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MATTEL REPORTS RECORD 1991 FOURTH QUARTER AND FULL-YEAR SALES AND EARNINGS

 MATTEL REPORTS RECORD 1991 FOURTH QUARTER
 AND FULL-YEAR SALES AND EARNINGS
 LOS ANGELES, Feb. 6 /PRNewswire/ -- Mattel Inc. (NYSE: MAT) today reported that 1991 income increased 29 percent to a record $118.0 million or $1.85 per share before an extraordinary charge related to the early retirement of
high-cost debt. After the debt retirement, and on a fully diluted basis, net income was a record $112.8 million or $1.73 per share, up from $91.2 million or $1.44 per share in 1990.
 Net sales also reached record levels, up 10 percent to $1.62 billion from $1.47 billion in 1990.
 For the fourth quarter ended Dec. 31, 1991, net income was at a record level of $29.3 million or $.45 per share, double the $14.7 million or $.23 per share reported for the 1990 quarter. Net sales for the fourth quarter were also a record at $514 million, up 20 percent from $428 million last year.
 "1991 was Mattel's third year of record income and sales," John W. Amerman, chairman and chief executive officer, said. "In the past three years we have more than tripled income, and increased sales by 60 percent.
 "Our continuing strong performance in the face of a worldwide recession demonstrates the stability of Mattel's business," Amerman said. "The excellent volume momentum of the fourth quarter, tied to enthusiastic early reception of our product line by retail buyers, supports our outlook for another excellent growth year in 1992.
 "We ended the year with an extremely sound balance sheet," he said. "Cash and marketable securities were at $197 million, more than the total amount of debt outstanding. Despite a 10 percent growth in revenues, inventories declined vs. year-end 1990."
 The 1991 debt retirement charge of $5.2 million was related to redemption of $62 million of short-term auction rate (STAR) preferred stock and $100 million of 14-3/4 percent subordinated sinking fund debentures. A five-for-four split of the company's common stock resulting in a 25 percent dividend increase was effective in November 1991.
 Mattel Inc. 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 For The
 Three Months Ended Year Ended
 Dec. 31, Dec. 29 Dec. 31, Dec. 29,
 1991 1990 1991 1990
 Net sales $513,590 $428,251 $1,621,726 $1,470,631
 Cost of sales 262,482 227,868 824,696 769,397
 Gross profit 251,108 200,383 797,030 701,234
 Advertising
 and promotion
 expenses 88,780 73,088 251,233 227,360
 Other selling
 and administra-
 tive expenses 97,915 92,238 308,089 291,106
 Other income,
 net (645) (872) (4,789) (3,853)
 Operating profit 65,058 35,929 242,497 186,621
 Interest expense 16,888 14,474 53,628 47,436
 Income before income
 taxes and extra-
 ordinary item 48,170 21,455 188,869 139,185
 Provision for
 income taxes 18,900 6,800 70,800 48,000
 Income before
 extraordinary
 item 29,270 14,655 118,069 91,185
 Extraordinary
 item -- debt
 retirement --- --- (5,236) ---
 Net income $29,270 $14,655 $112,833 $91,185
 Income Per Share --
 Primary
 Income before
 extraordinary
 item $0.46 $0.23 $1.85 $1.44
 Extraordinary
 item -- debt
 retirement --- --- (0.08) ---
 Net income per
 share -- primary $0.46 $0.23 $1.77 $1.44
 Average number of
 common and common
 equivalent shares
 outstanding --
 primary 64,220 63,569 63,823 63,406
 Income Per Share --
 Fully Diluted
 Income before
 extraordinary
 item $0.45 $0.23 $1.81 $1.44
 Extraordinary item
 -- debt retirement --- --- (0.08) ---
 Net income per
 share -- fully
 diluted $0.45 $0.23 $1.73 $1.44
 Average number of
 common and common
 equivalent shares
 outstanding --
 fully diluted 68,568 63,569 67,542 63,406
 Condensed Consolidated Balance Sheets
 (in thousands)
 Dec. 31, Dec. 29
 1991 1990
 Assets
 Cash, cash equivalents
 and marketable securities $197,383 $197,922
 Accounts receivable, net 335,653 259,549
 Inventories 145,197 150,837
 Prepaid expenses 30,410 18,927
 Total current assets 708,643 627,235
 Property, plant and equipment, net 208,140 209,406
 Other assets 143,912 93,134
 Total assets $1,060,695 $929,775
 Liabilities and Shareholders' Equity
 Current portion of long-term
 liabilities $785 $1,134
 Accounts payable and accrued
 liabilities 349,626 302,244
 Income taxes payable 49,544 27,722
 Total current liabilities 399,955 331,100
 Long-term debt 87,691 168,113
 Other long-term liabilities 37,439 40,096
 Convertible debt 97,349 ---
 Preferred stock of financing
 subsidiary --- 62,500
 Shareholders' equity 438,261 327,966
 Total liabilities and shareholders'
 equity $1,060,695 $929,775
 -0- 2/6/92
 /CONTACT: Glenn Bozarth of Mattel, 310-524-3521/
 (MAT) CO: Mattel Inc. ST: California IN: HOU SU: ERN


AL-CH -- LA016 -- 7764 02/06/92 13:19 EST
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