02:36 PM EST - Mega Brands Inc. : reported a sharp drop in fourth-quarter profit on Monday, as the toy maker was hit by several one-time charges, including settlements of lawsuits relating to magnets. The weaker than expected results sent Mega Brands' shares tumbling 8.8 percent, or C$2.22, to C$23.14 on the Toronto Stock Exchange. The Montreal-based company said it earned a net $2.8 million, or 8 cents a diluted share, down from $20.9 million, or 61 cents a share, a year earlier. Before specific items, the company earned 58 cents a share, diluted. Profits were hurt by one-time items totaling $17 million after tax, or 50 cents a diluted share, the company said. Mega Brands Inc.
shares T.MB are trading down two dollars thirty three cents at $23.03.
