One Year Later, Things Are Popping At Funko In Downtown Everett, Washington

August 14, 2018

Everett Economy


Expect a few thousand people in downtown Everett Saturday.

Last August Funko celebrated the opening of their worldwide headquarters at the corner of Wetmore and California Streets in downtown Everett with a huge block party.

This Saturday they’re throwing another party to mark their one year anniversary and also open a new attraction, Wetmore Forest.

The festivities kick off at 10:00am with some words from Funko CEO Brian Mariotti and Everett Mayor Cassie Franklin, followed by the grand reveal of the brand new Wetmore Forest area inside Funko HQ. Funko promises a fun-filled day of food trucks, friendly Wetmore Forest monsters, activities for kids, photo ops, and chances to win prizes.

In addition to the fun in downtown Everett Funko is also experiencing good financial news. Their second quarter 2018 results were released last week and show an upswing. Here’s an excerpt from their press release.

EVERETT, Wash., Aug. 09, 2018 — Funko, Inc. (“Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture consumer products company, today reported its consolidated financial results for the second quarter ended June 30, 2018.

Second Quarter 2018 Highlights Versus Second Quarter 2017

Net sales increased 32% to $138.7 million
Gross margin1 increased 120 basis points to 38.2%
Income from operations increased 125% to $9.1 million
Net income improved $5.4 million to $0.9 million and earnings per diluted share were $0.01
Adjusted pro forma net income2 improved $1.9 million to $3.5 million and adjusted pro forma earnings per diluted share2 were $0.07
Adjusted EBITDA2 increased 12% to $19.9 million
“The strong top-line momentum we experienced to start the year carried into the second quarter,” said Brian Mariotti, Funko’s CEO. “We saw further growth in our product portfolio, in our geographic footprint, and in our profitability, and we also continued to see robust demand around the world for our products, which feature a diverse mix of evergreen and newly released content that appeals to a wide consumer audience.”

“Thanks to our talented design teams, speed-to-market, extensive retail relationships and passionate customer base, the top brands across movies, television, video games, music and sports increasingly look to Funko to strengthen the connection between fans and their properties. We have built Funko into a dynamic platform for a growing array of pop culture and entertainment properties represented across a wide range of products. Looking ahead, we have a strong pipeline of products that we are preparing to launch during the second half of 2018, especially Pokémon and Fortnite, which we recently secured.”

1 Gross margin is calculated as net sales less cost of sales (excluding depreciation and amortization) as a percentage of net sales.
2 Adjusted pro forma net income, adjusted pro forma earnings per diluted share, EBITDA and adjusted EBITDA are non-GAAP measures. For a reconciliation of adjusted pro forma net income, adjusted pro forma earnings per diluted share, EBITDA and adjusted EBITDA to U.S. GAAP net income, please refer to the “Non-GAAP Financial Measures” section of this press release.

Finally, Funko stock is also improved. Trading today as of 9:23 AM (Tuesday Aug 14) at just above $20.00 a share. Funko shares began trading in November of 2017 and their first day was a disappointment closing at just $7.07 per share after being expected to open at $12.00.

About My Everett News Staff

My Everett News is a hyperlocal news website featuring news and events in Everett, Washington. We also cover City of Everett information and items of interest to those who live and work in Everett.

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