FOR IMMEDIATE RELEASE CONTACT: Glenn Bozarth
April 18, 1995 (310) 252-3521
MATTEL REPORTS FIRST QUARTER RESULTS
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LOS ANGELES, April 18 -- Mattel, Inc. today reported first quarter
net income of $27.0 million or $.12 per share, up 12 percent from
$24.1 million or $.10 per share in 1994. Net sales were $543.6
million, up 12 percent from $487.3 million for the same quarter
last year.
"The strong Mattel momentum shown at the end of 1994 continues
in 1995, with consumer and retail trade demand remaining excellent
for our core product lines -- Barbie, Fisher-Price, Disney and Hot
Wheels," John W. Amerman, Mattel's chairman and chief executive
officer, said.
"In total, these core brand sales that account for approximately
80 percent of Mattel's volume grew 15 percent in the first quarter,
versus the year-ago period," Amerman said. "We're also benefitting
from outstanding consumer demand for additional products such as
Polly Pocket and Street Sharks, which are currently two of the most
sought-after toys at retail.
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"While the majority of our business occurs in the second half
of the year, the strong early retail trade and consumer response
gives us confidence we will meet our 1995 targets, and Mattel will
achieve its seventh consecutive year of record sales and earnings,"
Amerman said.
Mattel, Inc. is the worldwide leader in the design, manufacture
and marketing of children's toys. With headquarters in El Segundo,
California, Mattel has offices and facilities in 36 countries and
sells its products in more than 140 nations throughout the world.
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MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE
THREE MONTHS ENDED
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March 31, March 31,
(In thousands, except per share amounts) 1995 1994
- ---------------------------------------- ---------- ----------
Net sales $ 543,570 $ 487,271
Cost of sales 284,545 249,167
---------- ----------
Gross profit 259,025 238,104
Advertising and promotion expenses 78,600 71,630
Other selling and administrative expenses 131,918 116,797
Other (income) expense, net (3,414) 3,285
---------- ----------
Operating Profit 51,921 46,392
Interest expense 11,077 8,123
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Income Before Income Taxes 40,844 38,269
Provision for income taxes 13,886 14,200
---------- ----------
Net Income $ 26,958 $ 24,069
========== ==========
Net Income Per Share (a) $ 0.12 $ 0.10
========== ==========
Average Number of Common and Common
Equivalent Shares Outstanding 223,883 218,796
========== ==========
MATTEL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, March 31, Dec. 31,
(In thousands) 1995 1994 1994
- -------------- ----------- ----------- -----------
ASSETS
Cash and marketable securities $ 89,349 $ 201,993 $ 259,681
Accounts receivable, net 701,190 607,448 762,024
Inventories 414,184 244,864 339,143
Prepaid expenses and other current assets 202,915 145,223 182,675
----------- ----------- -----------
Total current assets 1,407,638 1,199,528 1,543,523
Property, plant and equipment, net 429,983 333,585 415,921
Other assets 500,845 198,181 499,582
----------- ----------- -----------
Total Assets $ 2,338,466 $ 1,731,294 $ 2,459,026
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable, net $ 167,820 $ - $ -
Current portion of long-term liabilities 2,547 4,041 3,095
Accounts payable and accrued liabilities 444,446 386,702 748,392
Income taxes payable 162,048 93,158 164,394
----------- ----------- -----------
Total current liabilities 776,861 483,901 915,881
Long-term debt 264,810 251,308 264,483
Medium-Term notes 110,500 - 110,500
Other long-term liabilities 84,058 75,635 82,472
Shareholders' equity 1,102,237 920,450 1,085,690
----------- ----------- -----------
Total Liabilities and Shareholders' Equity $ 2,338,466 $ 1,731,294 $ 2,459,026
=========== =========== ===========
<FN>
(a) Share and per share data for the 1994 first quarter reflect the retroactive effect
of a 5/4 stock split declared in December 1994.