Mattel, Inc. (NASDAQ: MAT) today reported 2013 second quarter
financial results. For the quarter, the Company reported net income
of $73.3 million, or $0.21 per share, compared to last year’s
second quarter net income of $96.2 million, or $0.28 per share.
“Overall, our underlying performance in the first half of the
year is consistent with our long-term financial goals for sales and
operating profit growth,” said Bryan G. Stockton, Mattel Chairman
and Chief Executive Officer. “While we delivered another quarter of
sales growth and strong gross margins, lower profits in the second
quarter reflect an asset impairment charge and strategic
investments made to support consistent future growth. As we look to
the second half of the year and the all-important holiday season,
we are excited by the innovative product, entertainment and retail
programs planned and we remain focused on leveraging our industry
leading portfolio of strong brands, countries and customers.”
Financial Overview
For the quarter, net sales were $1.17 billion, up 1% compared to
last year, with no impact from changes in currency exchange rates.
On a regional basis, second quarter gross sales decreased 2% in the
North American Region, which consists of the U.S., Canada and
American Girl, with no impact from changes in currency exchange
rates. In the International Region, gross sales increased 4%, with
no impact from changes in currency exchange rates. Operating income
for the quarter was $94.8 million, compared to prior year’s
operating income for the quarter of $131.4 million.
The Company’s debt-to-total-capital ratio was 36.7%. For the
first half of the year, the Company’s cash and equivalents declined
by approximately $513 million, compared with a decline of
approximately $997 million in last year’s first half.
For the first half of the year, cash flows used for operating
activities were approximately $286 million, an increase of $224
million compared to approximately $62 million of cash flows used
for operating activities in the first half of 2012. The increase is
primarily due to higher working capital usage. Cash flows used for
investing activities were approximately $132 million, a decrease of
$683 million driven primarily by the prior year acquisition of HIT
Entertainment. Cash flows used for financing and other activities
were approximately $95 million, a decrease of $25 million, compared
to approximately $120 million in 2012, primarily due to net
proceeds received from the issuance of long-term debt, partially
offset by repayments of long-term debt and higher share
repurchases.
Capital Deployment
The Company announced today that its Board of Directors declared
a third quarter cash dividend of $0.36 per share on the Company's
common stock. The dividend will be payable on September 20, 2013,
to stockholders of record on August 28, 2013. The dividend is the
third of four quarterly dividends the Company expects to pay this
year, reflecting an annualized dividend of $1.44 per share, which
represents a 16% increase to last year’s total dividends. During
the second quarter of 2013, the Company repurchased 2.7 million
shares of its common stock at a cost of approximately $119 million.
Additionally, the Stock Repurchase Program was increased by $500
million.
Sales by Brand
Mattel Girls and Boys Brands
For the second quarter, worldwide gross sales for Mattel Girls
& Boys Brands were $792.4 million, up 1% versus the prior year.
Worldwide gross sales for the Barbie brand were down 12%. Worldwide
gross sales for Other Girls brands were up 23%, 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
6%. Worldwide gross sales for the Entertainment business, which
includes Radica® and Games, were flat versus the prior year.
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 $396.7 million, or down 3% versus the
prior year.
American Girl Brands
Second quarter gross sales for American Girl Brands, which
offers American Girl-branded products directly to consumers, were
$78.2 million, up 14% versus the prior year, driven by strong sales
of Saige, the 2013 Girl of the Year, and Caroline, the newest
historical character.
Live Webcast
Mattel will webcast its 2013 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 19 at midnight Eastern time and may be
accessed by dialing +1-404-537-3406. The passcode is 97787871.
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” section of
http://corporate.mattel.com, under the sub-headings “Financial
Information” – “Earnings Releases.”
About Mattel Inc.
Mattel, Inc. 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 produced, Hot Wheels®, Monster High®, American
Girl®, Thomas & Friends® and Fisher-Price® brands, including
Little People® and Power Wheels®, as well as a wide array of
entertainment-inspired toy lines. In 2013, Mattel was named as one
of FORTUNE Magazine's "100 Best Companies to Work For" for the
sixth year in a row and as one of the “World’s Most Ethical
Companies” by Ethisphere Magazine. Mattel also is ranked No. 2 on
Corporate Responsibility Magazine's "100 Best Corporate Citizens"
list. With worldwide headquarters in El Segundo, Calif., Mattel
employs approximately 30,000 people in 40 countries and territories
and sells products in more than 150 nations. At Mattel, we are
Creating the Future of Play. Visit us at www.mattel.com,
www.facebook.com/mattel or www.twitter.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 2013. 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, 2012 and Mattel's Quarterly Reports on Form 10-Q for
fiscal year 2013, 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,
(In millions,
except per share and percentage information)
2013 2012 Yr / Yr 2013
2012 Yr / Yr $ Amt %
Net Sales $ Amt % Net Sales %
Change $ Amt % Net Sales $ Amt
% Net Sales % Change Net Sales $
1,169.1 $ 1,158.7 1 % $ 2,164.7 $ 2,087.2 4 % Cost of sales
569.1 48.7 % 564.2 48.7 % 1 % 1,024.6
47.3 % 1,019.3 48.8 % 1 %
Gross
Profit 600.0 51.3 % 594.5 51.3 % 1 % 1,140.1 52.7 % 1,067.9
51.2 % 7 % Advertising and promotion expenses 113.4 9.7 % 112.4 9.7
% 1 % 217.9 10.1 % 210.3 10.1 % 4 % Other selling and
administrative expenses 391.8 33.5 % 350.7
30.3 % 12 % 761.6 35.2 % 697.4
33.4 % 9 %
Operating Income 94.8 8.1 % 131.4 11.3 %
-28 % 160.6 7.4 % 160.2 7.7 % 0 % Interest expense 18.3 1.6 % 21.5
1.9 % -15 % 38.6 1.8 % 42.6 2.0 % -9 % Interest (income) (1.3 )
-0.1 % (1.9 ) -0.2 % -34 % (2.7 ) -0.1 % (3.7 ) -0.2 % -27 % Other
non-operating (income) expense, net (0.9 ) 0.4
1.8 (0.2 )
Income Before Income
Taxes 78.7 6.7 % 111.4 9.6 % -29 % 122.9 5.7 % 121.5 5.8 % 1 %
Provision for income taxes 5.4 15.2
11.0 17.5
Net Income $
73.3 6.3 % $ 96.2 8.3 % -24 % $ 111.9 5.2 % $
104.0 5.0 % 8 %
Net Income Per Common Share -
Basic $ 0.21 $ 0.28 $ 0.32 $ 0.30
Weighted average number of common
shares
346.6 341.3 345.5
340.2
Net Income Per Common Share -
Diluted $ 0.21 $ 0.28 $ 0.32 $ 0.30
Weighted average number of common and
potential common shares
350.4 345.6 349.5
344.6
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)
2013 2012 2013 2012
Worldwide Gross
Sales:
Mattel Girls & Boys Brands $ 792.4 $ 781.6 $ 1,484.6 $ 1,403.9
% Change
1 % -1 % 6 % -3 % Pos./(Neg.) Impact of Currency (in % pts) 0 -6 0
-4 Fisher-Price Brands 396.7 407.3 684.0 717.4
% Change
-3 % 2 % -5 % 1 % Pos./(Neg.) Impact of Currency (in % pts) -1 -3
-1 -3 American Girl Brands 78.2 68.7 178.6 144.7
% Change
14 % 3 % 23 % 4 % Other 10.8 9.1
19.4 17.9 Gross Sales $ 1,278.1
$ 1,266.7 $ 2,366.6 $ 2,283.9
% Change
1 % 0 % 4 % -1 % Pos./(Neg.) Impact of Currency (in % pts) 0 -5 0
-3
Reconciliation of Non-GAAP to GAAP Financial
Measure: Gross Sales $ 1,278.1 $ 1,266.7 $ 2,366.6 $
2,283.9 Sales Adjustments (109.0 ) (108.0 )
(201.9 ) (196.7 ) Net Sales $ 1,169.1 $
1,158.7 $ 2,164.7 $ 2,087.2
% Change
1 % 0 % 4 % -1 % Pos./(Neg.) Impact of Currency (in % pts) 0 -4 0
-3
MATTEL, INC. AND SUBSIDIARIES EXHIBIT III
CONDENSED CONSOLIDATED BALANCE SHEETS
At June 30, At December 31, 2013
2012 (a) 2012
(In
millions)
(Unaudited) Assets Cash and
equivalents $ 823.0 $ 372.3 $ 1,335.7 Accounts receivable, net
945.7 980.4 1,226.8 Inventories 793.6 746.7 465.1 Prepaid expenses
and other current assets 564.9 420.7
529.2 Total current assets 3,127.2 2,520.1 3,556.8 Property,
plant, and equipment, net 621.2 561.3 593.2 Other noncurrent assets
2,448.0 2,508.9 2,376.8
Total
Assets $ 6,196.4 $ 5,590.3 $ 6,526.8
Liabilities and Stockholders' Equity Short-term borrowings $
40.7 $ 42.3 $ 9.8 Current portion of long-term debt 50.0 400.0
400.0 Accounts payable and accrued liabilities 921.7 788.4 1,273.2
Income taxes payable 26.0 16.1 33.0
Total current liabilities 1,038.4 1,246.8 1,716.0 Long-term
debt 1,600.0 1,150.0 1,100.0 Other noncurrent liabilities 636.6
602.7 643.8 Stockholders' equity 2,921.4 2,590.8
3,067.0
Total Liabilities and Stockholders'
Equity $ 6,196.4 $ 5,590.3 $ 6,526.8
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW DATA
(Unaudited) At June 30,
(In millions,
except days and percentage information)
2013 2012
Key Balance Sheet
Data:
Accounts receivable, net days of sales outstanding (DSO) 73 76
Total debt outstanding $ 1,690.7 $ 1,592.3 Total debt-to-total
capital ratio 36.7 % 38.1 %
Six Months Ended June 30,
(In
millions)
2013 (b) 2012 (a)
Condensed Cash
Flow Data:
Cash flows (used for) operating activities $ (286 ) $ (62 )
Cash flows (used for) investing activities (132 ) (815 )
Cash flows (used for) financing activities and other (95 )
(120 ) Decrease in cash and equivalents $ (513 ) $
(997 )
(a) Certain balances related to the acquisition of HIT
Entertainment have been retrospectively adjusted to reflect their
final acquisition-date fair values.
(b) 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, 2013.
MAT-FIN
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