Mattel, Inc. (NASDAQ: MAT) today reported 2010 third quarter
financial results. For the quarter, the company reported net income
of $283.3 million, or $0.77 per share, compared to last year’s
third quarter net income of $229.8 million, or $0.63 per share.
“We continue to be pleased with the performance of the
business,” said Robert A. Eckert, chairman and chief executive
officer of Mattel, Inc. “While the all-important holiday season is
still in front of us, we remain on track to deliver solid revenue
and profit growth driven by our portfolio of brands and
countries.”
Financial Overview
For the quarter, net sales were $1.83 billion, up 2 percent
compared to $1.79 billion last year, including unfavorable changes
in currency exchange rates of 3 percentage points. On a regional
basis, third quarter gross sales increased 3 percent in the U.S.
and increased 2 percent in international markets, including
unfavorable changes in currency exchange rates of 7 percentage
points. Operating income for the quarter was $358.6 million,
compared to prior year’s operating income for the quarter of $336.5
million.
The company’s debt-to-total-capital ratio was 29.8 percent. On
September 28, 2010, the company issued $500 million of senior
unsecured notes with the proceeds to be used for general corporate
purposes, including paying off $260 million of long-term debt
maturities over the next year.
Consistent with the seasonality of the business, year-to-date,
net cash flow used for operating activities was approximately $428
million, an increase of $109 million, compared with a use of
approximately $319 million in the first nine months of 2009,
primarily due to lower factoring of receivables in 2010.
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 $1.17 billion, up 8
percent versus a year ago. Worldwide gross sales for the
Barbie® brand grew 6 percent compared to last year.
Worldwide gross sales for Other Girls Brands were up 7 percent,
driven primarily by strong performance of the Disney Princess™ doll
line and the introduction of the Monster High doll line. Worldwide
gross sales for the Wheels category, which includes the Hot
Wheels®, Matchbox® and Tyco R/C® brands, were
down 5 percent. Worldwide gross sales for the Entertainment
business, which includes Radica® and Games and Puzzles,
increased by 23 percent for the quarter, mostly attributable to
growth in the Toy Story® 3 and World Wrestling Entertainment
properties.
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 $743.4 million, or down 5
percent versus the prior year, primarily due to declines in
Fisher-Price® Core and Power Wheels®, which offset gains in
Fisher-Price® Friends, primarily driven by products supporting
evergreen entertainment properties such as Thomas and Friends®
and the new product introduction of Sing-A-Ma-Jigs!™.
American Girl Brands
Third quarter gross sales for the American Girl Brands business
unit, which offers American Girl® branded products directly
to consumers, were $84.4 million, up 2 percent versus last year,
reflecting the benefit of the opening of two new boutique stores in
Denver and Kansas City and the retiring of historical character,
Felicity, to the American Girl Archives, as well as the launch of
the My American Girl line, a re-positioning of the contemporary
line featuring a doll configurator and virtual world.
Live Webcast
Mattel will webcast its 2010 third 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 October 20th
and may be accessed by dialing + 1 (706) 645-9291. The passcode is
96255098.
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."
Note: This press release contains a forward-looking
statement relating to expected 2010 revenue and profit growth
driven by the Company's portfolio of brands and countries. This
forward-looking statement is based on currently available
operating, financial, economic and other information and is
subject to a number of significant risks and uncertainties. A
variety of factors, many of which are beyond our control, could
cause actual future results to differ materially from those
projected in the forward looking statement. Some of these factors
are described in the Company's periodic filings with the Securities
and Exchange Commission, including the "Risk Factors" section of
Mattel's Annual Report on Form 10-K for the fiscal year ended
December 31, 2009 and Mattel's Quarterly Reports on Form 10-Q for
fiscal year 2010, as well as in Mattel's other public statements.
Mattel does not update forward-looking statements and expressly
disclaims any obligation to do so.
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,
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 $ 1,833.1
$
1,791.9
2
%
$
3,731.6
$
3,475.7
7 % Cost of sales 895.6 48.9 % 873.3
48.7 % 3 % 1,872.6 50.2 % 1,805.2 51.9
% 4 %
Gross Profit 937.5 51.1 % 918.6 51.3 % 2 %
1,859.0 49.8 % 1,670.5 48.1 % 11 % Advertising and promotion
expenses 201.6 11.0 % 197.1 11.0 % 2 % 397.7 10.7 % 371.0 10.7 % 7
% Other selling and administrative expenses 377.3 20.6 % 385.0 21.5
% -2 % 988.0 26.5 % 985.7 28.4 % 0 %
Operating Income 358.6 19.6 % 336.5 18.8 % 7 % 473.3 12.7 %
313.8 9.0 % 51 % Interest expense 13.8 0.8 % 19.3 1.1 % -28 % 40.9
1.1 % 52.7 1.5 % -22 % Interest (income) (1.8 ) -0.1 % (1.5 ) -0.1
% 22 % (7.1 ) -0.2 % (7.5 ) -0.2 % -6 % Other non-operating expense
(income), net - 14.1 (2.5 )
5.6
Income Before Income Taxes 346.6
18.9 % 304.6 17.0 % 14 % 442.0 11.8 % 263.0 7.6 % 68 % Provision
for income taxes 63.3 74.8 82.3
62.7
Net Income $ 283.3
15.5
%
$
229.8
12.8
%
23
%
$
359.7
9.6
%
$
200.3
5.8 % 80 %
EPS - Basic $ 0.78
$
0.63
$
0.98
$
0.55
Average Number of Common Shares 360.6
360.8 362.2 359.5
EPS - Diluted $ 0.77
$
0.63
$
0.97
$
0.55
Average Number of Common and Potential
Common Shares
363.5 361.9 365.4
360.3
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) 2010
2009 2010 2009 Worldwide Gross
Sales: Mattel Girls & Boys Brands $ 1,169.1 $
1,084.6 $ 2,395.4 $ 2,129.2 % Change 8 % -10 % 13 % -16 %
Pos./(Neg.) Impact of Currency (in % pts) -4 -3 -2 -6
Fisher-Price Brands 743.4 784.8 1,444.7 1,438.4 % Change -5 % -6 %
0 % -10 % Pos./(Neg.) Impact of Currency (in % pts) -2 -2 -2 -3
American Girl Brands 84.4 82.4 213.5 209.9 % Change 2 % 4 %
2 % 0 % Other - 4.1 5.6
10.6 Gross Sales $ 1,996.9 $
1,955.9 $ 4,059.2 $ 3,788.1 % Change 2 % -8 %
7 % -13 % Pos./(Neg.) Impact of Currency (in % pts) -3 -3 -2 -5
Reconciliation of GAAP to Non-GAAP Financial
Measure: Gross Sales $ 1,996.9 $ 1,955.9 $
4,059.2 $ 3,788.1 Sales Adjustments (163.8 ) (164.0 )
(327.6 ) (312.4 ) Net Sales $ 1,833.1 $
1,791.9 $ 3,731.6 $ 3,475.7 % Change 2 % -8 %
7 % -13 % Pos./(Neg.) Impact of Currency (in % pts) -3 -3 -1 -4
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT III
CONDENSED CONSOLIDATED BALANCE SHEETS At
September 30, 2010 2009 At Dec. 31,
(In millions) (Unaudited) 2009
Assets Cash and equivalents $ 960.5 $ 323.7 $ 1,117.0
Accounts receivable, net 1,550.0 1,450.3 749.3 Inventories 741.4
606.0 355.7 Prepaid expenses and other current assets 313.8
323.5 332.6 Total current assets 3,565.7
2,703.5 2,554.6 Property, plant and equipment, net 478.1
513.2 504.8 Other noncurrent assets 1,715.0
1,772.4 1,721.2
Total Assets $ 5,758.8
$ 4,989.1 $ 4,780.6
Liabilities and
Stockholders' Equity Short-term borrowings $ 5.5 $ 159.3 $ 2.0
Current portion of long-term debt 250.0 50.0 50.0 Accounts payable
and accrued liabilities 1,138.1 1,116.3 968.5 Income taxes payable
52.2 11.1 40.4 Total current
liabilities 1,445.8 1,336.7 1,060.9 Long-term debt 960.0
710.0 700.0 Other noncurrent liabilities 495.9 536.7 488.7
Stockholders' equity 2,857.1 2,405.7
2,531.0
Total Liabilities and Stockholders' Equity $
5,758.8 $ 4,989.1 $ 4,780.6
SUPPLEMENTAL
BALANCE SHEET AND CASH FLOW DATA (Unaudited) At
September 30, (In millions, except days and percentage
information) 2010 2009 Key
Balance Sheet Data: Accounts Receivable, Net Days of
Sales Outstanding (DSO) 76 73 Total Debt Outstanding $
1,215.5 $ 919.3 Total Debt-to-Total-Capital Ratio 29.8 % 27.6 %
Nine Months Ended September 30, (In
millions)
2010 (a)
2009 Condensed Cash Flow Data:
Cash Flows Used For Operating Activities $ (428 ) $ (319 )
Cash Flows Used For Investing Activities (89 ) (3 ) Cash
Flows From Financing Activities and Other 361
28 Decrease in Cash and Equivalents $ (156 ) $ (294 )
(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, 2010.
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