Mattel, Inc. (NASDAQ: MAT) today reported 2012 first quarter
financial results. For the quarter, the Company reported net income
of $7.8 million, or $0.02 per share (which includes the negative
impact of $0.04 of HIT Entertainment acquisition and integration
costs), compared to last year’s first quarter net income of $16.6
million, or $0.05 per share.
“The first quarter played out much as we had anticipated. We
gained overall NPD toy category share across the U.S. and in
Europe, with Barbie and Hot Wheels gaining share in both regions2
and we continue to experience strong growth internationally and
with American Girl,” said Bryan G. Stockton, Mattel Chief Executive
Officer. “That said, as is often the case this time of year, we
have work to do in certain areas across our portfolio of brands,
countries and customers as we prepare to successfully execute the
all-important holiday season.”
Financial Overview
For the quarter, net sales were $928.4 million, down 2% compared
to $951.9 million last year, including an unfavorable change in
currency exchange rates of 1 percentage point. On a regional basis,
first quarter gross sales decreased 9% in the North American
region, which consists of the U.S., Canada and American Girl, with
no impact from changes in currency exchange rates. For the
International region, gross sales increased 7%, including
unfavorable changes in currency exchange rates of 4 percentage
points. Operating income for the quarter was $28.7 million,
compared to prior year’s operating income for the quarter of $36.8
million.
The Company’s debt-to-total-capital ratio was 37.0%. During the
quarter, the Company’s cash and equivalents declined by
approximately $584 million, compared with a decline of
approximately $232 million in last year’s first quarter, primarily
due to the acquisition of HIT Entertainment, as well as the
seasonality of the business.
Cash flows from operating activities were approximately $172
million, an increase of $214 million compared to approximately $42
million of cash flows used for operating activities in 2011. The
increase is primarily due to lower working capital usage. Cash
flows used for investing activities were approximately $703
million, an increase of $694 million, driven primarily by the
acquisition of HIT Entertainment. Cash flows used for financing and
other activities were approximately $53 million, a decrease of $128
million, compared to approximately $181 million in 2011, primarily
reflecting lower share repurchases and higher proceeds from the
exercise of stock options.
Capital Deployment
The Company announced today that its Board of Directors declared
a second quarter cash dividend of $0.31 per share on the Company's
common stock. The dividend will be payable on June 15, 2012 to
stockholders of record on May 23, 2012. The dividend is the second
of four quarterly dividends the Company expects to pay this year,
reflecting an annualized dividend of $1.24 per share, which
represents a 35% increase to last year’s total dividends. During
the first quarter of 2012, the Company acquired HIT Entertainment
for $680 million, subject to customary adjustments, and repurchased
700,000 shares of its common stock at a cost of approximately $20
million.
Sales by Brand
Mattel Girls and Boys Brands
For the first quarter, worldwide gross sales for Mattel Girls
& Boys Brands were $622.2 million, down 4% versus the prior
year. Worldwide gross sales for the Barbie® brand were down 6%.
Worldwide gross sales for Other Girls Brands were up 22%, driven by
Monster High®. Worldwide gross sales for the Wheels category, which
includes the Hot Wheels®, Matchbox® and Tyco R/C® brands, were down
6%. Worldwide gross sales for the Entertainment business, which
includes Radica® and Games, were down 17%, primarily driven by
decreases in the CARS ® property.
Fisher-Price Brands
First quarter worldwide gross sales for Fisher-Price Brands,
which includes the Fisher-Price® Core, Fisher-Price® Friends and
Power Wheels® brands, were $310.2 million, or flat versus the prior
year.
American Girl Brands
First quarter gross sales for American Girl Brands, which offers
American Girl® branded products directly to consumers, were $76.0
million, up 4% versus the prior year, primarily driven by strong
sales of McKenna™, 2012 Girl of the Year.
Live Webcast
Mattel will webcast its 2012 first 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 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, April 20 at midnight Eastern time
and may be accessed by dialing + (404) 537-3406. The passcode is
62075882.
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 Thomas &
Friends®, 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.” 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:
http://www.facebook.com/mattel.
Note: This press release contains forward-looking statements
relating to the Company's expected financial performance and
expected quarterly cash dividend payments in 2012. 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, 2011 and Mattel's Quarterly Reports on Form 10-Q for
fiscal year 2012, 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 Consists of the U.S., Canada and American Girl
2 NPD U.S. and Euro5 countries (France, Germany, Italy, Spain,
and UK) through Feb. 2012
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT I
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) For the Three Months Ended March
31,
(In millions,
except per share and
2012 2011 Yr / Yr
percentage
information)
$ Amt % Net Sales $ Amt % Net Sales
% Change Net Sales $ 928.4 $ 951.9 -2 % Cost
of sales 455.0 49.0 % 478.8 50.3 % -5 %
Gross Profit 473.4 51.0 % 473.1 49.7 % 0 % Advertising and
promotion expenses 97.9 10.5 % 101.8 10.7 % -4 % Other selling and
administrative expenses 346.8 37.4 % 334.5 35.1 % 4 %
Operating Income 28.7 3.1 % 36.8 3.9 % -22 % Interest
expense 21.1 2.3 % 18.8 2.0 % 12 % Interest (income) (1.7 ) -0.2 %
(3.2 ) -0.3 % -45 % Other non-operating (income), net (0.9 ) (0.1 )
Income Before Income Taxes 10.2 1.1 % 21.3 2.2 % -52
% Provision for income taxes 2.4 4.7
Net
Income $ 7.8 0.8 % $ 16.6 1.7 % -53 %
EPS - Basic $ 0.02 $ 0.05
Average Number of Common Shares 339.1 349.1
EPS - Diluted $ 0.02 $ 0.05
Average Number of Common and Potential Common
Shares 343.7 352.7
MATTEL, INC. AND
SUBSIDIARIES EXHIBIT
II WORLDWIDE GROSS SALES INFORMATION
(Unaudited) Three Months Ended March 31,
(In millions,
except percentage information)
2012 2011
Worldwide Gross
Sales:
Mattel Girls & Boys Brands $ 622.2 $ 650.8
% Change
-4% 15% Pos./(Neg.) Impact of Currency (in % pts) -1 1
Fisher-Price Brands 310.2 309.9
% Change
0% -2% Pos./(Neg.) Impact of Currency (in % pts) -2 1
American Girl Brands 76.0 73.0
% Change
4% 4% Other 8.8 7.4 Gross Sales $
1,017.2 $ 1,041.1
% Change
-2% 8% Pos./(Neg.) Impact of Currency (in % pts) -1 0
Reconciliation of
Non-GAAP to GAAP Financial Measure:
Gross Sales $ 1,017.2 $ 1,041.1 Sales Adjustments (88.8)
(89.2) Net Sales $ 928.4 $ 951.9
% Change
-2% 8% Pos./(Neg.) Impact of Currency (in % pts) -1 1
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT III
CONDENSED CONSOLIDATED BALANCE SHEETS At
March 31, At December 31, 2012 2011
2011
(In
millions)
(Unaudited) Assets Cash and
equivalents $ 784.6 $ 1,049.4 $ 1,369.1 Accounts receivable, net
743.6 758.6 1,246.7 Inventories 603.7 607.2 487.0 Prepaid expenses
and other current assets 372.1 336.5 340.9 Total current assets
2,504.0 2,751.7 3,443.7 Property, plant and equipment, net
535.7 494.1 523.9 Other noncurrent assets 2,500.7 1,736.3 1,704.0
Total Assets $ 5,540.4 $ 4,982.1 $ 5,671.6
Liabilities and Stockholders' Equity Short-term borrowings $
- $ - $ 8.0 Current portion of long-term debt 400.0 250.0 50.0
Accounts payable and accrued liabilities 722.4 771.6 953.8 Income
taxes payable 10.8 18.6 27.1 Total current liabilities 1,133.2
1,040.2 1,038.9 Long-term debt 1,150.0 950.0 1,500.0 Other
noncurrent liabilities 616.1 474.5 522.1 Stockholders' equity
2,641.1 2,517.4 2,610.6
Total Liabilities and Stockholders'
Equity $ 5,540.4 $ 4,982.1 $ 5,671.6
SUPPLEMENTAL BALANCE SHEET AND CASH
FLOW DATA (Unaudited) At March 31,
(In millions,
except days and percentage information)
2012 2011
Key Balance Sheet
Data:
Accounts Receivable, Net Days of Sales Outstanding (DSO) 72 72
Total Debt Outstanding $ 1,550.0 $ 1,200.0 Total
Debt-to-Total-Capital Ratio 37.0% 32.3%
Three Months
Ended March 31,
(In
millions)
2012 (a) 2011
Condensed Cash
Flow Data:
Cash Flows From (Used For) Operating Activities $ 172 $ (42)
Cash Flows (Used For) Investing Activities (703) (9) Cash
Flows (Used For) Financing Activities and Other (53) (181)
Decrease in Cash and Equivalents $ (584) $ (232) (a) Amounts
shown are preliminary estimates. Actual amounts will be reported in
Mattel's Quarterly Report on Form 10-Q for the quarter ended March
31, 2012.
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