For the year ended December 31, 1999 net revenues rose 310 percent to $60,482,369, compared with $14,767,429 for the previous year. Net income for the year was $23,638,426, or $2.20 per common share, compared to net income of $2,743,069, or $0.31 per common share for the previous year. On a diluted basis, earnings per common share for the full year 1999 were $1.91, compared with $0.27 in 1998.
Fourth quarter net revenues increased 371 percent to $34,890,117, compared to $7,409,432 for the same period a year ago. Net income for the fourth quarter ended December 31, 1999 totaled $14,135,520, or $1.21 per common share, compared with $1,943,195, or $0.21 per common share for the corresponding period of 1998. On a diluted basis, 1999 fourth quarter earnings per common share were $1.08, compared with $.18 in 1998.
Commenting on the record performance, Al Kahn, Chief Executive Officer of 4Kids Entertainment, said, We are very pleased by the performance of our Company throughout 1999. Pokemon continues to be a driving force behind our record growth. Our proven abilities in promoting the Pokemon property throughout worldwide markets and media has brought a tremendous amount of attention to 4 Kids. We are seeing more and more entertainment companies, reaching out to us for similar assistance in distributing and merchandising their most valuable content. We believe this trend is an important endorsement of our business model and will continue to be fueled by the success of our showcase properties. Considering these factors, we anticipate continued growth for the year 2000.
The Company noted that its representation of rights to license Nintendo’s Pokemon worldwide excluding Asia becomes increasingly more valuable as the Pokemon television series receives strong consumer acceptance and ratings throughout domestic and foreign markets. The Pokemon television series has been rated either the number one kids television show or in the top five in major international markets, including the U.K., France, Germany and Spain. Pokemon has not yet reached full licensed product distribution in many of the foreign markets where it has been introduced. However, initial indications lead us to believe that acceptance of the Pokemon property overseas should closely mirror those we have seen in the U.S. and Japan over the past few years, added Kahn.
The Company also said it has received very strong initial consumer acceptance of the Pokemon home video, introduced by Warner Bros. Home Video on March 21, 2000.
Joseph Garrity, Chief Financial Officer of 4 Kids Entertainment, said, We have closed out the year with a significant increase in our cash position. We fully intend to utilize this capital to enhance our library of properties through the acquisition and development of additional content. We now have a business model and the resources to fuel it. We anticipate increased activity surrounding new properties throughout the year.
The Company previously announced that it is in the process of producing and/or distributing several new properties. We are currently working with a number of properties which we believe have significant market potential. Tama & Friends, which has had a successful two-decade run in the Japanese market, is progressing as planned, as are newer properties such as Cubix, Flamehead and Perfect Dark. The diversified nature of these properties will help us to reach a broad audience of children, teens and adults, stated Kahn.
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