I was quite rude to their Investor relations person about a year ago (long before their HY result was out). Called their next year forecast (i.e. this year result) as bullshit.
Their HY result was actually a positive surprise for me (since I had low expectation since the Full Year 2013 result), their Full Year 2014 result is ... meh.. not positive and not negative either.
We'll see how they do next year. Most of the losses are "one-off" - write off Madman goodwill (known since last year), write off inventory (sucks).
The drop in sales of licensed from 3rd party products (Ben10,etc) is worrying, but the growth of their in house products are promising, although not to the scale of their hyper positive forecast. So I am cautiously optimistic. Perhaps just hopeful thinking, but oh well.
TL;DR - I never bought into the management forecast, so the result is better than "expected". I suppose Buffett was right that the key to happiness is low expectation
