Mattel, Inc. (NASDAQ: MAT) today reported 2012 second quarter
financial results. For the quarter, the Company reported net income
of $96.2 million, or $0.28 per share, compared to last year’s
second quarter net income of $80.5 million, or $0.23 per share.
“In the second quarter, we delivered solid performance as we
continued to build momentum with key brands, such as Barbie,
Monster High, American Girl and Hot Wheels, as well as the Batman -
The Dark Night Rises property, despite a continued cautious global
retail environment and a strengthening U.S. dollar,” said Bryan G.
Stockton, Mattel Chief Executive Officer. “As we look forward, we
remain focused on executing our portfolio of strong brands,
countries and customers to deliver in the all-important holiday
season.”
Financial Overview
For the quarter, net sales were $1.16 billion, flat compared to
last year, including an unfavorable change in currency exchange
rates of 4 percentage points. On a regional basis, second quarter
gross sales increased 1% 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 decreased 1%, including an unfavorable impact of
currency exchange rates of 10 percentage points. Operating income
for the quarter was $131.4 million, compared to prior year’s
operating income for the quarter of $109.3 million.
The Company’s debt-to-total-capital ratio was 38.1%. For the
first half of the year, the Company’s cash and equivalents declined
by approximately $997 million, compared with a decline of
approximately $863 million in last year’s first half.
For the first half of the year, cash flows used for operating
activities were approximately $61 million, a decrease of $166
million compared to approximately $227 million of cash flows used
for operating activities in the first half of 2011. The decrease is
primarily due to lower working capital usage. Cash flows used for
investing activities were approximately $816 million, an increase
of $772 million, driven primarily by the acquisition of HIT
Entertainment. Cash flows used for financing and other activities
were approximately $120 million, a decrease of $472 million,
compared to approximately $592 million in 2011, primarily due to
the 2011 repayments of long-term debt and lower share
repurchases.
Capital Deployment
The Company announced today that its Board of Directors declared
a third quarter cash dividend of $0.31 per share on the Company's
common stock. The dividend will be payable on Sept. 21, 2012, to
stockholders of record on Aug. 29, 2012. The dividend is the third
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 second quarter of 2012, the Company repurchased 70,000 shares
of its common stock at a cost of approximately $2 million.
Sales by Brand
Mattel Girls and Boys Brands
For the second quarter, worldwide gross sales for Mattel Girls
& Boys Brands were $781.6 million, down 1% versus the prior
year. Worldwide gross sales for the Barbie brand were up 5%.
Worldwide gross sales for Other Girls Brands were up 96%, primarily
driven by Monster High®. Worldwide gross sales for the Wheels
category, which includes the Hot Wheels, Matchbox® and Tyco R/C®
brands, were up 9%, primarily driven by Hot Wheels. Worldwide gross
sales for the Entertainment business, which also includes Radica®
and Games, were down 36%, primarily driven by decreases in the CARS
2® movie property.
Fisher-Price Brands
Second quarter worldwide gross sales for Fisher-Price Brands,
which includes the Fisher-Price Core, Fisher-Price Friends and
Power Wheels® brands, were $407.3 million, or up 2% versus the
prior year, driven by strength in Fisher-Price Friends with the
addition of the HIT Entertainment portfolio and Disney's Jake and
the Never Land Pirates property.
American Girl Brands
Second quarter gross sales for American Girl Brands, which
offers American Girl branded products directly to consumers, were
$68.7 million, up 3% versus the prior year, primarily driven by
strong sales of McKenna™, the 2012 Girl of the Year.
Live Webcast
Mattel will webcast its 2012 second 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 website: http://corporate.mattel.com. To listen
to the live call, log on to the website 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 website
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, July 20 at midnight Eastern time and may be
accessed by dialing + (404) 537-3406. The passcode is 91283277.
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 North America Division (U.S. & Canada) and
American Girl
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,
2012 2011 Yr / Yr 2012 2011
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 $ 1,158.7 $
1,161.7 0% $ 2,087.2 $ 2,113.5 -1% Cost of sales 564.2
48.7% 605.5 52.1% -7% 1,019.3
48.8% 1,084.1 51.3% -6%
Gross Profit
594.5 51.3% 556.2 47.9% 7% 1,067.9 51.2% 1,029.4 48.7% 4%
Advertising and promotion expenses 112.4 9.7% 116.2 10.0% -3% 210.3
10.1% 218.0 10.3% -4% Other selling and administrative expenses
350.7 30.3% 330.7 28.5% 6% 697.4
33.4% 665.4 31.5% 5%
Operating
Income 131.4 11.3% 109.3 9.4% 20% 160.2 7.7% 146.0 6.9% 10%
Interest expense 21.5 1.9% 17.6 1.5% 22% 42.6 2.0% 36.5 1.7% 17%
Interest (income) (1.9 ) -0.2% (2.5 ) -0.2% -21% (3.7 ) -0.2% (5.6
) -0.3% -34% Other non-operating expense (income), net 0.4
(0.7 ) (0.2 ) (1.0 )
Income
Before Income Taxes 111.4 9.6% 94.9 8.2% 17% 121.5 5.8% 116.1
5.5% 5% Provision for income taxes 15.2 14.4
17.5 19.0
Net
Income $ 96.2 8.3% $ 80.5 6.9% 19% $ 104.0
5.0% $ 97.1 4.6% 7%
Net Income Per Common Share -
Basic $ 0.28 $ 0.23 $ 0.30 $ 0.27
Average Number of Common Shares 341.3
347.1 340.2 348.1
Net Income Per Common Share - Diluted $ 0.28 $ 0.23
$ 0.30 $ 0.27
Average Number of Common and Potential
Common Shares
345.6 350.9 344.6
351.7
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)
2012 2011
2012 2011
Worldwide Gross
Sales:
Mattel Girls & Boys Brands $ 781.6 $ 790.0 $ 1,403.9 $ 1,440.9
% Change
-1% 22% -3% 19% Pos./(Neg.) Impact of Currency (in % pts) -6 6 -4 4
Fisher-Price Brands 407.3 400.0 717.4 709.8
% Change
2% 4% 1% 1% Pos./(Neg.) Impact of Currency (in % pts) -3 3 -3 2
American Girl Brands 68.7 66.4 144.7 139.4
% Change
3% 13% 4% 8% Other 9.1 7.8
17.9 15.2 Gross Sales $ 1,266.7
$ 1,264.2 $ 2,283.9 $ 2,305.3
% Change
0% 15% -1% 12% Pos./(Neg.) Impact of Currency (in % pts) -5 5 -3 3
Reconciliation of
GAAP to Non-GAAP Financial Measure:
Gross Sales $ 1,266.7 $ 1,264.2 $ 2,283.9 $ 2,305.3 Sales
Adjustments (108.0 ) (102.5 ) (196.7 )
(191.8 ) Net Sales $ 1,158.7 $ 1,161.7 $
2,087.2 $ 2,113.5
% Change
0% 14% -1% 11% Pos./(Neg.) Impact of Currency (in % pts) -4 5 -3 3
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT III
CONDENSED CONSOLIDATED BALANCE SHEETS
At June 30, At December 31, 2012
2011 2011
(In
millions)
(Unaudited) Assets Cash and
equivalents $ 372.3 $ 418.5 $ 1,369.1 Accounts receivable, net
981.7 1,012.0 1,246.7 Inventories 746.7 783.5 487.0 Prepaid
expenses and other current assets 418.3 317.1
340.9 Total current assets 2,519.0 2,531.1 3,443.7
Property, plant, and equipment, net 562.3 513.8 523.9 Other
noncurrent assets 2,498.3 1,752.8
1,704.0
Total Assets $ 5,579.6 $ 4,797.7
$ 5,671.6
Liabilities and Stockholders' Equity
Short-term borrowings $ 42.3 $ - $ 8.0 Current portion of long-term
debt 400.0 10.0 50.0 Accounts payable and accrued liabilities 777.8
871.1 953.8 Income taxes payable 16.1 17.5
27.1 Total current liabilities 1,236.2 898.6 1,038.9
Long-term debt 1,150.0 950.0 1,500.0 Other noncurrent
liabilities 602.6 482.2 522.1 Stockholders' equity 2,590.8
2,466.9 2,610.6
Total Liabilities
and Stockholders' Equity $ 5,579.6 $ 4,797.7 $
5,671.6
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW
DATA (Unaudited) At June 30,
(In millions,
except days and percentage information)
2012 2011
Key Balance Sheet
Data:
Accounts receivable, net days of sales outstanding (DSO) 76 78
Total debt outstanding $ 1,592.3 $ 960.0 Total debt-to-total
capital ratio 38.1 % 28.0 %
Six Months Ended June 30,
(In
millions)
2012 (a)
2011
Condensed Cash
Flow Data:
Cash flows (used for) operating activities $ (61 ) $ (227 )
Cash flows (used for) investing activities (816 ) (44 ) Cash
flows (used for) financing activities and other (120 )
(592 ) Decrease in cash and equivalents $ (997 ) $
(863 )
(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, 2012.
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