Mattel, Inc. (NASDAQ: MAT) today reported 2009 third quarter
financial results. For the quarter, the company reported net income
of $229.8 million, or $0.63 per share, compared to last year’s
third quarter net income of $238.1 million, or $0.65 per share.
“As expected, revenues continue to be challenging this year due
to the overall economic environment, retailers tightly managing
inventory, foreign exchange rates and the lack of
entertainment-inspired toy lines,” said Robert A. Eckert, chairman
and chief executive officer of Mattel, Inc. “That said, we are
continuing to make strong progress on reducing costs, rebuilding
margins and generating strong cash flow.”
Financial Overview
For the quarter, net sales were $1.79 billion, down 8 percent
compared to $1.95 billion last year, including unfavorable changes
in currency exchange rates of 3 percentage points. On a regional
basis, third quarter gross sales decreased 2 percent in the U.S.
and decreased 14 percent in international markets, including
unfavorable changes in currency exchange rates of 5 percentage
points. Operating income for the quarter was $336.5 million,
compared to prior year’s operating income for the quarter of $315.3
million.
The company’s debt-to-total-capital ratio was 27.6 percent.
Consistent with the seasonality of the business, during the first
nine months, the company’s cash and equivalents declined by
approximately $294 million. This compares to a decline of $454
million in the first nine months of 2008.
Sales by Business Unit
Mattel Girls and Boys Brands
For the third quarter, worldwide gross sales for the Mattel
Girls & Boys Brands business unit were $1.08 billion, down 10
percent versus a year ago. Worldwide gross sales for the
Barbie® brand declined 8 percent compared to last year, with
essentially flat domestic sales offset by international declines.
Worldwide gross sales for Other Girls Brands were down 19 percent,
driven primarily by declines in the High School Musical™ and Polly
Pocket® toy lines, partially offset by higher sales of
Little Mommy® and Disney Princesses in the U.S. Worldwide
gross sales for the Wheels category, which includes the Hot
Wheels®, Matchbox® and Tyco R/C® brands, were
down 3 percent. Worldwide gross sales for the Entertainment
business, which includes Radica® and Games and Puzzles,
declined 15 percent for the quarter, mostly attributable to lower
sales of Radica® and toys geared to last year’s summer
entertainment properties, partially offset by worldwide sales of
toys supporting Disney/Pixar’s Toy Story and Toy Story 2, along
with stronger U.S. sales of Disney/Pixar CARS™ related product.
Fisher-Price Brands
Third quarter worldwide gross sales for the Fisher-Price Brands
business unit, which includes the Fisher-Price® Core,
Fisher-Price® Friends and Power Wheels® brands, were
$784.8 million, or down 6 percent versus the prior year, primarily
due to declines in Fisher-Price® Core and Fisher-Price®
Friends domestically.
American Girl Brands
Third quarter gross sales for the American Girl Brands business
unit, which offers American Girl® branded products directly
to consumers, were $82.4 million, up 4 percent versus last year,
reflecting the benefit of the opening of two new boutique stores in
Boston and Minneapolis in November 2008.
Live Webcast
Mattel will webcast its 2009 third quarter earnings conference
call at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) today. The
conference call will be webcast on the "Investors & Media"
section of the company's corporate Web site, www.mattel.com. To
listen to the live call, log on to the Web site at least 15 minutes
early to register, download and install any necessary audio
software. An archive of the webcast will be available on the
company's Web site for 90 days and may be accessed beginning two
hours after the completion of the live call. A telephonic replay of
the call will be available beginning at 11:30 a.m. Eastern time the
morning of the call, until midnight Eastern time on October 20th
and may be accessed by dialing + 1 (719) 457-0820. The passcode is
5422939.
Information required by Securities and Exchange Commission
Regulation G, regarding non-GAAP financial measures, as well as
other financial and statistical information, will be available at
the time of the webcast on the “Investors & Media” section of
www.mattel.com, under the sub-headings “Financial Information” –
“Earnings Releases.”
About Mattel
Mattel, Inc. (NASDAQ: MAT) (www.mattel.com) is the
worldwide leader in the design, manufacture and marketing of toys
and family products. The Mattel family is comprised of such
best-selling brands as Barbie®, the most popular fashion doll ever
introduced, Hot Wheels®, Matchbox®, American Girl®, Radica® and
Tyco R/C®, as well as Fisher-Price® brands, including Little
People®, Power Wheels® and a wide array of entertainment-inspired
toy lines. In 2009, Mattel is recognized among the “100 Best
Corporate Citizens,” as one of the "World's Most Ethical Companies"
and as one of FORTUNE Magazine’s "100 Best Companies to Work For.”
With worldwide headquarters in El Segundo, Calif., Mattel employs
approximately 29,000 people in 43 countries and territories and
sells products in more than 150 nations. Mattel's vision is to be
the world's premier toy brands—today and tomorrow.
MAT-Corp
MATTEL, INC. AND SUBSIDIARIES EXHIBIT I
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
(In millions, except per
share and percentage information)
2009 2008 Yr / Yr 2009
2008 Yr / Yr $ Amt %
Net Sales $ Amt % Net Sales %
Change $ Amt % Net Sales $ Amt
% Net Sales % Change Net Sales $
1,791.9 $ 1,946.3 -8 % $ 3,475.7 $ 3,978.0 -13 % Cost of sales
873.3 48.7 % 1,046.2 53.8 % -17 %
1,805.2 51.9 % 2,185.8 54.9 % -17 %
Gross Profit 918.6 51.3 % 900.1 46.2 % 2 % 1,670.5
48.1 % 1,792.2 45.1 % -7 % Advertising and promotion expenses 197.1
11.0 % 223.8 11.5 % -12 % 371.0 10.7 % 443.6 11.2 % -16 % Other
selling and administrative expenses 385.0 21.5 %
361.0 18.5 % 7 % 985.7 28.4 %
1,039.2 26.1 % -5 %
Operating Income 336.5 18.8 %
315.3 16.2 % 7 % 313.8 9.0 % 309.4 7.8 % 1 % Interest expense 19.3
1.1 % 20.4 1.0 % -5 % 52.7 1.5 % 53.0 1.3 % -1 % Interest (income)
(1.5 ) -0.1 % (6.0 ) -0.3 % -75 % (7.5 ) -0.2 % (21.8 ) -0.5 % -66
% Other non-operating expense (income), net 14.1
(6.2 ) 5.6 16.0
Income
Before Income Taxes 304.6 17.0 % 307.1 15.8 % -1 % 263.0 7.6 %
262.2 6.6 % 0 % Provision for income taxes 74.8
69.0 62.7 59.0
Net Income $ 229.8 12.8 % $ 238.1 12.2 % -3 %
$ 200.3 5.8 % $ 203.2 5.1 % -1 %
EPS -
Basic $ 0.63 $ 0.65 $ 0.55 $ 0.56
Average Number of Common Shares 360.8
360.9 359.5 361.3
EPS - Diluted $ 0.63 $ 0.65 $
0.55 $ 0.56
Average Number of Common and
Potential Common Shares
361.9 361.7 360.3
362.5
Note: Beginning January
1, 2009, U.S. GAAP guidance changed the way in which certain
restricted stock units are treated in the calculation of basic and
diluted EPS. These requirements are to be applied
retrospectively to prior periods to the extent those prior period
EPS amounts appear in current SEC filings. Application of these new
requirements had the effect of reducing previously reported basic
and diluted EPS for the three months ended September 30, 2008 by
$0.01.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT II
WORLDWIDE GROSS SALES INFORMATION (Unaudited)
Three Months Ended September 30, Nine
Months Ended September 30,
(In millions, except percentage
information) 2009 2008 2009
2008 Worldwide Gross Sales:
Mattel Girls & Boys Brands $ 1,084.6 $ 1,211.6 $ 2,129.2 $
2,526.2
% Change
-10 % 6 % -16 % 8 % Pos./(Neg.) Impact of Currency (in % pts) -3 4
-6 6 Fisher-Price Brands 784.8 833.1 1,438.4 1,602.4
% Change
-6 % 4 % -10 % 0 % Pos./(Neg.) Impact of Currency (in % pts) -2 1
-3 3 American Girl Brands 82.4 78.8 209.9 209.0
% Change
4 % 11 % 0 % 10 % Other 4.1 4.9
10.6 11.9 Gross Sales $ 1,955.9
$ 2,128.4 $ 3,788.1 $ 4,349.5
% Change
-8 % 5 % -13 % 5 % Pos./(Neg.) Impact of Currency (in % pts) -3 2
-5 4
Reconciliation of GAAP to Non-GAAP Financial
Measure: Gross Sales $ 1,955.9 $ 2,128.4 $ 3,788.1 $
4,349.5 Sales Adjustments (164.0 ) (182.1 )
(312.4 ) (371.5 ) Net Sales $ 1,791.9 $
1,946.3 $ 3,475.7 $ 3,978.0
% Change
-8 % 6 % -13 % 5 % Pos./(Neg.) Impact of Currency (in % pts) -3 2
-4 4
MATTEL, INC. AND SUBSIDIARIES EXHIBIT III
CONDENSED CONSOLIDATED BALANCE SHEETS
At September 30, 2009 2008 At Dec.
31,
(In
millions)
(Unaudited)
2008 Assets Cash and equivalents $ 323.7 $ 446.8 $
617.7 Accounts receivable, net 1,450.3 1,712.8 873.5 Inventories
606.0 751.1 485.9 Prepaid expenses and other current assets
323.5 304.8 409.8 Total current assets 2,703.5
3,215.5 2,386.9 Property, plant and equipment, net 513.2
525.2 536.2 Other noncurrent assets 1,772.4 1,783.1
1,751.9
Total Assets $ 4,989.1 $ 5,523.8 $ 4,675.0
Liabilities and Stockholders' Equity Short-term
borrowings $ 159.3 $ 528.3 $ - Current portion of long-term debt
50.0 150.0 150.0 Accounts payable and accrued liabilities 1,116.3
1,227.5 1,071.1 Income taxes payable 11.1 45.3
38.9 Total current liabilities 1,336.7 1,951.1 1,260.0
Long-term debt 710.0 760.0 750.0 Other noncurrent liabilities 536.7
391.5 547.9 Stockholders' equity 2,405.7 2,421.2
2,117.1
Total Liabilities and Stockholders' Equity $
4,989.1 $ 5,523.8 $ 4,675.0
SUPPLEMENTAL BALANCE SHEET
AND CASH FLOW DATA (Unaudited) At September
30, (In millions, except days and percentage
information) 2009 2008
Key Balance Sheet Data:
Accounts Receivable, Net Days of Sales Outstanding (DSO) 73 79
Total Debt Outstanding $ 919.3 $ 1,438.3 Total
Debt-to-Total-Capital Ratio 27.6 % 37.3 %
Nine Months
Ended September 30,
(In millions)
2009 (a) 2008
Condensed Cash Flow Data:
Cash Flows (Used For) Operating Activities $ (319 ) $ (667 )
Cash Flows (Used For) Investing Activities (3 ) (224 ) Cash
Flows From Financing Activities and Other 28
437 Decrease in Cash and Equivalents $ (294 ) $ (454
)
(a) Amounts shown are preliminary
estimates. Actual amounts will be reported in Mattel's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2009.
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