Mattel, Inc. (NASDAQ:MAT) today reported 2011 fourth quarter and
full-year financial results. For the fourth quarter, the company
reported net income of $370.6 million, or $1.07 per share, compared
to last year’s fourth quarter net income of $325.2 million, or
$0.89 per share. For the year, the company reported net income of
$768.5 million, or $2.18 per share, compared to last year’s net
income of $684.9 million, or $1.86 per share.
“Mattel delivered another strong year, our third consecutive
year of solid performance, which I am especially pleased about
given the soft global economic backdrop and the highly promotional
environment, particularly in the U.S.,” said Bryan G. Stockton,
Mattel Chief Executive Officer. “Despite these challenges, for the
year we delivered strong revenue growth and record operating
income. Our portfolio of brands performed around the globe; our
point-of-sale grew nicely; and we gained category share according
to NPD’s most recent data. In fact, four of the top five properties
for the 2011 holiday season were Mattel properties1.”
Financial Overview
For the fourth quarter, net sales were $2.15 billion, a 1%
increase from $2.12 billion last year, and included an unfavorable
impact from changes in currency exchange rates of 1 percentage
point. On a regional basis, fourth quarter gross sales were down 2%
in the U.S. and were up 5% in international markets, which included
an unfavorable impact from changes in currency exchange rates of 3
percentage points. Operating income for the quarter was $497.5
million, or 23.1% of net sales, compared to the prior year of 20.2%
of net sales.
For the year, net sales were $6.27 billion, a 7% increase from
$5.86 billion last year, and included a favorable impact from
changes in currency exchange rates of 1 percentage point. On a
regional basis, full-year gross sales were up 3% in the U.S. and
were up 12% in international markets, which included a favorable
impact from changes in currency exchange rates of 3 percentage
points. Operating income for the year was $1.04 billion, or 16.6%
of net sales, compared to the prior year of 15.4% of net sales.
The company’s debt-to-total-capital ratio of 37.4% is in line
with the company’s capital and investment framework, and its
year-end cash balance was $1.37 billion.
Net cash flows from operating activities were approximately $665
million, an increase of $137 million compared with approximately
$528 million in 2010. The increase is primarily driven by improved
earnings and the decision not to factor domestic receivables in
2010, partially offset by higher working capital usage. Cash flows
used for financing and other activities were approximately $402
million, an increase of $185 million, compared with approximately
$217 million in 2010, primarily due to higher debt maturities and
share repurchases in 2011, partially offset by higher net proceeds
from the issuance of debt.
Capital Deployment
The company announced today that its Board of Directors declared
a first quarter cash dividend of $0.31 per share on the company's
common stock. The dividend will be payable on March 9, 2012, to
stockholders of record on Feb. 23, 2012. The dividend is the first
of four quarterly dividends the company expects to make this year,
reflecting an annualized dividend of $1.24 per share, which
represents an increase of $0.32, or 35% versus last year’s total
dividends of $0.92 per share. For the fourth quarter 2011, the
company repurchased 4.0 million shares of its common stock at a
cost of approximately $112 million and for the year, the company
repurchased 20.4 million shares of its common stock at a cost of
approximately $536 million.
Mattel Girls & Boys Brands
Fourth quarter worldwide gross sales for the Mattel Girls &
Boys Brands business unit were $1.36 billion, up 7% versus a year
ago. Worldwide gross sales for the Barbie® brand were up 6% and
worldwide gross sales for Other Girls Brands were up 19%. Worldwide
gross sales for the Wheels business, which includes the Hot
Wheels®, Matchbox® and Tyco R/C® brands, were up 5%. Worldwide
gross sales for the Entertainment business, which includes Radica®
and Games, were up 3% for the quarter.
For the year, worldwide gross sales for the Mattel Girls &
Boys Brands business unit were $4.15 billion, or up 13%. Worldwide
gross sales for the Barbie® brand were up 12%. Worldwide gross
sales for Other Girls Brands were up 27% for the year. Worldwide
gross sales for the Wheels business, which includes the Hot
Wheels®, Matchbox® and Tyco R/C® brands, were
up 2%. Worldwide gross sales for the Entertainment business,
including Radica® and Games, were up 16%.
Fisher-Price Brands
Fourth 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 $700.4 million, down 10%.
For the year, worldwide gross sales for the Fisher-Price Brands
business unit were $2.16 billion, down 3%.
American Girl Brands
Fourth quarter gross sales for the American Girl Brands business
unit, which offers American Girl® branded products direct to
consumers, were $283.9 million, up 4%. For the year, gross sales
for the American Girl Brands business unit were $510.9 million, up
5%.
Acquisition of HIT Entertainment
Mattel’s acquisition of HIT Entertainment is expected to close
tomorrow. Mattel will announce the closing in a separate press
release shortly after it occurs.
Live Webcast
Mattel will webcast its 2011 fourth quarter and full-year
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 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 Friday, Feb.
3 at midnight Eastern time and may be accessed by dialing + 1 (404)
537-3406. The passcode is 40640038.
Presentation slides relating to the conference call, 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
2012, Mattel was named as one of FORTUNE Magazine's "100 Best
Companies to Work For" for the fifth year in a row. Mattel also is
ranked among Corporate Responsibility Magazine’s "100 Best
Corporate Citizens" and the "World's Most Ethical Companies." With
worldwide headquarters in El Segundo, Calif., Mattel employs
approximately 28,000 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 on
a variety of matters, including without limitation, the company’s
expected quarterly cash dividend payments in 2012 and the timeframe
in which the transaction with HIT Entertainment will be completed.
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.
1 NPD Data, US Toy Industry, Q4 2011
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT I
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For the Three Months Ended December 31, For
the Year Ended December 31, (In millions, except per
share and 2011 2010 Yr /
Yr 2011 2010 Yr / Yr
percentage information) $ Amt % Net
Sales $ Amt % Net Sales % Change
$ Amt % Net Sales $ Amt % Net Sales
% Change Net Sales $ 2,153.8 $ 2,124.6 1 % $
6,266.0 $ 5,856.2 7% Cost of sales 993.4 46.1 % 1,028.6
48.4 % -3 % 3,120.2 49.8 % 2,901.2 49.5 % 8%
Gross Profit 1,160.4 53.9 % 1,096.0 51.6 % 6 %
3,145.8 50.2 % 2,955.0 50.5 % 6% Advertising and promotion expenses
261.4 12.1 % 249.6 11.7 % 5 % 699.2 11.2 % 647.3 11.1 % 8% Other
selling and administrative expenses 401.5 18.6 % 417.8 19.7 % -4 %
1,405.5 22.4 % 1,405.8 24.0 % 0%
Operating Income 497.5 23.1 % 428.6 20.2 % 16 % 1,041.1 16.6
% 901.9 15.4 % 15% Interest expense 23.5 1.1 % 23.9 1.1 % -2 % 75.3
1.2 % 64.8 1.1 % 16% Interest (income) (1.4 ) -0.1 % (1.4 ) -0.1 %
4 % (8.1 ) -0.1 % (8.4 ) -0.1 % -4% Other non-operating expense
(income), net 6.5 1.3 3.2 (1.3 )
Income Before Income Taxes 468.9 21.8 % 404.8 19.1 % 16 %
970.7 15.5 % 846.8 14.5 % 15% Provision for income taxes 98.3
79.6 202.2 161.9
Net
Income $ 370.6 17.2 % $ 325.2 15.3 % 14 % $ 768.5
12.3 % $ 684.9 11.7 % 12%
EPS - Basic $
1.08 $ 0.90 $ 2.20 $ 1.88
Average Number of Common Shares 339.4 355.7
344.7 360.6
EPS - Diluted
$ 1.07 $ 0.89 $ 2.18 $ 1.86
Average Number of Common and Potential Common Shares
343.5 360.6 348.4 364.6
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT II
WORLDWIDE GROSS SALES INFORMATION
(Unaudited) Three Months Ended December 31,
Year Ended December 31, (In millions, except
percentage information) 2011 2010
2011 2010 Worldwide Gross
Sales: Mattel Girls & Boys Brands $ 1,357.0 $
1,265.2 $ 4,152.0 $ 3,660.5 % Change 7% 9% 13% 11% Pos./(Neg.)
Impact of Currency (in % pts) -2 -4 1 -3 Fisher-Price Brands
700.4 775.8 2,159.2 2,220.5 % Change -10% 6% -3% 2% Pos./(Neg.)
Impact of Currency (in % pts) -1 -2 0 -2 American Girl
Brands 283.9 273.2 510.9 486.6 % Change 4% 8% 5% 5% Other
11.3 13.2 19.0 19.0 Gross Sales $ 2,352.6 $ 2,327.4 $
6,841.1 $ 6,386.6 % Change 1% 8% 7% 8% Pos./(Neg.) Impact of
Currency (in % pts) -1 -3 1 -2
Reconciliation of
Non-GAAP to GAAP Financial Measure: Gross Sales $
2,352.6 $ 2,327.4 $ 6,841.1 $ 6,386.6 Sales Adjustments (198.8)
(202.8) (575.1) (530.4) Net Sales $ 2,153.8 $ 2,124.6 $
6,266.0 $ 5,856.2 % Change 1% 9% 7% 8% Pos./(Neg.) Impact of
Currency (in % pts) -1 -2 1 -2
MATTEL, INC. AND
SUBSIDIARIES
EXHIBIT III CONDENSED CONSOLIDATED BALANCE
SHEETS At December 31, 2011 2010
(In millions) (Unaudited)
Assets Cash and equivalents $ 1,369.1 $ 1,281.1 Accounts
receivable, net 1,246.7 1,146.1 Inventories 487.0 463.8 Prepaid
expenses and other current assets 340.9 335.6 Total current assets
3,443.7 3,226.6 Property, plant and equipment, net 523.9
484.7 Other noncurrent assets 1,704.0 1,706.4
Total Assets $
5,671.6 $ 5,417.7
Liabilities and Stockholders'
Equity Short-term borrowings $ 8.0 $ - Current portion of
long-term debt 50.0 250.0 Accounts payable and accrued liabilities
953.8 1,048.5 Income taxes payable 27.1 51.8 Total current
liabilities 1,038.9 1,350.3 Long-term debt 1,500.0 950.0
Other noncurrent liabilities 522.1 488.8 Stockholders' equity
2,610.6 2,628.6
Total Liabilities and Stockholders' Equity $
5,671.6 $ 5,417.7
SUPPLEMENTAL BALANCE SHEET
AND CASH FLOW DATA (Unaudited) At December 31,
(In millions, except days and percentage
information) 2011 2010 Key
Balance Sheet Data: Accounts Receivable, Net Days of
Sales Outstanding (DSO) 52 48 Total Debt Outstanding $
1,558.0 $ 1,200.0 Total Debt-to-Total-Capital Ratio 37.4% 31.3%
Year Ended December 31, (In
millions) 2011 (a) 2010
Condensed Cash Flow Data: Cash Flows From
Operating Activities $ 665 $ 528 Cash Flows (Used For)
Investing Activities (175) (147) Cash Flows (Used For)
Financing Activities and Other (402) (217) Increase in Cash
and Equivalents $ 88 $ 164
(a) Amounts shown are preliminary
estimates. Actual amounts will be reported in Mattel'sAnnual Report
on Form 10-K for the year ended December 31, 2011.
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