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Dragonball Z Bolsters Irwin Toys' Bottom Line
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 Irwin Toy Limited reports net earnings of $1,717,000 or 32 cents net earnings per share for the year ended January 31, 2000 compared with a net loss of $3,341,00 or 63 cents loss per share for the preceding year. Net earnings for the fourth quarter of the year were $2,114,000 or 39 cents net earnings per share compared with a net loss of $4,079,000 or 77 cents loss per share for the corresponding period last year.Consolidated net sales for the year ended January 31, 2000 were $122,693,000 compared with $118,449,000 for the prior year, and for the fourth fiscal quarter were $43,413,000 compared with $17,753,000 for the related period last year.The turn-around in the Company's profitability reflects an ongoing program of examination of systems and procedures to address the dynamic changes to the modern global marketplace. The animated cartoon series Dragonball Z has performed extremely well in U.S.A. and Canada, providing the Company with strong markets for its entire Dragonball Z action figure line-up and accessories in both these countries. Also, the popularity of the Company's Cooper Adjustable Technology C.A.T. 2000 catchers' helmet/faceguard combination had a favourable impact on the year's results. The Company has entered into an agreement with a purchaser for the sale of its North Queen Street warehouse facility for net proceeds anticipated to be in excess of $10 million. The net proceeds will be utilized first to reduce its existing mortgage loan by approximately $5 million and the remainder to reduce the Company's other indebtedness. Early indications for fiscal 2001 appear encouraging, since a number of the Company's toy products have been received positively in the US, Canada and Australia. Among these are Dragonball Z action figures and accessories. In the United States Sailor Moon product will be delivered to the mass market in July this year. This is product based upon a Japanese anime cartoon show appearing on a US cable channel. In Canada the original board game Who Wants to be a Millionaire, based upon the popular TV show, has been delivered to the market and is meeting our expectations. The dynamic changes in response to growing sophistication and demands of an emerging global market pose challenges and provide opportunities for the Company. These changes have caused the Company to place increased emphasis on brand marketing and corporate equity management. [Posted 5/25/2000]
  
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