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Mattel Reports 2012 Financial Results And Declares Quarterly Dividend

Mattel, Inc. (NASDAQ:MAT) today reported 2012 fourth quarter and full-year financial results. For the fourth quarter, the Company reported net income of $306.5 million, or $0.87 per share, and adjusted net income of $393.6 million, or $1.12 per share, excluding the litigation charge discussed below, compared to last year’s fourth quarter net income of $370.6 million, or $1.07 per share. For the year, the Company reported net income of $776.5 million, or $2.22 per share, and adjusted net income of $863.6 million, or $2.47 per share, excluding the litigation charge, compared to last year’s net income of $768.5 million, or $2.18 per share.

"We had another great year at Mattel with record sales for both total company and our International division, stronger gross margins and our second year of more than $1 billion in operating profit,” said Bryan G. Stockton, chairman and chief executive officer of Mattel. “These results are particularly gratifying given the challenging global economic and cost environment."

Financial Overview

For the fourth quarter, net sales were $2.26 billion, a 5% increase from $2.15 billion last year, including an unfavorable impact of changes in currency exchange rates of 1 percentage point. On a regional basis, fourth quarter gross sales were up 5% in the North American Region, which consists of the U.S., Canada and American Girl, including a favorable impact of currency exchange rates of 1 percentage point. For the International Region, gross sales increased 8%, including an unfavorable impact of currency exchange rates of 2 percentage points. Operating income for the quarter was $373.5 million. Adjusted operating income was $511.3 million, or 22.7% of net sales, excluding the litigation charge, compared to the prior year’s operating income for the quarter of $497.5 million.

For the year, net sales were $6.42 billion, a 2% increase from $6.27 billion last year, including an unfavorable impact of changes in currency exchange rates of 2 percentage points. On a regional basis, full-year gross sales were up 2% in the North American Region, with no impact from changes in currency exchange rates. For the International Region, gross sales were up 4%, including an unfavorable impact of currency exchange rates of 6 percentage points. Operating income for the year was $1.02 billion. Adjusted operating income was $1.16 billion, or 18.0% of net sales, excluding the litigation charge, compared to the prior year’s operating income of $1.04 billion.

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