Financials:
MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE FOR THE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30,
1999 1998(a) 1999(a) 1998(a)
(In thousands, except per share amounts)
Net Sales $1,825,247 $1,884,843 $3,744,360 $3,802,852
Cost of sales 957,961 888,753 1,926,076 1,857,634
Gross Profit 867,286 996,090 1,818,284 1,945,218
Advertising and
promotion expenses 296,436 281,726 549,670 535,931
Other selling and
administrative
expenses 331,934 278,059 836,562 783,553
Charge for incomplete
technology (b) 0 0 0 56,826
Restructuring and other
charges (b) 0 97,088 348,889 133,205
Other (income) expense,
net (846) 8,870 (8,845) (1,199)
Operating Profit Before
Amortization 239,762 330,347 92,008 436,902
Amortization of
intangibles 22,765 20,674 65,193 103,365
Operating Profit 216,997 309,673 26,815 333,537
Interest expense 41,019 42,346 102,463 83,609
Income (Loss) Before
Income Taxes 175,978 267,327 (75,648) 249,928
Provision (benefit)
for income taxes 40,645 98,593 (11,696) 132,573
Net Income (Loss) 135,333 168,734 (63,952) 117,355
Less: dividends on
convertible
preferred stock 0 1,990 3,980 5,970
Net Income (Loss)
Applicable to
Common Shares $135,333 $166,744 $(67,932) $111,385
Net Income (Loss)
Per Share -
Basic (c) (d) $0.32 $0.42 $(0.17) $0.29
Average Number of
Common Shares
Outstanding -
Basic (d) 425,148 399,218 410,316 387,020
Net Income (Loss)
Per Share -
Diluted (c) (d) $0.32 $0.39 $(0.17) $0.27
Average Number of
Common and Common
Equivalent Shares
Outstanding -
Diluted (d) 429,455 435,123 410,316 419,870
MATTEL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPT. 30, SEPT. 30, DEC. 31,
(In thousands) 1999 1998(a) 1998(a)
Assets
Cash $92,714 $377,385 $469,213
Accounts receivable, net 2,000,868 1,898,943 1,150,051
Inventories 742,704 808,555 644,270
Prepaid expenses and other
current assets 471,147 377,053 371,772
Total current assets 3,307,433 3,461,936 2,635,306
Property, plant and
equipment, net 727,941 742,691 763,121
Other assets 1,700,483 1,774,757 1,748,958
Total Assets $5,735,857 $5,979,384 $5,147,385
Liabilities and Stockholders'
Equity
Short-term borrowings $945,447 $917,228 $199,006
Current portion of
long-term liabilities 133,285 13,769 33,666
Accounts payable and
accrued liabilities 1,213,872 1,246,344 1,111,304
Income taxes payable 194,162 280,257 299,058
Total current
liabilities 2,486,766 2,457,598 1,643,034
Senior notes 500,955 590,955 600,955
Medium-term notes 540,500 520,500 540,500
Long-term debt 42,893 43,154 43,007
Other long-term
liabilities 159,581 143,362 149,086
Stockholders' equity 2,005,162 2,223,815 2,170,803
Total Liabilities and
Stockholders' Equity $5,735,857 $5,979,384 $5,147,385
(a) Consolidated results are restated for the May 1999 merger with The
Learning Company.
(b) Represents nonrecurring charges of $270 million and $147 million,
net of taxes, for integration, restructuring and other charges recorded in
the first nine months of 1999 and 1998, respectively. Charges for the
third quarter of 1998 represent restructuring and other nonrecurring
charges of $65 million, net of taxes.
(c) Income per share for the 1998 quarter, before the $0.15 per share
effect of the nonrecurring charges, was $0.54 per share.Income per share
for the nine months ended September 1999, before the $0.66 per share
effect of the nonrecurring charges, was $0.49 per share. Income per
share for the nine months ended September 1998, before the $0.35 per share
effect of the nonrecurring charges, was $0.62 per share.
(d) Share and per share data for all periods presented reflect the
retroactive effect of shares issued pursuant to the merger with The
Learning Company.
SOURCE: Mattel, Inc. |
