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MATTEL REPORTS 40 PERCENT EARNINGS PER SHARE INCREASE ON 22 PERCENT SALES GROWTH

 MATTEL REPORTS 40 PERCENT EARNINGS PER SHARE INCREASE
 ON 22 PERCENT SALES GROWTH
 LOS ANGELES, April 15 /PRNewswire/ -- Mattel Inc. (NYSE: MAT) today reported earnings per share of $.21 for the first quarter ended March 31, 1992, up 40 percent from $.15 in the 1991 first quarter. Net income for the quarter was $14.8 million, up from $11.2 million last year.
 Net sales for the 1992 quarter reached the record level of $326 million, up 22 percent from $268 million in 1991.
 "First quarter sales for Mattel USA were up an impressive 40 percent," John W. Amerman, Mattel's chairman and chief executive officer, said. "Sales for Mattel International increased 8 percent from first quarter 1991 levels, before the impact of foreign exchange. This is a significant achievement in light of weak economic conditions outside of the U.S.," he said.
 "These results demonstrate continuation of excellent sales and profit momentum, and an outlook for sustained double-digit growth," Amerman said.
 Amerman said that the company's core Barbie, Disney, large doll and die-cast vehicle franchises continue to show excellent growth and represented approximately 80 percent of total first quarter sales. He also said that Mattel efforts to enter new product categories are succeeding, as witnessed by strong orders for toys in the games, activity toy and plush categories introduced to retail buyers in February.
 Mattel Inc., with annual revenues of $1.65 billion for 1991, is a worldwide leader in the design, manufacture and marketing of children's toys. With headquarters in El Segundo, Calif., Mattel has offices and facilities in more than 20 foreign countries and sells its products in more than 100 nations throughout the world.
 MATTEL INC. AND SUBSIDIARIES
 Consolidated Results of Operations
 (In thousands, except per share amounts)
 For the Three Months Ended
 March 31, March 30,
 1992 1991 (a)
 Net sales $326,106 $267,992
 Cost of sales 170,903 141,946
 Gross profit 155,203 126,046
 Advertising
 and promotion
 expenses 46,177 38,461
 Other selling
 and administra-
 tive expenses 77,462 64,138
 Other (income), net (378) (3,072)
 Operating profit 31,942 26,519
 Interest expense 8,646 9,424
 Income before income taxes 23,296 17,095
 Provision for income taxes 8,500 5,888
 Net income $14,796 $11,207
 Net income per share $0.21 $0.15
 Average number of
 common and common
 equivalent shares
 outstanding 65,116 64,932
 Condensed Consolidated Balance Sheets
 (in thousands)
 March 31, March 30, Dec. 31,
 1992 1991 (a) 1991 (a)
 Assets
 Cash, cash
 equivalents and
 marketable
 securities $68,437 $180,041 $207,133
 Accounts receivable,
 net 431,033 325,566 342,212
 Inventories 205,007 154,633 146,433
 Prepaid expenses 32,862 12,410 30,510
 Total current assets 737,339 672,650 726,288
 Property, plant and
 equipment, net 208,751 203,121 209,488
 Other assets 157,407 108,868 163,456
 Total assets $1,103,497 $984,639 $1,099,232
 Liabilities and Shareholders' Equity
 Notes payable to
 banks $131,071 $45,757 $--
 Current portion of
 long-term
 liabilities 5,515 5,593 5,705
 Accounts payable and
 accrued liabilities 245,612 196,083 354,422
 Income taxes payable 51,994 24,868 50,378
 Total current
 liabilities 434,192 272,301 410,505
 Long-term debt 94,035 177,555 96,111
 Other long-term
 liabilities 37,237 42,864 45,029
 Convertible debt 97,397 97,245 97,349
 Preferred stock of
 financing subsidiary -- 62,500 --
 Shareholders' equity 440,636 332,174 450,238
 Total liabilities and
 shareholders'
 equity $1,103,497 $984,639 $1,099,232
 (a) Restated for the merger with International Games Inc.
 -0- 4/15/92
 /CONTACT: Glenn Bozarth of Mattel, 310-524-3521/
 (MAT) CO: Mattel Inc. ST: California IN: HOU SU: ERN


AL-CH -- LA017 -- 8687 04/15/92 12:17 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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