Jakks Pacific Inc. on Wednesday reported lower fourth quarter results and gave guidance for the coming year that was below Wall Street expectations.

Jakks reported net income of $16.9 million (55 cents a share), compared with $33.4 million ($1.03) a year ago. Net sales fell 6 percent to $269 million as sales declined in the company’s Hannah Montana and Care Bears lines.

Analysts surveyed by Reuters on average expected earnings of $1.02 a share on revenue of $279 million.

For 2009, Jakks expects to earn $2.25 a share on revenue of $920 million. Analysts were anticipating earnings of $2.78 a share on revenue of $946 million.

The company last year acquired Kids Only, Tollytots and Disguise last year, but warned that the new businesses would not significantly contribute to revenue until later this year. The company plans to make more acquisitions.

“We will continue to evaluate potential acquisition opportunities, while concurrently executing on internal growth and cost-saving initiatives,” Chief Executive Jack Friedman said in a statement.

The company also announced that Chief Operating Officer Stephen Berman was named co-chief executive officer and will be concentrating on the company’s growth and acquisition strategy.

Jakks shares were down $1.01, or 6 percent, to $15.78 in morning trading on the Nasdaq.