MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE
THREE MONTHS ENDED
MARCH 31, MARCH 31,
(In thousands, except per share amounts) 1999 1998
Net Sales $692,116 $705,164
Cost of sales 375,379 381,246
Gross Profit 316,737 323,918
Advertising and promotion expenses 92,051 98,081
Other selling and administrative
expenses 209,414 183,791
Other expense, net 2,269 185
Operating Profit Before Amortization 13,003 41,861
Amortization of intangibles 13,153 7,713
Operating (Loss) Profit (150) 34,148
Interest expense 24,858 16,392
(Loss) Income Before Income Taxes (25,008) 17,756
(Benefit) provision for income taxes (7,152) 5,087
Net (Loss) Income (17,856) 12,669
Less: dividends on convertible
preferred stock 1,990 1,990
Net (Loss) Income Applicable to
Common Shares $(19,846) $10,679
Net (Loss) Income Per Share - Basic (a) $(0.07) $0.04
Average Number of Common Shares
Outstanding - Basic 286,153 293,048
MATTEL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, MARCH 31, DEC. 31,
(In thousands) 1999 1998 1998
Assets
Cash $50,215 $331,884 $212,454
Accounts receivable, net 880,360 987,906 983,050
Inventories 567,658 531,623 584,358
Prepaid expenses and other
current assets 290,673 251,397 277,948
Total current assets 1,788,906 2,102,810 2,057,810
Property, plant and equipment,
net 733,535 602,793 736,457
Other assets 1,454,893 738,191 1,467,898
Total Assets $3,977,334 $3,443,794 $4,262,165
Liabilities and Stockholders'
Equity
Short-term borrowings $259,435 $18,204 $134,006
Current portion of long-term
liabilities 33,401 13,577 33,518
Accounts payable and accrued
liabilities 620,385 636,684 944,434
Income taxes payable 175,535 134,284 205,253
Total current liabilities 1,088,756 802,749 1,317,211
Senior notes 400,000 100,000 400,000
Medium-term notes 540,500 520,500 540,500
Long-term debt 42,856 54,089 43,007
Other long-term liabilities 148,953 126,210 141,249
Stockholders' equity 1,756,269 1,840,246 1,820,198
Total Liabilities and
Stockholders' Equity $3,977,334 $3,443,794 $4,262,165
(a) The impact of amortization of intangibles, net of taxes, on (loss)
income per share for the period ended March 1999 was $0.03 compared to
$0.02 in 1998.
SOURCE: Mattel, Inc. |
