Mattel, Inc. (NASDAQ: MAT) today reported 2012 third quarter
financial results. For the quarter, the Company reported net income
of $365.9 million, or $1.04 per share, compared to last year’s
third quarter net income of $300.8 million, or $0.86 per share.
“We are pleased with our performance in the third quarter as it
represents another quarter of building momentum in the marketplace
through share gains and strong shipments across our portfolio of
brands and countries,” said Bryan G. Stockton, Mattel chief
executive officer. “That said, with the holidays still in front of
us, we remain focused on executing our business and driving retail
sales in the all-important holiday season.”
Financial Overview
For the quarter, net sales were $2.08 billion, up 4%, including
an unfavorable change in currency exchange rates of 3 percentage
points. On a regional basis, third quarter gross sales increased 6%
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 2%,
including an unfavorable impact of currency exchange rates of 9
percentage points. Operating income for the quarter was $487.4
million, compared to prior year’s operating income for the quarter
of $397.6 million.
The Company’s debt-to-total-capital ratio was 36.3%. For the
first nine months of the year, the Company’s cash and equivalents
declined by approximately $1.09 billion, compared with a decline of
approximately $1.03 billion during the same time period last
year.
For the first nine months of the year, cash flows used for
operating activities were approximately $101 million, a decrease of
$221 million compared to approximately $322 million of cash flows
used for operating activities in the same period of 2011. The
decrease is primarily due to higher net income and lower working
capital usage. Cash flows used for investing activities were
approximately $833 million, an increase of $714 million, compared
to approximately $119 million in 2011, driven primarily by the
acquisition of HIT Entertainment. Cash flows used for financing and
other activities were approximately $153 million, a decrease of
$433 million, compared to approximately $586 million in 2011,
primarily due to lower share repurchases and 2011 repayments of
long-term debt.
Capital Deployment
The Company announced today that its Board of Directors declared
a fourth quarter cash dividend of $0.31 per share on the Company's
common stock. The dividend will be payable on December 14, 2012, to
stockholders of record on November 28, 2012. The dividend is the
final of four quarterly dividends the Company will have paid this
year, reflecting an annualized dividend of $1.24 per share, which
represents a 35% increase to last year’s total dividends. During
the third quarter of 2012, the Company repurchased 139,000 shares
of its common stock at a cost of approximately $5 million.
Sales by Brand
Mattel Girls and Boys Brands
For the third quarter, worldwide gross sales for Mattel Girls
& Boys Brands were $1.37 billion, up 3% versus the prior year.
Worldwide gross sales for the Barbie brand were down 4%. Worldwide
gross sales for Other Girls Brands were up 57%, primarily driven by
Monster High®. Worldwide gross sales for the Wheels category, which
includes the Hot Wheels, Matchbox® and Tyco R/C® brands, were down
1%, primarily driven by Matchbox. Worldwide gross sales for the
Entertainment business, which also includes Radica® and Games, were
down 18%, primarily driven by decreases in the CARS 2® movie
property.
Fisher-Price Brands
Third quarter worldwide gross sales for Fisher-Price Brands,
which includes the Fisher-Price Core, Fisher-Price Friends and
Power Wheels® brands, were $790.4 million, or up 6% 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
Third quarter gross sales for American Girl Brands, which offers
American Girl branded products directly to consumers, were $102.0
million, up 16% versus the prior year, primarily driven by strong
sales of McKenna™, the 2012 Girl of the Year, and the expansion of
retail locations.
Live Webcast
Mattel will webcast its 2012 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 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, October 19 at midnight Eastern time and may
be accessed by dialing + (404) 537-3406. The passcode is
31536853.
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.
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
September 30, For the Nine Months Ended September 30,
(In millions,
except per share and
2012 2011 Yr / Yr 2012 2011
Yr / Yr
percentage
information)
$ Amt % Net Sales $ Amt % Net Sales
% Change $ Amt % Net Sales $ Amt %
Net Sales % Change Net Sales $ 2,077.8 $
1,998.8 4 % $ 4,165.0 $ 4,112.3 1 % Cost of sales 962.4 46.3
% 1,042.7 52.2 % -8 % 1,981.7 47.6 % 2,126.8
51.7 % -7 %
Gross Profit 1,115.4 53.7 % 956.1 47.8 %
17 % 2,183.3 52.4 % 1,985.5 48.3 % 10 % Advertising and promotion
expenses 234.8 11.3 % 219.9 11.0 % 7 % 445.0 10.7 % 437.9 10.6 % 2
% Other selling and administrative expenses 393.2 18.9 % 338.6 16.9
% 16 % 1,090.8 26.2 % 1,004.0 24.4 % 9 %
Operating Income 487.4 23.5 % 397.6 19.9 % 23 % 647.5
15.5 % 543.6 13.2 % 19 % Interest expense 22.7 1.1 % 15.4 0.8 % 48
% 65.4 1.6 % 51.8 1.3 % 26 % Interest (income) (1.5 ) -0.1 % (1.1 )
-0.1 % 38 % (5.2 ) -0.1 % (6.7 ) -0.2 % -23 % Other non-operating
(income), net (0.6 ) (2.4 ) (1.1 ) (3.3 )
Income Before
Income Taxes 466.8 22.5 % 385.7 19.3 % 21 % 588.4 14.1 % 501.8
12.2 % 17 % Provision for income taxes 100.9 84.9
118.4 103.9
Net Income $ 365.9
17.6 % $ 300.8 15.0 % 22 % $ 470.0 11.3 % $ 397.9
9.7 % 18 %
Net Income Per Common Share - Basic
$ 1.06 $ 0.87 $ 1.36 $ 1.14
Average Number of Common Shares 342.6 343.2
341.0 346.4
Net Income Per
Common Share - Diluted $ 1.04 $ 0.86 $ 1.35
$ 1.12
Average Number of Common and Potential Common Shares
347.1 346.8 345.4 350.0
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)
2012 2011
2012 2011
Worldwide Gross Sales: Mattel Girls & Boys
Brands $ 1,371.1 $ 1,333.6 $ 2,775.0 $ 2,774.4
% Change
3 % 15 % 0 % 17 % Pos./(Neg.) Impact of Currency (in % pts) -5 3 -4
4 Fisher-Price Brands 790.4 748.9 1,507.9 1,458.8
% Change
6 % 1 % 3 % 1 % Pos./(Neg.) Impact of Currency (in % pts) -2 1 -3 2
American Girl Brands 102.0 87.6 246.7 227.0
% Change
16 % 4 % 9 % 6 % Other 10.2 13.1
28.0 28.3 Gross Sales $ 2,273.7
$ 2,183.2 $ 4,557.6 $ 4,488.5
% Change
4 % 9 % 2 % 11 % Pos./(Neg.) Impact of Currency (in % pts) -4 2 -3
3
Reconciliation of
Non-GAAP to GAAP Financial Measure:
Gross Sales $ 2,273.7 $ 2,183.2 $ 4,557.6 $ 4,488.5 Sales
Adjustments (195.9 ) (184.4 ) (392.6 )
(376.2 ) Net Sales $ 2,077.8 $ 1,998.8 $
4,165.0 $ 4,112.3
% Change
4 % 9 % 1 % 10 % Pos./(Neg.) Impact of Currency (in % pts) -3 2 -3
3
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT III
CONDENSED CONSOLIDATED BALANCE SHEETS
At September 30, At December 31, 2012
2011 2011 (In millions)
(Unaudited) Assets Cash and
equivalents $ 282.1 $ 254.5 $ 1,369.1 Accounts receivable, net
1,828.7 1,650.6 1,246.7 Inventories 796.4 764.0 487.0 Prepaid
expenses and other current assets 365.1 303.7
340.9 Total current assets 3,272.3 2,972.8 3,443.7
Property, plant, and equipment, net 575.3 515.3 523.9 Other
noncurrent assets 2,461.2 1,713.4
1,704.0
Total Assets $ 6,308.8 $
5,201.5 $ 5,671.6
Liabilities and Stockholders'
Equity Short-term borrowings $ 154.5 $ 236.8 $ 8.0 Current
portion of long-term debt 350.0 60.0 50.0 Accounts payable and
accrued liabilities 1,101.7 1,055.9 953.8 Income taxes payable
47.3 45.7 27.1 Total current
liabilities 1,653.5 1,398.4 1,038.9 Long-term debt 1,150.0
900.0 1,500.0 Other noncurrent liabilities 601.4 472.6 522.1
Stockholders' equity 2,903.9 2,430.5
2,610.6
Total Liabilities and Stockholders' Equity $
6,308.8 $ 5,201.5 $ 5,671.6
SUPPLEMENTAL BALANCE SHEET AND CASH
FLOW DATA (Unaudited) At September 30,
(In millions,
except days and percentage information)
2012 2011
Key Balance Sheet
Data:
Accounts receivable, net days of sales outstanding (DSO) 79 74
Total debt outstanding $ 1,654.5 $ 1,196.8 Total debt-to-total
capital ratio 36.3 % 33.0 %
Nine Months Ended September
30,
(In
millions)
2012 (a) 2011
Condensed Cash
Flow Data:
Cash flows (used for) operating activities $ (101 ) $ (322 )
Cash flows (used for) investing activities (833 ) (119 )
Cash flows (used for) financing activities and other (153 )
(586 ) Decrease in cash and equivalents $ (1,087 ) $
(1,027 )
(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, 2012.
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