"We are pleased with our first quarter results," said Jack Friedman, Chairman and Chief Executive Officer of JAKKS Pacific. "We posted solid results in spite of the challenging economic and retail environment, including the financial difficulties faced by Kmart, one of our largest retail partners. We remain focused on effectively managing our business and continuing to grow internally as well as through acquisitions."

"We completed our acquisition of a controlling interest in Toymax late in the first quarter, and we expect to retain and improve those product lines that are consistent with our sales strategy and gross profit goals," stated Stephen Berman, President and Chief Operating Officer of JAKKS Pacific. "We are encouraged by the initial integration efforts, which are ahead of plan. This acquisition has provided us with not only a solid line of existing products and prospects for a flow of future extensions and new products, but with talented sales and product development personnel who we expect will make tremendous contributions to the Company.

"With the continuing increase in penetration of the new video game platforms, our joint venture is on track to increase significantly its contribution to our profitability and cash flow through the remainder of the current hardware cycle. Our video game joint venture is excited about our first Nintendo GameCube(TM) title, WWF Wrestlemania X8, slated for a June launch, and continued sales of WWF Raw(TM) for Microsoft Xbox(TM) and WWF Smackdown! Just Bring It(TM) for PlayStation 2."

"We continue to be excited about 2002 and reiterate our sales forecast, which anticipates $360 million to $380 million of sales for the year, and our forecast for diluted earnings per share to be $1.90 to $2.01 (excluding restructuring charges)," stated Mr. Friedman.

Mr. Friedman continued, "The response to our products has been strong and reinforces our expectations for another record sales year. We believe we have our broadest and best product line across our different product segments. Sales have been extremely promising for our first-quarter new product introductions, which include Liqualoons, our new bubble solution from Flying Colors, as well as our Nickelodeon-branded products - Smatter, Gak Splat and Skweeez, which has already won the Oppenheim Toy Portfolio Gold Seal Award. As always, our World Wrestling Federation product line continues to make significant contributions to our operations as it evolves along with the ever-changing themes in the story lines, including the distinction of the two leagues, Raw and Smackdown."

Mr. Berman continued, "Over the past five years, JAKKS has grown from $12 million in annual sales to over $284 million in 2001, which with the Toymax acquisition makes us the third largest toy company in North America. We accomplished this through a strategy of internal growth and acquisitions. I believe we have proven our ability to identify, effectively negotiate, and successfully integrate strategic acquisitions to strengthen our company and product lines. Our financial position remains solid. We ended the quarter with $31.6 million in cash and marketable securities, $81.9 million in working capital, no debt, and stockholders' equity of $12.89 per share."

JAKKS Pacific, Inc. (Nasdaq NM:JAKK) is a multi-brand company that designs and markets a broad range of toys and leisure products. The product categories include: Vehicles, Action Figures, Infant/Pre-School, Plush, Dolls, Water Toys, Sports Activity Toys, Arts & Crafts Activity Kits, Stationery, Writing Instruments and Performance Kites. The products are sold under various brand names including Flying Colors(R), Road Champs(R), Remco(R), Child Guidance(R), Pentech(R), Toymax(R), Funnoodle(R), Laser Challenge(TM) and Go Fly a Kite(R). The Company also participates in a joint venture with THQ Inc. that has exclusive worldwide rights to publish and market World Wrestling Federation(R) video games. For further information, visit www.jakkspacific.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.

                 JAKKS PACIFIC, INC. AND SUBSIDIARIES
                 Condensed Consolidated Balance Sheets
                                         March 31,      December 31,
                                           2002             2001
                    ASSETS
Current assets:
 Cash and cash equivalents             $ 14,937,184     $ 25,036,203
 Marketable securities                   16,705,506       37,119,071
 Accounts receivable, net                65,999,551       52,888,452
 Inventory, net                          39,641,751       32,023,960
 Advance royalty payments                 2,029,779        1,991,788
 Prepaid expenses and
  other current assets                    5,337,794        4,735,059
    Total current assets                144,651,565      153,794,533
Property and equipment                   35,631,991       33,515,574
Less accumulated depreciation
 and amortization                        19,377,915       17,762,905
     Property and equipment, net         16,254,076       15,752,669
Deferred income taxes                    13,743,777           --
Notes receivable -- officers              2,224,000        2,224,000
Goodwill, net                           134,040,200        89,863,415
Trademarks & other intangibles, net      11,567,679        11,567,679
Investment in joint venture               4,166,705         7,893,312
Other assets                              3,949,929         2,945,075
    Total assets                       $330,597,931      $284,040,683
        LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Accounts payable and accrued expenses $ 56,430,031      $ 35,714,430
 Current portion of long term debt           22,560            22,560
 Income taxes payable                     6,257,632         1,570,973
    Total current liabilities            62,710,223        37,307,963
Long term debt, net of current portion       85,135            72,510
Deferred income taxes                     2,027,429         2,256,817
                                          2,112,564         2,329,327
         Total liabilities               64,822,787        39,637,290
Minority interest                         4,885,322            --
Stockholders' equity:
 Common stock, $.001 par value               21,162            20,320
 Additional paid-in capital             182,444,305       168,114,819
 Treasury Stock, at cost
  -- 1,493,600 shares                   (12,911,483)      (12,911,483)
 Retained earnings                       91,335,838        89,179,737
                                        260,889,822       244,403,393
    Total liabilities and
     stockholders' equity              $330,597,931      $284,040,683
                 JAKKS PACIFIC, INC. AND SUBSIDIARIES
               First Quarter Earnings Announcement, 2002
            Condensed Statements of Operations (Unaudited)
                                        Three Months Ended March 31,
                                           2002              2001
Net sales                              $ 59,895,490      $ 59,961,872
Less cost of sales
 Cost of goods                           28,120,995        28,212,020
 Royalty expense                          3,336,331         5,506,688
 Amortization of tools and molds          1,968,313         1,775,476
 Cost of sales                           33,425,639        35,494,184
    Gross profit                         26,469,851        24,467,688
Direct selling expenses                   8,084,841         6,174,667
Selling, general and
 administrative expenses                  9,885,829         9,521,180
Acquisition shut-down costs               6,621,497           306,633
Depreciation and amortization               458,251         1,198,354
    Income from operations                1,419,433         7,266,854
Other (income) expense:
 Profit from Joint Venture               (1,296,695)        (727,616)
 Interest, net                             (268,595)        (485,506)
Income before provision for income taxes
 and minority interest                    2,984,723        8,479,976
Provision for income taxes                  805,875        2,459,193
Income before minority interest           2,178,848        6,020,783
Minority interest                            22,747            --
Net income                             $  2,156,101     $  6,020,783
 Earnings per share -- diluted         $       0.11     $       0.32
 Shares used in earnings per share
  -- diluted                             20,236,265       18,920,467

CONTACT:

JAKKS Pacific, Inc.
Joel Bennett, (310) 456-7799
or
Silverman Heller Associates
Philip Bourdillon/Eugene Heller, (310) 208-2550

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