It was a time before “tweens.” A time before focus groups. A time when a toy could still potentially put your eye out or choke you to death - but, by god, you could still go out there and buy it.

The 1980s were a glorious time for the toy industry - and now some of those brands are staging a highly profitable comeback.

In the summer of 2007, Paramount (VIA) released Transformers, a live-action/CGI-animated movie that eventually grossed more than $700 million worldwide. The sequel -- Tranformers: Revenge of the Fallen -- was commissioned almost immediately; it will appear this summer, alongside another iconic 1980s brand: G.I. Joe: The Rise of Cobra. Another Transformers sequel is already set for a 2011 release, while G.I. Joe will likely inspire a movie franchise of its own.

The homage to 1980s toys doesn't end there. To commemorate the twenty-fifth anniversary of the Teenage Mutant Ninja Turtles, Warner Bros. (TWX) is releasing a special commemorative box set featuring all 4 Turtles films - the first being a live-action film released in 1990 during the franchise’s heyday, the last released as an animated film in 2007 (the beginning of the renaissance of this 1980s toy).

The company behind much of this nostalgia is Hasbro (HAS), which owns the branding rights for most of these characters, including Transformers and G.I. Joe. After cruelly abandoning My Little Pony after its 1980s boom, the company resurrected the Ponies in 2003; since then, over 40 million ponies have been sold.

Furthermore, a new partnership between Hasbro and Discovery Communications (DISCA) will organize an entire TV network and website around Hasbro’s resurgent brands. Hasbro, the country’s second-largest toy maker, plans to parlay licenses for Iron Man and Star Wars into higher profits for its own original brands.

With the still-to-be-named network set for a 2010 premiere, you can look forward to some of your best friends from the 1980s coming back to wow you all over again.