May 12, 2011 / 11:41 AM / in 7 years

UPDATE 1-Mega Brands posts loss, meets expectations

(In U.S. dollars unless noted)

TORONTO, May 12 (Reuters) - Canadian toy maker Mega Brands Inc MB.TO, whose top executives are facing insider trading charges, posted a quarterly loss on Thursday that met market estimates, helped by the launch of new products.

The company posted a first-quarter loss of $9.3 million, or 3 cents a share, compared with earnings of $103 million, or $2.39 a share, a year ago. Mega recorded a one-time accounting gain of $144.3 million in a year earlier.

Net sales rose 4 percent to $51 million.

Analysts on average were looking for a loss of 3 cents a share on revenue of $50.8 million, according to Thomson Reuters I/B/E/S.

On Wednesday, Quebec-based regulator Autorite des Marches Financiers said it launched illegal insider trading proceedings against some top executives at Mega Brands, seeking C$6.5 million in claims from them. [ID:nN11288512] (Reporting by S. John Tilak. Editing by Robert MacMillan)

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