Funko reports $2.2 million net income in first quarter of 2018

Funko reports $2.2 million net income in first quarter of 2018

Sales increased 39 percent at the Everett-based pop culture company.

EVERETT — Funko Inc., a pop culture consumer products company headquartered in Everett, on Thursday reported net income in the first quarter of $2.2 million, or 4 cents per share.

The company began trading under the ticker symbol FNKO last November on the Nasdaq market.

Funko’s net revenue for the first quarter, ending March 31, increased 38.5 percent to $137.2 million compared with $99.1 million during the same period a year ago, according to documents filed with the U.S. Securities and Exchange Commission.

Net income increased to $2.2 million from a net loss of $5.6 million during the same period a year ago. Brian Mariotti, the firm’s chief executive said Thursday that Funko “had another great quarter and continued to deliver strong growth and consistent results across the business. Sales in the first quarter increased 39 percent to $137 million with strong demand across the board.”

Funko makes figurines of pop culture characters from Marvel to DC Comics to Disney, as well as stuffed animals, home decor and apparel. Last summer the company moved its headquarters to downtown Everett from near Paine Field.

The company’s initial public offering came under fire after it began trading on the Nasdaq at an initial price of $12 per share. By the end of the first day it was trading at $7.

Last month, shareholder Keith Jacobs filed a lawsuit seeking class-action status over the company’s initial offering of stock last November. Jacobs, represented by Seattle Law firm Nelson Boyd, filed the lawsuit in U.S. District Court in Seattle claiming the company made “misleading and inaccurate” statements about finances.

The lawsuit stated that the company’s stock-offering paperwork filed with the U.S. Securities and Exchange Commission, “was materially false and misleading and omitted to state that Funko’s profits and growth were not as positive as the company represented.”

Funko said Thursday the “allegations are wholly without merit. This suit is an opportunistic attempt to misrepresent the facts and we intend to fully defend ourselves.” Nelson Boyd did not return a request late Thursday for an update on the lawsuit.

Funko’s stock rose 1.93 percent on Thursday, closing at $9.52 a share.

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