPS NET EARNINGS FALL 68 PERCENT
Published September 19, 1994
Topps Co. reported that 2nd quarter net income dropped 68% and warned the Strike "could hamper future earnings." Baseball represents the largest percentage of sports-related cards sold by Topps, and, according to this morning's WALL STREET JOURNAL, Topps Chair Arthur Shorin said "my hope is that consumers don't get angry with us" because of the cancellation of MLB's season. For the three months ending August 27, the company's net income fell to $2.5M from $7.9M a year earlier, while sales dropped 12% to $61.3M from $69.9M. Shorin "blamed the dismal second-quarter results on a 'great deal' of money spent on advertising and promotion related to the company's entry into television advertising" (Abby Schultz, WALL STREET JOURNAL, 9/19). DOUBLE HIT: Susan Antilla reports in this morning's NEW YORK TIMES that Topps' stock "had fallen from a June 17 yearly high of $7.88 to $5.875 by Aug. 12, the day the strike was called, but had rebounded to $7.125 by Thursday's close -- the day after the baseball season was officially cancelled" (N.Y. TIMES, 9/19).