May 14, 2010 / 11:41 AM / 7 years ago

UPDATE 1-Mega Brands returns to quarterly profit

* EPS $2.28 vs previous loss $0.71

* Revenue rises 12.9 pct to $49.1 mln

(Adds details. In U.S. dollars)

TORONTO, May 14 (Reuters) - Mega Brands Inc MB.TO returned to a first-quarter profit on Friday as the Canadian toymaker benefited from a gain related to its recent recapitalization plan.

The Montreal-based company, known for toys such as Mega Bloks, Halo Wars and Thomas and Friends, earned $98.2 million, or $2.28 a share during the quarter, compared with a loss of $25.9 million, or 71 cents a share for the same time a year earlier.

The 2010 quarter included a gain related to the settlement of debt from a recapitalization plan completed in March.

The restructuring deal raised C$100 million through a stock sale and $121 million in a private placement of new capital.

Revenue increased 13 percent to $49.1 million compared with $43.5 million in the first quarter of 2009. ($1=$1.02 Canadian) (Reporting by Scott Anderson; Editing by Derek Caney)

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