The Topps Company released its financial report for the most recent quarter (the first quarter of the company's fiscal 2008) and while sales declined 5%, earnings were up to 3 cents per share versus a penny per share a year ago.  The reason for the improved profit picture was a growth in sales in the high margin sports card business which more than offset a 15% decline in confectionary sales.  Topps' game subsidiary WizKids was not mentioned in the report, though the Entertainment Division which includes WizKids did post 6.4% higher sales, the report only cited an improved performance in the company's sports card business and a more restrictive returns policy for European sports cards as the sources of the unit's better performance.

Topps' stock price declined as investors appeared to be more concerned about the fate of the bidding war between Upper Deck and the Tornante Company/Dearborn Partners than they were about the actual performance of the company.  The fact that the Topps Board of Directors urged shareholders not to accept the higher Upper Deck offer (see 'Topps Cautions Against') appeared to be more important to investors than the company's year-over-year improvement in profitability.