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Mattel Reports Third Quarter 2008 Financial Results
Mattel: Jay Cochran - 2008.10.20
Third Quarter Highlights

- Worldwide net sales up 6 percent;

- Domestic gross sales grew 4 percent and international gross sales increased 7 percent;

- Worldwide gross sales for core brands: Barbie® down 1 percent; Hot Wheels® down 1 percent; Core Fisher-Price® up 7 percent and American Girl® brands up 11 percent;

- Gross margin decreased 80 basis points of net sales; SG&A decreased by 10 basis points of net sales;

- Operating income was $315.3 million compared to operating income of $310.5 million in the third quarter of 2007; and

- Earnings per share of $0.66 vs. prior year of $0.61

Mattel, Inc. (NYSE: MAT) today reported 2008 third quarter financial results. For the quarter, the company reported net income of $238.1 million, or $0.66 per share, compared to last year’s third quarter net income of $236.8 million, or $0.61 per share.

“In light of the recent global economic environment, our business performed well in the quarter,” said Robert A. Eckert, chairman and chief executive officer of Mattel, Inc. “The all-important holiday season, however, is ahead of us, and fortunately, we’ve got some of the industry’s hottest toys that deliver terrific play value for both parent and child.”

Financial Overview

For the quarter, net sales were $1.95 billion, up 6 percent compared to $1.84 billion last year, including favorable changes in currency exchange rates of 2 percentage points. On a regional basis, third quarter gross sales increased 4 percent in the U.S. and increased 7 percent in international markets, including favorable changes in currency exchange rates of 6 percentage points. Operating income for the quarter was $315.3 million, compared to prior year’s operating income for the quarter of $310.5 million.

The company’s debt-to-total-capital ratio was 37 percent. Consistent with the seasonality of the business, during the first nine months, the company’s cash and equivalents declined by approximately $454 million. This compares to a decline of $929 million in the first nine months of 2007.

Sales by Business Unit

Mattel Girls and Boys Brands

For the third quarter, worldwide gross sales for the Mattel Girls & Boys Brands business unit were $1.21 billion, up 6 percent versus a year ago. Worldwide gross sales for the Barbie® brand declined 1 percent compared to last year, with modest domestic growth offset by international declines. Worldwide gross sales for Other Girls Brands were up 26 percent, driven primarily by Disney’s High School Musical dolls. Worldwide gross sales for the Wheels category, which includes the Hot Wheels®, Matchbox® and Tyco® R/C brands, were up 7 percent. Worldwide gross sales for the Entertainment business, which includes Radica® and Games and Puzzles, grew 3 percent for the quarter, mostly attributable to shipments of products tied to the movie properties Batman®: The Dark Knight™, Speed Racer™, and Kung Fu Panda™.

Fisher-Price Brands

Third quarter worldwide gross sales for the Fisher-Price Brands business unit, which includes the Fisher-Price® Core, Fisher-Price® Friends and Power Wheels® brands, were $833.1 million, or up 4 percent versus the prior year, primarily due to growth in Fisher-Price® Core, partially offset by declines in Fisher-Price® Friends and Power Wheels®.

American Girl Brands

Third quarter gross sales for the American Girl Brands business unit, which offers American Girl® branded products directly to consumers, were $78.8 million, up 11 percent versus last year, driven by strong sales of products tied to the Kit Kittredge® movie, and additional sales in the Atlanta and Dallas boutiques, which opened in the second half of 2007.

Live Webcast

Mattel will webcast its 2008 third quarter earnings conference call at 8 a.m. Eastern time (5 a.m. Pacific time) today. The conference call will be webcast on the "Investors & Media" section of the company's corporate Web site, www.mattel.com. To listen to the live call, log on to the Web site at least 15 minutes early to register, download and install any necessary audio software. An archive of the webcast will be available on the company's Web site 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 11:30 a.m. Eastern time the morning of the call, until midnight Eastern time on Oct. 24th and may be accessed by dialing + (719) 457-0820. The passcode is 3333641.

Information required by Securities and Exchange Commission Regulation G, regarding non-GAAP financial measures, as well as other financial and statistical information, will be available at the time of the webcast on the “Investors & Media” section of www.mattel.com, under the sub-headings “Financial Information” – “Earnings Releases.”

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