Funko Provides COVID-19 Business Update
March 20 2020 - 9:00AM
Business Wire
Funko, Inc. ("Funko,” or the “Company”) (Nasdaq: FNKO), a
leading pop culture consumer products company, today provided a
business update regarding COVID-19.
Due to heightened uncertainty and developments in the past week,
including retail industry store closures, increased social
distancing globally and evolving government mandates, the Company
is withdrawing its 2020 financial guidance issued on March 5, 2020.
The Company expects to provide a further update during its first
quarter 2020 earnings conference call.
Out of concern for the health and safety of employees, local
communities and business partners around the globe, the Company is
taking actions intended to slow the spread of COVID-19. While
Funko’s corporate offices currently remain open, heightened
cleaning procedures have been implemented and employees are
encouraged to work from home. At Funko’s distribution centers,
certain practices are in effect to safeguard workers, including a
staggered work schedule, and we are continuing to monitor direction
from local and national governments carefully.
Additionally, Funko’s two retail locations have been closed
until further notice. Fans will continue to have the ability to
purchase Funko products through the Company’s e-commerce platform
at www.funko.com.
“Our number one priority is the safety of Funko’s employees,
local communities and partners worldwide,” stated Brian Mariotti,
Chief Executive Officer. “We are grateful to our dedicated team
members and remain confident in the strength of our Pop! platform
and the diversity of our business model, which extends across
licenses, product categories, distribution channels and customers.
While we are facing uncertain and unprecedented times, we are
taking immediate actions to cut costs and mitigate disruption as we
navigate this rapidly evolving situation.”
About Funko
Headquartered in Everett, Washington, Funko is a leading pop
culture consumer products company. Funko designs, sources and
distributes licensed pop culture products across multiple
categories, including vinyl figures, action toys, plush, apparel,
housewares and accessories for consumers who seek tangible ways to
connect with their favorite pop culture brands and characters.
Learn more at https://funko.com/, and follow us on Twitter
(@OriginalFunko) and Instagram (@OriginalFunko).
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including statements regarding our
anticipated financial results, the anticipated impact of the
COVID-19 outbreak on our business, and our ability to cut costs and
mitigate disruption. These forward-looking statements are based on
management’s current expectations. These statements are neither
promises nor guarantees, but involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements, including, but not
limited to, the following: risks related to the ongoing COVID-19
outbreak; our ability to execute our business strategy; our ability
to maintain and realize the full value of our license agreements;
the ongoing level of popularity of our products with consumers;
changes in the retail industry and markets for our consumer
products; our ability to maintain our relationships with retail
customers and distributors; our ability to compete effectively;
fluctuations in our gross margin; our dependence on content
development and creation by third parties; our ability to manage
our inventories; our ability to develop and introduce products in a
timely and cost-effective manner; our ability to obtain, maintain
and protect our intellectual property rights or those of our
licensors; potential violations of the intellectual property rights
of others; risks associated with counterfeit versions of our
products; our ability to attract and retain qualified employees and
maintain our corporate culture; our use of third-party
manufacturing; risks associated with our international operations;
changes in effective tax rates or tax law; foreign currency
exchange rate exposure; the possibility or existence of global and
regional economic downturns; our dependence on vendors and
outsourcers; risks relating to government regulation; risks
relating to litigation, including products liability claims and
securities class action litigation; any failure to successfully
integrate or realize the anticipated benefits of acquisitions or
investments; reputational risk resulting from our e-commerce
business and social media presence; risks relating to our
indebtedness and our ability to secure additional financing; the
potential for our electronic data or the electronic data of our
customers to be compromised; the influence of our significant
stockholder, ACON, and the possibility that ACON’s interests may
conflict with the interests of our other stockholders; risks
relating to our organizational structure; volatility in the price
of our Class A common stock; and risks associated with our internal
control over financial reporting. These and other important factors
discussed under the caption “Risk Factors” in our annual report on
Form 10-K for the year ended December 31, 2019 and our other
filings with the Securities and Exchange Commission could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this press release. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to the
date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200320005085/en/
Investor Relations: Andrew Harless Funko Investor
Relations investorrelations@funko.com
Media: Jessica Piha-Grafstein Funko Public Relations
jessicap@funko.com
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