TONKA <TKA> SEES LOWER FISCAL FIRST QUARTER NET Tonka Corp said it expects results for its fiscal first quarter to end April four, to decline from the record earnings of 3.8 mln dlrs or 57 cts a share and revenues of 53.2 mln dlrs. The toy manufacturer attributed its anticipated lower financial results to an an expected moderate decline in shipments of its Pound Puppies product line. Tonka also said it expects revenues and earnings to remain lower through the 1987 first half compared with 1986 record results of 125.4 mln dlrs in revenues and 10.3 mln dlrs in net earnings or 1.47 dlrs a share. The company said its level of shipments is good despite a conservative buying pattern on the part of retailers industry wide. Tonka's first quarter shipments will be down somewhat from 1986 record levels and gross profit margins will be down slightly from a year ago, it said. Second half sales are expected to be stronger based on a return to a more traditional seasonal shipping pattern in which retailers order and stock conservatively early in the year and time large shipments for the second half, it said. Tonka said that while the pace of order writing is trailing last year's, bookings are "very good" for orders on several of its new product introductions for 1987.