UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant
to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 16, 2015
MATTEL, INC.
(Exact
name of registrant as specified in its charter)
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Delaware |
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001-05647 |
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95-1567322 |
(State or other jurisdiction
of incorporation) |
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(Commission
File No.) |
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(I.R.S. Employer
Identification No.) |
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333 Continental Boulevard,
El Segundo, California |
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90245-5012 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code (310) 252-2000
N/A
(Former name or
former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 2 Financial Information
Item 2.02 Results of Operations and Financial Condition.
On April 16, 2015, Mattel, Inc. (Mattel or the Company) issued a press release regarding its first quarter 2015 financial results,
a copy of which is furnished as Exhibit 99.1 hereto. This exhibit is incorporated herein by reference.
In accordance with General Instruction B.2 of Form
8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the Exchange Act), or
otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly
set forth by specific reference in such filing.
Section 8 Other Events
Item 8.01 Other Events.
In the same press release
described in Item 2.02 above, Mattel also announced that the Companys Board of Directors has declared a quarterly dividend of $0.38 per share on the Companys common stock, to be paid on June 12, 2015 to stockholders of record
on May 22, 2015.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
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(d) |
Exhibits: Press release dated April 16, 2015, issued by Mattel, Inc. |
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Exhibit No. |
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Exhibit Description |
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99.1** |
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Press release dated April 16, 2015. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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MATTEL, INC.
Registrant |
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By: |
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/s/ Robert Normile |
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Name: |
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Robert Normile |
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Title: |
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Executive Vice President, Chief Legal
Officer and Secretary |
Dated: April 16, 2015
3
Exhibit 99.1
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NEWS RELEASE |
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News Media Alex Clark
310-252-6397 alex.clark@mattel.com |
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Securities Analysts Martin Gilkes
310-252-2703 martin.gilkes@mattel.com |
MATTEL REPORTS FIRST QUARTER 2015 FINANCIAL RESULTS
AND DECLARES QUARTERLY DIVIDEND
First
Quarter Highlights
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Worldwide net sales up 5% in constant currency1, and reported worldwide net sales down 2%, reflecting the impact from changes in currency exchange rates
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North American Region2 gross sales up 9% in constant currency and International Region gross sales up 2% in constant currency; and reported North American Region
gross sales up 8% and International Region gross sales down 14% |
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Adjusted operating loss1 of $14.6 million compared to adjusted operating income1 of $27.7 million in the
first quarter of 2014, and reported operating loss of $54.5 million compared to reported operating income of $6.2 million in the first quarter of 2014 |
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Adjusted loss per share1 of $0.08 vs. prior year adjusted earnings per share1 of $0.03, and reported loss per
share of $0.17 vs. prior year reported loss per share of $0.03 |
Capital Deployment
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Board declared 2015 second quarter cash dividend of $0.38 per share, which is flat compared to the second quarter of 2014 |
EL SEGUNDO, Calif., April 16, 2015 For the first quarter of 2015, Mattel, Inc. (NASDAQ: MAT) today reported constant currency revenue
growth of 5%, adjusted operating loss of $14.6 million, and adjusted loss per share of $0.08.
In the first quarter, we took a number of steps
to implement a rapid turnaround at Mattel, said Christopher Sinclair, Mattel Chairman and CEO. We are already benefitting from better decision-making, alignment and enhanced accountability. And weve begun to refocus our
culture on creativity, innovation and improving our speed to market. While we still have a lot of work to do, were starting to see progress with our core brands like Barbie and Fisher-Price, and I am confident we are making the changes
necessary to perform better in the future.
1 |
Please refer to the Non-GAAP Financial Measures for the definitions of non-GAAP financial measures including constant currency, adjusted operating (loss) income, adjusted (loss) earnings per share, gross sales, and
adjusted other selling and administrative expenses. |
2 |
Consists of the United States, Canada and American Girl. |
1
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NEWS RELEASE |
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Financial Overview
For the quarter, net sales were up 5% in constant currency compared to last year. On a regional basis, first quarter gross sales increased 9% in constant
currency, and 8% as reported, in the North American Region, which consists of the United States, Canada and American Girl. For the International Region, gross sales increased 2% in constant currency, and decreased 14% as reported. Gross margin
decreased 210 basis points of net sales, partially due to the acquisition of MEGA® Brands. Adjusted other selling and administrative expenses increased 90 basis points of net sales, and 300
basis points as reported. Adjusted operating loss for the quarter was $14.6 million, compared to prior years adjusted operating income of $27.7 million.
The Companys debt-to-total capital ratio as of March 31, 2015 was 44.1%.
Cash flows used for operating activities were approximately $53 million, compared to approximately $61 million of cash flows from operating activities in
2014. Cash flows used for investing activities were approximately $92 million, an increase of approximately $62 million, compared to approximately $30 million in 2014. Cash flows used for financing activities and other were approximately
$144 million, compared to approximately $173 million in 2014.
Capital Deployment
The Board of Directors declared a second quarter cash dividend of $0.38 per share, which is flat compared to the second quarter of 2014. The dividend will be
payable on June 12, 2015 to stockholders of record on May 22, 2015.
Sales by Brand
Mattel Girls and Boys Brands
For the first quarter,
worldwide gross sales for Mattel Girls & Boys Brands were $605.2 million, up 1% in constant currency versus the prior year. Worldwide gross sales for the Barbie brand were down 5% in constant currency. In the quarter, retail sales for
Barbie were up on a global basis driven by a strong performance in the United States, partially offset by a decline in international markets. Worldwide gross sales for Other Girls brands were down 1% in constant currency. Worldwide gross sales for
the Wheels category, which includes the Hot Wheels and Matchbox® brands, were up 10% in constant currency. Worldwide gross sales for the Entertainment business, which includes Radica® and Games, were up 4% in constant currency.
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NEWS RELEASE |
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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 $264.0 million, up 3% in constant currency 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
$106.1 million, flat versus the prior year in constant currency.
Construction and Arts & Crafts Brands
First quarter gross sales for Construction and Arts & Crafts Brands, which includes the MEGA
BLOKS® and RoseArt® brands, were $38.3 million. Mattel acquired MEGA Brands Inc. on April 30, 2014.
Conference Call and Live Webcast
At 5:00 p.m.
(Eastern Time) today, Mattel will host a conference call with investors and financial analysts to discuss its 2015 first quarter financial results. The conference call will be webcast on the Investors section of the Companys
corporate website: http://corporate.mattel.com. To listen to the live call, log in 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
companys 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 8:00 p.m. Eastern time the day of the call until Thursday,
April 23, 2015, and may be accessed by dialing +1-404-537-3406. The passcode is 9012257.
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 Companys periodic filings with the Securities and Exchange Commission, including the Risk Factors section of Mattels Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and Mattels Quarterly Reports on Form 10-Q for fiscal year 2014, as well as in Mattels other
public statements. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so.
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NEWS RELEASE |
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Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (GAAP), Mattel
discloses certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures presented in this release include gross sales, adjusted other selling and
administrative expenses, adjusted operating (loss) income, adjusted (loss) earnings per share, and constant currency. Mattel uses these metrics to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its
operating and financial performance, and are discussed in more detail below. These measures are not, and should not be viewed as, substitutes for GAAP financial measures. Reconciliations of the non-GAAP financial measures to the most directly
comparable GAAP financial measures can be found in the attached exhibits and also will be available at the time of our conference call and webcast (information above) in the Investors section of our corporate website,
http://corporate.mattel.com/, under the subheading Financial Information Earnings Releases.
Gross sales
Gross sales represent sales to customers, excluding the impact of sales adjustments. Net sales, as reported, include the impact of sales adjustments, such as
trade discounts and other allowances. Mattel presents changes in gross sales as a metric for comparing its aggregate, brand, and geographic results to highlight significant trends in Mattels business. Changes in gross sales are discussed
because, while Mattel records the detail of such sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally not associated with individual products, making net sales less meaningful.
Adjusted other selling and administrative expenses
Adjusted other selling and administrative expenses represents Mattels reported other selling and administrative expenses, adjusted to exclude the impact
of restructuring and restructuring-related expenses and costs associated with the acquisition and integration of an acquired business. Adjusted other selling and administrative expenses is presented to provide additional perspective on underlying
trends in Mattels core other selling and administrative expenses.
Adjusted operating (loss) income
Adjusted operating income represents Mattels reported operating income, adjusted to exclude the impact of restructuring and restructuring-related
expenses and costs associated with the acquisition and integration of an acquired business. Adjusted operating income is presented to provide additional perspective on underlying trends in Mattels core operating results.
4
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NEWS RELEASE |
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Adjusted (loss) earnings per share
Adjusted earnings per share represents Mattels reported diluted earnings per common share, adjusted to exclude the impact of restructuring and
restructuring-related expenses, costs associated with the acquisition and integration of an acquired business, and certain tax benefits. Each adjustment is tax effected, if necessary, and divided by the reported weighted average number of common and
potential common shares to determine the per-share impact of the adjustment. Adjusted earnings per share is presented to provide additional perspective on underlying trends in Mattels core earnings.
Constant currency
Percentage changes in results
expressed in constant currency are presented excluding the impact from changes in currency exchange rates. To present this information, current period and prior period results for entities reporting in currencies other than US dollar are translated
to US dollars using consistent exchange rates, rather than using the actual exchange rate in effect during the respective periods. The difference between the current period and prior period results using the consistent exchange rates reflects the
changes in the underlying performance results, excluding the impact from changes in currency exchange rates. Mattel analyzes constant currency results to provide additional perspective on underlying trends in Mattels operating performance.
About Mattel
The Mattel family of companies
(Nasdaq: MAT) is the worldwide leader in the design, manufacture and marketing of toys and family products. Mattels 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 2014, Mattel ranked No. 5 on Corporate Responsibility Magazines 100 Best Corporate Citizens list. With
worldwide headquarters in El Segundo, Calif., Mattels companies employ 31,000 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.
# # #
MAT-FIN MAT-CORP
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MATTEL, INC. AND SUBSIDIARIES |
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EXHIBIT I |
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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For the Three Months Ended March 31, |
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(In millions, except per share and percentage information) |
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2015 |
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2014 |
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Yr / Yr |
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$ Amt |
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% Net Sales |
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$ Amt |
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% Net Sales |
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% Change |
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Net Sales |
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$ |
922.7 |
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$ |
946.2 |
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-2 |
% |
Cost of sales |
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472.3 |
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51.2 |
% |
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464.7 |
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49.1 |
% |
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2 |
% |
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Gross Profit |
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450.4 |
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48.8 |
% |
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481.5 |
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50.9 |
% |
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-6 |
% |
Advertising and promotion expenses |
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102.4 |
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11.1 |
% |
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90.8 |
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9.6 |
% |
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13 |
% |
Other selling and administrative expenses |
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402.5 |
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43.6 |
% |
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384.5 |
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40.6 |
% |
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5 |
% |
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Operating (Loss) Income |
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(54.5 |
) |
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-5.9 |
% |
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6.2 |
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0.7 |
% |
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-976 |
% |
Interest expense |
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20.4 |
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2.2 |
% |
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17.2 |
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1.8 |
% |
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18 |
% |
Interest (income) |
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(1.7 |
) |
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-0.2 |
% |
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(1.3 |
) |
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-0.1 |
% |
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30 |
% |
Other non-operating income, net |
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(0.3 |
) |
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Loss Before Income Taxes |
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(73.2 |
) |
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-7.9 |
% |
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(9.4 |
) |
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-1.0 |
% |
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676 |
% |
(Benefit) provision for income taxes |
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(15.0 |
) |
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1.8 |
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Net Loss |
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$ |
(58.2 |
) |
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-6.3 |
% |
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$ |
(11.2 |
) |
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-1.2 |
% |
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419 |
% |
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Net Loss Per Common Share - Basic |
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$ |
(0.17 |
) |
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$ |
(0.03 |
) |
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Weighted average number of common shares |
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338.6 |
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340.2 |
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Net Loss Per Common Share - Diluted |
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$ |
(0.17 |
) |
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$ |
(0.03 |
) |
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Weighted average number of common and potential common shares |
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338.6 |
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340.2 |
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MATTEL, INC. AND SUBSIDIARIES |
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EXHIBIT II |
CONDENSED CONSOLIDATED BALANCE SHEETS
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March 31, |
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December 31, |
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2015 |
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2014 |
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2014 (a) |
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(In millions) |
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(Unaudited) |
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Assets |
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Cash and equivalents |
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$ |
682.9 |
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$ |
897.3 |
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$ |
971.7 |
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Accounts receivable, net |
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699.7 |
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762.6 |
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1,094.5 |
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Inventories |
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640.3 |
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650.8 |
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561.8 |
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Prepaid expenses and other current assets |
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572.3 |
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507.9 |
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558.9 |
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Total current assets |
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2,595.2 |
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2,818.6 |
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3,186.9 |
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Property, plant, and equipment, net |
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715.6 |
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658.8 |
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737.9 |
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Other noncurrent assets |
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2,796.2 |
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2,394.6 |
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2,797.2 |
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Total Assets |
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$ |
6,107.0 |
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$ |
5,872.0 |
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$ |
6,722.0 |
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Liabilities and Stockholders Equity |
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Accounts payable and accrued liabilities |
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784.4 |
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661.0 |
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1,070.1 |
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Income taxes payable |
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10.5 |
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13.9 |
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18.8 |
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Total current liabilities |
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794.9 |
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674.9 |
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1,088.9 |
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Long-term debt |
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2,100.0 |
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1,600.0 |
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|
2,100.0 |
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Other noncurrent liabilities |
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|
545.5 |
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|
499.6 |
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|
584.0 |
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Stockholders equity |
|
|
2,666.6 |
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|
3,097.5 |
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|
2,949.1 |
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Total Liabilities and Stockholders Equity |
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$ |
6,107.0 |
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|
$ |
5,872.0 |
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$ |
6,722.0 |
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SUPPLEMENTAL BALANCE SHEET AND CASH FLOW DATA (Unaudited)
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March 31, |
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(In millions, except days and percentage information) |
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2015 |
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|
2014 |
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Key Balance Sheet Data: |
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Accounts receivable, net days of sales outstanding (DSO) |
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|
68 |
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73 |
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Total debt outstanding |
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$ |
2,100.0 |
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$ |
1,600.0 |
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Total debt-to-total capital ratio |
|
|
44.1 |
% |
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|
34.1 |
% |
|
|
|
|
Three Months Ended March 31, |
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(In millions) |
|
2015 (b) |
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|
2014 |
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Condensed Cash Flow Data: |
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|
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|
|
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Cash flows (used for) from operating activities |
|
$ |
(53 |
) |
|
$ |
61 |
|
Cash flows (used for) investing activities |
|
|
(92 |
) |
|
|
(30 |
) |
Cash flows (used for) financing activities and other |
|
|
(144 |
) |
|
|
(173 |
) |
|
|
|
|
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Decrease in cash and equivalents |
|
$ |
(289 |
) |
|
$ |
(142 |
) |
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(a) |
Certain balances related to the acquisition of MEGA Brands have been retrospectively adjusted to reflect their final acquisition-date fair values. |
(b) |
Amounts shown are preliminary estimates. Actual amounts will be reported in Mattels Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. |
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MATTEL, INC. AND SUBSIDIARIES |
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EXHIBIT III |
WORLDWIDE GROSS SALES INFORMATION
(Unaudited)
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
(In millions, except percentage information) |
|
2015 |
|
|
|
|
|
2014 |
|
|
|
|
Worldwide Gross Sales by Brand: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mattel Girls & Boys Brands |
|
$ |
605.2 |
|
|
|
|
|
|
$ |
656.9 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
-8 |
% |
|
|
|
|
|
|
-5 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-9 |
|
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
1 |
% |
|
|
|
|
|
|
-4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fisher-Price Brands |
|
|
264.0 |
|
|
|
|
|
|
|
271.4 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
-3 |
% |
|
|
|
|
|
|
-6 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-6 |
|
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
3 |
% |
|
|
|
|
|
|
-5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Girl Brands |
|
|
106.1 |
|
|
|
|
|
|
|
105.9 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
0 |
% |
|
|
|
|
|
|
5 |
% |
Construction and Arts & Crafts Brands |
|
|
38.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
6.6 |
|
|
|
|
|
|
|
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
|
$ |
1,020.2 |
|
|
|
|
|
|
$ |
1,041.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide Gross Sales - Mattel Girls & Boys Brands: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barbie |
|
$ |
146.0 |
|
|
|
|
|
|
$ |
169.9 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
-14 |
% |
|
|
|
|
|
|
-14 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-9 |
|
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
-5 |
% |
|
|
|
|
|
|
-13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Girls |
|
$ |
189.6 |
|
|
|
|
|
|
$ |
212.9 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
-11 |
% |
|
|
|
|
|
|
4 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-10 |
|
|
|
|
|
|
|
-2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
-1 |
% |
|
|
|
|
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wheels |
|
$ |
132.1 |
|
|
|
|
|
|
$ |
130.7 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
1 |
% |
|
|
|
|
|
|
-2 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-9 |
|
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
10 |
% |
|
|
|
|
|
|
-1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment |
|
$ |
137.5 |
|
|
|
|
|
|
$ |
143.4 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
-4 |
% |
|
|
|
|
|
|
-8 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
4 |
% |
|
|
|
|
|
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
|
$ |
605.2 |
|
|
|
|
|
|
$ |
656.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide Gross Sales by Region: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North American1 |
|
$ |
598.1 |
|
|
|
|
|
|
$ |
552.0 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
8 |
% |
|
|
|
|
|
|
-2 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
9 |
% |
|
|
|
|
|
|
-1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
$ |
422.1 |
|
|
|
|
|
|
$ |
489.2 |
|
|
|
|
|
% Change |
|
|
|
|
|
|
-14 |
% |
|
|
|
|
|
|
-7 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-16 |
|
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
2 |
% |
|
|
|
|
|
|
-6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
|
$ |
1,020.2 |
|
|
|
|
|
|
$ |
1,041.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
|
|
|
|
|
-2 |
% |
|
|
|
|
|
|
-4 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-8 |
|
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
6 |
% |
|
|
|
|
|
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP to GAAP Financial Measure: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales |
|
$ |
1,020.2 |
|
|
|
|
|
|
$ |
1,041.2 |
|
|
|
|
|
Sales Adjustments |
|
|
(97.5 |
) |
|
|
|
|
|
|
(95.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
922.7 |
|
|
|
|
|
|
$ |
946.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
|
|
|
|
|
-2 |
% |
|
|
|
|
|
|
-5 |
% |
Pos./(Neg.) Impact of Currency (in % pts) |
|
|
|
|
|
|
-7 |
|
|
|
|
|
|
|
-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change in Constant Currency |
|
|
|
|
|
|
5 |
% |
|
|
|
|
|
|
-4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Consists of United States, Canada, and American Girl. |
|
|
|
MATTEL, INC. AND SUBSIDIARIES |
|
EXHIBIT IV |
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
(In millions, except per share and percentage information) |
|
2015 |
|
|
2014 |
|
Other Selling and Administrative Expenses |
|
|
|
|
|
|
|
|
Other Selling and Administrative Expenses, As Reported |
|
$ |
402.5 |
|
|
$ |
384.5 |
|
% of Net Sales |
|
|
43.6 |
% |
|
|
40.6 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
MEGA Brands Integration & Acquisition Costs |
|
|
(7.7 |
) |
|
|
|
|
MEGA Brands Intangible Asset Amortization Expense |
|
|
(4.2 |
) |
|
|
|
|
Severance Expense |
|
|
(28.0 |
) |
|
|
(21.5 |
) |
|
|
|
|
|
|
|
|
|
Other Selling and Administrative Expenses, As Adjusted |
|
$ |
362.6 |
|
|
$ |
363.0 |
|
|
|
|
|
|
|
|
|
|
% of Net Sales |
|
|
39.3 |
% |
|
|
38.4 |
% |
Operating (Loss) Income |
|
|
|
|
|
|
|
|
Operating (Loss) Income, As Reported |
|
$ |
(54.5 |
) |
|
$ |
6.2 |
|
Adjustments: |
|
|
|
|
|
|
|
|
MEGA Brands Integration & Acquisition Costs |
|
|
7.7 |
|
|
|
|
|
MEGA Brands Intangible Asset Amortization Expense |
|
|
4.2 |
|
|
|
|
|
Severance Expense |
|
|
28.0 |
|
|
|
21.5 |
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income, As Adjusted |
|
$ |
(14.6 |
) |
|
$ |
27.7 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
|
|
|
|
Net Loss Per Common Share, As Reported |
|
$ |
(0.17 |
) |
|
$ |
(0.03 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
MEGA Brands Integration & Acquisition Costs |
|
|
0.02 |
|
|
|
|
|
MEGA Brands Intangible Asset Amortization Expense |
|
|
0.01 |
|
|
|
|
|
Severance Expense |
|
|
0.06 |
|
|
|
0.05 |
|
Discrete Tax Items |
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income Per Common Share, As Adjusted |
|
$ |
(0.08 |
) |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
Mattel (NASDAQ:MAT)
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