Mattel, Inc. (NASDAQ: MAT) today reported 2010 second quarter
financial results. For the quarter, the company reported net income
of $51.6 million, or $0.14 per share, compared to last year’s
second quarter net income of $21.5 million, or $0.06 per share.
“I am pleased with the continued solid performance across our
portfolio of brands and countries, particularly Barbie and Hot
Wheels, as well as the stellar contribution of the much-anticipated
Toy Story 3 property,” said Robert A. Eckert, chairman and chief
executive officer of Mattel. “With the all important second-half of
the year ahead of us, I am encouraged by the strong momentum of our
product line, which boasts some of the industry’s most innovative
and exciting toys that deliver terrific play value for both parent
and child.”
Financial Overview
For the quarter, net sales were $1.02 billion, up 13 percent
compared to $898.2 million last year, including unfavorable changes
in currency exchange rates of 3 percentage points. On a regional
basis, second quarter gross sales increased 17 percent in the U.S.
and increased 9 percent in international markets, including
unfavorable changes in currency exchange rates of 5 percentage
points. Operating income for the quarter was $69.4 million,
compared to prior year’s operating income for the quarter of $32.5
million.
The company’s debt-to-total-capital ratio was 22.1 percent.
Consistent with the seasonality of the business, year-to-date, net
cash flow used for operating activities was approximately $372
million, an increase of $22 million, compared with a use of
approximately $350 million in the first half of 2009. During the
second quarter of 2010, the company repurchased approximately 5
million shares of its common stock at a cost of approximately $111
million.
Sales by Business Unit
Mattel Girls and Boys Brands
For the second quarter, worldwide gross sales for the Mattel
Girls & Boys Brands business unit were $653.2 million, up 21
percent versus a year ago. Worldwide gross sales for the Barbie®
brand were up 6 percent. Worldwide gross sales for Other Girls
Brands were up 3 percent, driven by the Disney Princess™ doll line.
Worldwide gross sales for the Wheels business, which includes the
Hot Wheels®, Matchbox® and Tyco R/C® brands, were up 5 percent.
Worldwide gross sales for the Entertainment business, which
includes Radica® and Games and Puzzles, were up 60 percent for the
quarter, primarily driven by growth in the Toy Story® 3 and World
Wrestling Entertainment properties, as well as core games.
Fisher-Price Brands
Second 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 $385.2 million, or up 4
percent versus the prior year, primarily driven by sales of
products supporting evergreen entertainment properties, such as
Thomas and Friends® and Dora the Explorer®, as well as solid
performance in Fisher-Price® Core.
American Girl Brands
Second quarter gross sales for the American Girl Brands business
unit, which offers American Girl® branded products directly to
consumers, were $58.9 million, down 4 percent versus last year,
reflecting this year’s slightly earlier Easter and last year’s
debut of historical character Rebecca™. The declines were partially
offset by sales of products related to Lanie™, the 2010 Girl of the
Year®.
Live Webcast
Mattel will webcast its 2010 second quarter financial results
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 July 20th and
may be accessed by dialing + 1 (706) 645-9291. The passcode is
79744049.
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
http://corporate.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
2010, Mattel was named as one of FORTUNE Magazine's "100 Best
Companies to Work For" for the third year in a row, and was ranked
among Corporate Responsibility Magazine’s "100 Best Corporate
Citizens." Mattel also is recognized among the "World's Most
Ethical Companies." With worldwide headquarters in El Segundo,
Calif., Mattel employs approximately 27,000 people in 43 countries
and territories and sells products in more than 150 nations. At
Mattel, we are "Creating the Future of Play."
MATTEL, INC. AND SUBSIDIARIES EXHIBIT I
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2010 2009 Yr / Yr 2010
2009 Yr / Yr
(In millions, except per share and percentage
information)
$ Amt % Net Sales $ Amt % Net
Sales % Change $ Amt % Net Sales
$ Amt % Net Sales % Change
Net Sales $ 1,018.5 $ 898.2 13% $ 1,898.6 $ 1,683.8 13% Cost
of sales 528.9 51.9% 492.1 54.8% 7%
977.1 51.5%
931.9
55.3% 5%
Gross Profit 489.6 48.1% 406.1 45.2%
21% 921.5 48.5% 751.9 44.7% 23% Advertising and promotion expenses
101.9 10.0% 89.8 10.0% 13% 196.0 10.3% 173.9 10.3% 13% Other
selling and administrative expenses 318.3 31.3%
283.8 31.6% 12% 610.8 32.2%
600.7 35.7% 2%
Operating Income (Loss) 69.4
6.8% 32.5 3.6% 114% 114.7 6.0% (22.7 ) -1.3% 605% Interest expense
13.4 1.3% 17.5 1.9% -23% 27.1 1.4% 33.4 2.0% -19% Interest (income)
(2.8 ) -0.3% (2.5 ) -0.3% 10% (5.2 ) -0.3% (6.0 ) -0.4% -13% Other
non-operating (income), net (3.3 ) (6.3 ) (2.6
) (8.5 )
Income (Loss) Before Income Taxes
62.1 6.1% 23.8 2.7% 161% 95.4 5.0% (41.6 ) -2.5% 329% Provision
(benefit) for income taxes 10.5 2.3
19.0 (12.1 )
Net Income (Loss) $
51.6 5.1% $ 21.5 2.4% 140% $ 76.4 4.0% $ (29.5
) -1.8% 359%
EPS - Basic $ 0.14 $ 0.06
$ 0.21 $ (0.08 )
Average Number of Common
Shares 362.8 358.8 363.1
359.0
EPS - Diluted $ 0.14
$ 0.06 $ 0.21 $ (0.08 )
Average Number of Common and
Potential Common Shares
365.9 360.9 366.1
359.0
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT II WORLDWIDE GROSS SALES INFORMATION
(Unaudited) Three Months Ended June 30,
Six Months Ended June 30,
(In millions, except percentage
information)
2010 2009
2010 2009
Worldwide Gross Sales:
Mattel Girls & Boys Brands $ 653.2 $ 540.6 $ 1,226.3 $ 1,044.6
% Change
21% -25% 17% -21% Pos./(Neg.) Impact of Currency (in % pts) -3 -7 0
-8 Fisher-Price Brands 385.2 369.9 701.4 653.7
% Change
4% -14% 7% -15% Pos./(Neg.) Impact of Currency (in % pts) -2 -5 0
-5 American Girl Brands 58.9 61.0 129.1 127.5
% Change
-4% 0% 1% -2% Other 4.7 3.5
5.5 6.4 Gross Sales $ 1,102.0
$ 975.0 $ 2,062.3 $ 1,832.2
% Change
13% -20% 13% -18% Pos./(Neg.) Impact of Currency (in % pts) -3 -6 1
-7
Reconciliation of GAAP to Non-GAAP Financial
Measure:
Gross Sales
$ 1,102.0 $ 975.0 $ 2,062.3 $ 1,832.2 Sales Adjustments
(83.5 ) (76.8 ) (163.7 ) (148.4 ) Net
Sales $ 1,018.5 $ 898.2 $ 1,898.6 $ 1,683.8
% Change
13% -19% 13% -17% Pos./(Neg.) Impact of Currency (in % pts) -3 -5 0
-6
MATTEL, INC. AND SUBSIDIARIES EXHIBIT
III CONDENSED CONSOLIDATED BALANCE SHEETS
At June 30, 2010 2009 At Dec.
31,
(Unaudited)
2009
(In millions)
Assets Cash and equivalents $ 544.9 $
422.7 $ 1,117.0 Accounts receivable, net 805.1 747.2 749.3
Inventories 597.6 589.6 355.7 Prepaid expenses and other current
assets 330.4 402.7 332.6 Total
current assets 2,278.0 2,162.2 2,554.6 Property, plant and
equipment, net 486.0 522.2 504.8 Other noncurrent assets
1,711.7 1,793.2 1,721.2
Total
Assets $ 4,475.7 $ 4,477.6 $ 4,780.6
Liabilities and Stockholders' Equity Short-term borrowings $
- $ 294.2 $ 2.0 Current portion of long-term debt 250.0 50.0 50.0
Accounts payable and accrued liabilities 762.6 703.3 968.5 Income
taxes payable 15.1 - 40.4 Total
current liabilities 1,027.7 1,047.5 1,060.9 Long-term debt
460.0 710.0 700.0 Other noncurrent liabilities 481.0 550.4 488.7
Stockholders' equity 2,507.0 2,169.7
2,531.0
Total Liabilities and Stockholders' Equity $
4,475.7 $ 4,477.6 $ 4,780.6
SUPPLEMENTAL BALANCE SHEET
AND CASH FLOW DATA (Unaudited) At June 30,
(In millions, except days and percentage
information)
2010 2009
Key Balance Sheet Data:
Accounts Receivable, Net Days of Sales Outstanding (DSO) 71 75
Total Debt Outstanding $ 710.0 $ 1,054.2 Total
Debt-to-Total-Capital Ratio 22.1 % 32.7 %
Six Months
Ended June 30,
(In millions)
2010 (a)
2009
Condensed Cash Flow Data:
Cash Flows (Used For) Operating Activities $ (372 ) $ (350 )
Cash Flows (Used For) From Investing Activities (97 ) 9
Cash Flows (Used For) From
Financing Activities and Other
(103
)
146 Decrease in Cash and Equivalents $ (572 )
$ (195 )
(a) Amounts shown are preliminary
estimates. Actual amounts will be reported in Mattel's Quarterly
Report on Form 10-Q for the quarter ended June 30, 2010.
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