Bryan Stockton Resigns as Chairman and Chief
Executive Officer
Company Announces Preliminary Fourth Quarter
and Full Year 2014 Financial Results
Company Announces Quarterly Dividend
Mattel, Inc. (NASDAQ: MAT) today announced that Christopher A.
Sinclair has been named the Company’s Chairman and Interim Chief
Executive Officer, effective immediately. The Company also
announced that Bryan G. Stockton has resigned as Mattel’s Chairman
and Chief Executive Officer and resigned from the Board of
Directors.
Mr. Sinclair, who has served as a member of Mattel’s Board of
Directors since 1996 and as Independent Lead Director since 2011,
has extensive experience in leading global, multi-brand,
consumer-focused companies. In addition to leadership roles at
prominent venture capital and private equity firms, Mr. Sinclair
was Chairman and CEO of Caribiner International, Inc. from
1999-2000, President and CEO of Quality Food, Inc. from 1996-1998,
and prior to that served in senior roles at PepsiCo, including as
Chairman and CEO of Pepsi-Cola Company, and President and CEO of
PepsiCo Foods & Beverages International and Pepsi-Cola
International. He also served as Chair of Mattel’s Audit
Committee.
“Mattel is an exceptional company with a great future but the
Board believes that it is the right time for new leadership to
maximize its potential,” said Mr. Sinclair. “We are committed to
delivering improved growth and financial performance and remain
confident in our ability to leverage our unmatched portfolio of
brands, global scale and strong balance sheet as we execute on our
strategic plan. I look forward to engaging with the entire Mattel
community as we work to deepen our connections with children and
parents through expanded product innovation and improved retail
execution. We will be working during the coming months to
revitalize the business and to identify the right leadership for
Mattel as it enters its next phase of growth and value
creation.”
Mr. Sinclair continued, “On behalf of the Board and everyone at
Mattel, I sincerely thank Bryan for his many valuable contributions
over the past 15 years in expanding our business and portfolio of
brands and building our executive team.”
Preliminary Fourth Quarter and Full Year 2014 Financial
Results
Mattel also announced preliminary fourth quarter and full year
2014 financial results.
For the fourth quarter, the Company reported net income of
$149.9 million, or $0.44 per share, which includes a negative
impact of $0.05 per share from MEGA Brands integration costs1 and a
negative tax impact of $0.03 per share, compared to net income of
$369.2 million, or $1.07 per share, in the fourth quarter of 2013.
Worldwide net sales in the fourth quarter were $1.99 billion, down
6%, including an unfavorable impact from changes in currency
exchange rates of 3 percentage points, compared to $2.11 billion
last year. Gross margin decreased by 410 basis points of net sales
to 50.4%, which was partially due to the acquisition of MEGA
Brands. SG&A expenses increased by 390 basis points of net
sales, including the impact of the acquisition of MEGA Brands.
Operating income for the quarter was $237.0 million compared to
$479.3 million in the fourth quarter of 2013.
For the year, the Company reported net income of $498.9 million,
or $1.45 per share, which includes a negative impact of $0.16 per
share from MEGA Brands acquisition and integration costs2 and a tax
benefit of $0.13 per share, compared to net income of $903.9
million, or $2.58 per share, in 2013, which included a tax benefit
of $0.09. Worldwide net sales were $6.02 billion, down 7%,
including an unfavorable impact from changes in currency exchange
rates of 2 percentage points, compared to $6.48 billion last year.
Gross margin decreased by 380 basis points of net sales to 49.8%,
which was partially due to the acquisition of MEGA Brands. SG&A
expenses increased by 270 basis points of net sales, including the
impact of the acquisition of MEGA Brands. Operating income for the
year was $653.7 million compared to $1.17 billion in 2013.
For the year, net cash flows from operating activities were
approximately $889 million, an increase of $191 million over
approximately $698 million in 2013. The increase was primarily
driven by reductions in working capital, partially offset by lower
net income. The Company ended the year with cash of $971.7 million,
which is consistent with our capital and investment framework
target of $800 million to $1 billion of year-end cash. The
Company’s debt-to-total capital ratio as of December 31, 2014 was
41.6%.
Capital Deployment
The Company announced today a first quarter cash dividend of
$0.38 per share which is flat compared to the first quarter of
2014. The dividend will be payable on March 6, 2015 to stockholders
of record on February 19, 2015.
Conference Call and Live Webcast
As previously announced, the Company plans to release its fourth
quarter and year-end financial results for the 2014 fiscal year on
Friday, January 30, 2015 at approximately 6:00 a.m. Eastern time.
Following this, Christopher A. Sinclair, Mattel's Interim CEO, and
Kevin Farr, the Company's CFO, will host a conference call and
webcast at 8:30 a.m. Eastern time.
The fourth quarter financial results conference call will be
webcast on the "Investors" section of Mattel'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,
February 6, 2015, and may be accessed by dialing +1-404-537-3406.
The passcode is 61570566.
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-heading “Financial
Information.”
Christopher A. Sinclair Biography
Christopher Sinclair, 64, has served on Mattel’s Board of
Directors since 1996 and as Independent Lead Director and Chair of
the Audit Committee since 2011. Mr. Sinclair has served as
Executive Chairman of Scandent Holdings, an information technology
investment company, from 2002-2009, and also served as Executive
Chairman of Cambridge Solutions Corporation Ltd., a leader in
providing information technology and business process outsourcing
services, from 2005-2009. Prior to that, he served as an Operating
Partner of Pegasus Capital Advisors, LP, a private equity firm,
from 2000-2002. From 1999-2000, he served as Chairman of the Board
and Chief Executive Officer of Caribiner International, Inc.
Earlier, he served as President and Chief Executive Officer of
Quality Food, Inc., Chairman and Chief Executive Officer of
Pepsi-Cola Company and President and Chief Executive Officer of
PepsiCo Foods & Beverages International and Pepsi-Cola
International.
Mr. Sinclair recently joined the board of RB (Reckitt Benckiser
Group PLC). He has also served on the Board of Directors of Foot
Locker, Inc. from 1995-2008, where he was Chairman of the Finance
Committee and a member of the Compensation Committee, Cambridge
Solutions Corporation, Ltd. from 2003-2009, and Perdue Farms from
1992-2000.
Mr. Sinclair was born and raised in Asia. He holds a bachelor’s
degree in Business Administration from the University of Kansas and
an MBA from the Tuck School of Business at Dartmouth College.
About Mattel
The Mattel family of companies (Nasdaq: MAT) is the worldwide
leader in the design, manufacture and marketing of toys and family
products. Mattel's portfolio of best-selling brands includes
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®,
MEGA® Brands, including MEGA BLOKS® and RoseArt®, as well as a wide
array of entertainment-inspired toy lines. In 2013, Mattel was
named one of the “World's Most Ethical Companies” by Ethisphere
Magazine and in 2014 ranked No. 5 on Corporate Responsibility
Magazine's "100 Best Corporate Citizens" list. With worldwide
headquarters in El Segundo, Calif., Mattel's companies employ
nearly 30,000 people in 40 countries and territories and sell
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.
Forward-Looking Statements
This press release contains forward-looking statements on a
variety of matters. 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, 2013 and Mattel’s Quarterly Reports
on Form 10-Q for fiscal year 2014, 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 Includes amortization of acquired intangible assets.2 Includes
amortization of acquired intangible assets and inventory fair value
markup above cost.
MAT-CORP
Mattel, Inc.News MediaAlex Clark,
310-252-6397alex.clark@mattel.comorSecurities AnalystsDrew
Vollero, 310-252-2703drew.vollero@mattel.com
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