Mattel, Inc. (NASDAQ: MAT) today reported 2011 third quarter
financial results. For the quarter, the company reported net income
of $300.8 million, or $0.86 per share, compared to last year’s
third quarter net income of $283.3 million, or $0.77 per share.
“We continue to be pleased with our performance across our
portfolio of brands in all of the regions of the world. Not only
have we continued to benefit from the strength of our core brands,
but this year’s big entertainment property, CARS 2®, is also
fueling momentum,” said Robert A. Eckert, chairman and chief
executive officer of Mattel. “As we enter into the all-important
holiday season, we remain keenly focused on execution and
delivering growth in our core brands, working to expand and
leverage our international footprint, optimizing our entertainment
portfolio, and building our newest franchise, Monster High.”
Financial Overview
For the quarter, net sales were $2.0 billion, up 9 percent
compared to $1.83 billion last year, including favorable changes in
currency exchange rates of 2 percentage points. On a regional
basis, third quarter gross sales increased 6 percent in the U.S.
and increased 13 percent in international markets, including
favorable changes in currency exchange rates of 5 percentage
points. Operating income for the quarter was $397.6 million,
compared to prior year’s operating income for the quarter of $358.6
million.
The company’s debt-to-total-capital ratio was 33.0 percent.
Consistent with the seasonality of the business, net cash flows
used for operating activities were approximately $322 million in
the first nine months of 2011, a decrease of $106 million, compared
with a use of approximately $428 million in the same period in
2010.
Cash flows used for financing and other activities were $586
million in the first nine months of 2011, compared to cash flows
from financing and other activities of approximately $361 million
in the same period in 2010, primarily reflecting increased debt
repayments consistent with scheduled maturities, dividend payments
and increased share repurchases in 2011, as well as the issuance of
$500 million of senior unsecured notes in the third quarter of
2010.
During the third quarter of 2011, the company repurchased
approximately 6.6 million shares of its common stock at a cost of
approximately $173 million.
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 $1.34 billion, up 15
percent versus a year ago. Worldwide gross sales for the Barbie®
brand were up 17 percent. Worldwide gross sales for Other Girls
Brands were up 32 percent, driven by the Monster High® and Disney
Princess™ doll lines. Worldwide gross sales for the Wheels
business, which includes the Hot Wheels®, Matchbox® and Tyco R/C®
brands, were up 2 percent. Worldwide gross sales for the
Entertainment business, which includes Radica® and Games and
Puzzles, were up 14 percent for the quarter, primarily driven by
growth in the CARS 2® property.
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 $748.9 million, up 1 percent
versus the prior year, primarily driven by sales of Infant
products.
American Girl Brands
Third quarter gross sales for the American Girl® Brands business
unit, which offers American Girl® branded products directly to
consumers, were $87.6 million, up 4 percent versus last year,
primarily reflecting sales of products related to Kanani™, the 2011
Girl of the Year®.
Quarterly Dividend
Additionally, the company announced today that its Board of
Directors declared a fourth quarter cash dividend of $0.23 per
share on the Company’s common stock. The dividend will be payable
on December 16, 2011 to stockholders of record on November 30,
2011. The dividend is the fourth of four quarterly dividends the
Company will pay this year, reflecting an annualized dividend of
$0.92 per share, which represents an increase of $0.09 per share,
or 11 percent, versus last year’s annual dividend of $0.83 per
share.
Increase in Share Repurchase Program
The Mattel Board of Directors authorized the company to increase
its previously announced share repurchase program by $500 million.
Repurchases will take place from time to time, depending on market
conditions.
The share repurchase program is one component of the company’s
capital and investment framework which was announced in February
2003. Under the program, Mattel has repurchased approximately 144.7
million shares of its common stock for an aggregate of
approximately $3.0 billion.
Live Webcast
Mattel will webcast its 2011 third quarter financial results
conference call at 8:30 a.m. Eastern time today. The conference
call will be webcast on the “Investors & Media” section of the
company’s corporate Web site: http://corporate.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 the next 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 on October 14 until Tuesday, October 18, at
midnight Eastern time and may be accessed by dialing
+1-404-537-3406. The passcode is 99034862.
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 comprises 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 2011,
Mattel was named as one of FORTUNE Magazine’s “100 Best Companies
to Work For” for the fourth year in a row, and was also ranked
among Corporate Responsibility Magazine’s “100 Best Corporate
Citizens.” With worldwide headquarters in El Segundo, Calif.,
Mattel employs approximately 31,000 people in 43 countries and
territories and sells products in more than 150 nations. At Mattel,
we are “Creating the Future of Play.” Follow Mattel on Facebook:
www.facebook.com/mattel
Note: This press release contains forward-looking statements
relating to the Company’s expected 2011 financial performance.
These forward-looking statements are based on currently available
operating, financial, economic and other information and are
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 statements. 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, 2010 and Mattel’s Quarterly Reports on Form 10-Q for
fiscal year 2011, 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,
(In millions,
except per share and percentage information)
2011 2010 Yr / Yr %
Change 2011 2010 Yr / Yr
% Change $ Amt % Net Sales $ Amt
% Net Sales $ Amt % Net Sales $
Amt % Net Sales Net Sales $ 1,998.8
$ 1,833.1 9 % $ 4,112.3 $ 3,731.6 10 % Cost of sales 1,042.7
52.2 % 895.6 48.9 % 16 % 2,126.8 51.7 % 1,872.6
50.2 % 14 %
Gross Profit 956.1 47.8 % 937.5
51.1 % 2 % 1,985.5 48.3 % 1,859.0 49.8 % 7 % Advertising and
promotion expenses 219.9 11.0 % 201.6 11.0 % 9 % 437.9 10.6 % 397.7
10.7 % 10 % Other selling and administrative expenses 338.6 16.9 %
377.3 20.6 % -10 % 1,004.0 24.4 % 988.0 26.5 % 2 %
Operating Income 397.6 19.9 % 358.6 19.6 % 11
% 543.6 13.2 % 473.3 12.7 % 15 % Interest expense 15.4 0.8 % 13.8
0.8 % 11 % 51.8 1.3 % 40.9 1.1 % 27 % Interest (income) (1.1 ) -0.1
% (1.8 ) -0.1 % -42 % (6.7 ) -0.2 % (7.1 ) -0.2 % -6 % Other
non-operating (income), net (2.4 ) - (3.3 ) (2.5 )
Income Before Income Taxes 385.7 19.3 % 346.6 18.9 % 11 %
501.8 12.2 % 442.0 11.8 % 14 % Provision for income taxes 84.9
63.3 103.9 82.3
Net
Income $ 300.8 15.0 % $ 283.3 15.5 % 6 % $ 397.9
9.7 % $ 359.7 9.6 % 11 %
EPS - Basic $
0.87 $ 0.78 $ 1.14 $ 0.98
Average Number of Common Shares 343.2 360.6
346.4 362.2
EPS - Diluted
$ 0.86 $ 0.77 $ 1.12 $ 0.97
Average Number of Common and Potential Common Shares
346.8 363.5 350.0 365.4
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) 2011 2010 2011
2010
Worldwide Gross
Sales:
Mattel Girls & Boys Brands $ 1,343.1 $ 1,169.1 $ 2,795.1 $
2,395.4
% Change
15 % 8 % 17 % 13 %
Pos./(Neg.) Impact of Currency (in %
pts)
4 -4 4 -2 Fisher-Price Brands 748.9 743.4 1,458.8 1,444.7
% Change
1 % -5 % 1 % 0 %
Pos./(Neg.) Impact of Currency (in %
pts)
1 -2 2 -2 American Girl Brands 87.6 84.4 227.0 213.5
% Change
4 % 2 % 6 % 2 % Other 3.6 -
7.6 5.6 Gross Sales $ 2,183.2
$ 1,996.9 $ 4,488.5 $ 4,059.2
% Change
9 % 2 % 11 % 7 % Pos./(Neg.) Impact of Currency (in % pts) 2 -3 3
-2
Reconciliation of
Non-GAAP to GAAP Financial Measure:
Gross Sales $ 2,183.2 $ 1,996.9 $ 4,488.5 $ 4,059.2 Sales
Adjustments (184.4 ) (163.8 ) (376.2 )
(327.6 ) Net Sales $ 1,998.8 $ 1,833.1 $
4,112.3
$ 3,731.6
% Change
9 % 2 % 10 % 7 % Pos./(Neg.) Impact of Currency (in % pts) 2 -3 3
-1
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT III
CONDENSED CONSOLIDATED BALANCE SHEETS
At September 30, At Dec. 31, 2011
2010 2010
(In
millions)
(Unaudited)
Assets Cash and equivalents $ 254.5 $
960.5 $ 1,281.1 Accounts receivable, net 1,650.6 1,550.0 1,146.1
Inventories 764.0 741.4 463.8 Prepaid expenses and other current
assets 303.7 313.8 335.6 Total current
assets 2,972.8 3,565.7 3,226.6 Property, plant and
equipment, net 515.3 478.1 484.7 Other noncurrent assets 1,713.4
1,715.0 1,706.4
Total Assets $
5,201.5 $ 5,758.8 $ 5,417.7
Liabilities and Stockholders' Equity Short-term borrowings $
236.8 $ 5.5 $ - Current portion of long-term debt 60.0 250.0 250.0
Accounts payable and accrued liabilities 1,055.9 1,138.1 1,048.5
Income taxes payable 45.7 52.2 51.8
Total current liabilities 1,398.4 1,445.8 1,350.3 Long-term
debt 900.0 960.0 950.0 Other noncurrent liabilities 472.6 495.9
488.8 Stockholders' equity 2,430.5 2,857.1
2,628.6
Total Liabilities and Stockholders' Equity $
5,201.5 $ 5,758.8 $ 5,417.7
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW DATA
(Unaudited) At September 30,
(In millions,
except days and percentage information)
2011 2010
Key Balance Sheet
Data:
Accounts Receivable, Net Days of Sales Outstanding (DSO) 74 76
Total Debt Outstanding $ 1,196.8 $ 1,215.5 Total
Debt-to-Total-Capital Ratio 33.0 % 29.8 %
Nine Months
Ended September 30,
(In
millions)
2011 (a) 2010
Condensed Cash
Flow Data:
Cash Flows (Used For) Operating Activities $ (322 ) $ (428 )
Cash Flows (Used For) Investing Activities (119 ) (89 ) Cash
Flows (Used For) Provided By Financing Activities and Other
(586 ) 361 Decrease in Cash and Equivalents $
(1,027 ) $ (156 )
(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, 2011.
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