mattel inc (MAT) Key Developments
Mattel, Inc. Announces Executive Changes
Feb 18 15
On February 13, 2015, Mattel, Inc. and H. Scott Topham, Senior Vice President and Corporate Controller (Principal Accounting Officer), agreed pursuant to the terms of the 2015 Voluntary Mattel Retirement Plan that Mr. Topham will cease serving in such positions effective no later than June 30, 2015.
Mattel Names Christopher Sinclair as New Chairman and Interim CEO
Feb 13 15
Mattel, Inc. has named Christopher Sinclair as the new chairman and interim CEO. The company also announced that Bryan G. Stockton has resigned as Mattel's Chairman and CEO and resigned from the Board of Directors. Mr. Sinclair, who has served as a member of Mattel's Board of Directors since 1996 and as Independent Lead Director since 2011, has extensive experience in leading global, multi-brand,
consumer-focused companies. In addition to leadership roles at prominent venture capital and private equity
firms, Mr. Sinclair was Chairman and CEO of Caribiner International, Inc. from 1999-2000, President and CEO of Quality Food, Inc. from 1996-1998, and prior to that served in senior roles at PepsiCo, including as Chairman and CEO of Pepsi-Cola Company, and President and CEO of PepsiCo Foods & Beverages International and Pepsi-Cola International. He also served as Chair of Mattel's Audit Committee.
Mattel, Inc. Announces Preliminary Earnings Results for the Fourth Quarter and Full Year of 2014
Jan 26 15
Mattel, Inc. announced preliminary earnings results for the fourth quarter and full year of 2014. For the quarter, sales fell 5.7% to $1.99 billion from a
year earlier, and earnings per share dropped 58.9% to 44 cents.
For the full year, worldwide sales fell 7.1% to $6.02 billion, and earnings per share dropped 43.8% to $1.45.
Mattel, Inc. Announces First Quarter Cash Dividend, Payable on March 6, 2015; Announces Management Changes; Announces Unaudited Consolidated Earnings Results Fourth Quarter and Full Year Ended December 31, 2014
Jan 26 15
Mattel, Inc. announced a first quarter cash dividend of $0.38 per share which is flat compared to the first quarter of 2014. The dividend will be payable on March 6, 2015 to stockholders of record on February 19, 2015.
The company announced that Christopher A. Sinclair has been named the company's Chairman and Interim Chief Executive Officer, effective immediately. The company also announced that Bryan G. Stockton has resigned as the company's Chairman and Chief Executive Officer and resigned from the board of directors. Mr. Sinclair, who has served as a member of the company's board of directors since 1996 and as Independent Lead Director since 2011, has extensive experience in leading global, multi-brand, consumer-focused companies.
The company announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company reported net income of $149.9 million, or $0.44 per share, which includes a negative impact of $0.05 per share from MEGA Brands integration costs and a negative tax impact of $0.03 per share, compared to net income of $369.2 million, or $1.07 per share, in the fourth quarter of 2013. Worldwide net sales in the fourth quarter were $1.99 billion, down 6%, including an unfavorable impact from changes in currency exchange rates of 3 percentage points, compared to $2.11 billion last year. Operating income for the quarter was $237.0 million compared to $479.3 million in the fourth quarter of 2013. Income before income taxes was $216.5 million against $461.9 million a year ago. For the fourth quarter, Mattel posted an adjusted profit of 52 cents per share.
For the year, the company reported net income of $498.9 million, or $1.45 per share, which includes a negative impact of $0.16 per share from MEGA Brands acquisition and integration costs and a tax benefit of $0.13 per share, compared to net income of $903.9 million, or $2.58 per share, in 2013, which included a tax benefit of $0.09. Worldwide net sales were $6.02 billion, down 7%, including an unfavorable impact from changes in currency exchange rates of 2 percentage points, compared to $6.48 billion last year. Operating income for the year was $653.7 million compared to $1.17 billion in 2013. For the year, net cash flows from operating activities were approximately $889 million, an increase of $191 million over approximately $698 million in 2013. The increase was primarily driven by reductions in working capital, partially offset by lower net income. Income before income taxes was $586.9 million against $1,099.1 million a year ago. Mattel's full-year adjusted profit was $1.48 per share.
Mattel, Inc. Announces Executive Changes
Jan 13 15
Mattel, Inc. announced key changes to the company’s executive leadership team, effective immediately. Richard Dickson and Tim Kilpin will assume expanded responsibilities as President, Chief Brands Officer and President, Chief Commercial Officer, respectively. Both Mr. Dickson and Mr. Kilpin will report to Mattel Chairman and CEO, Bryan G. Stockton. Mr. Dickson will continue to oversee worldwide brand, design, development and marketing strategies for the Mattel and Fisher-Price® portfolio of core brands, including Barbie®, Hot Wheels® and Thomas & Friends®. Mr. Dickson will assume additional responsibility for the company’s global consumer insights, marketing communications, innovation and digital initiatives groups. Mr. Dickson was appointed Chief Brands Officer in 2014, having previously served as president and CEO of branded businesses at The Jones Group, Inc. Mr. Kilpin will now direct the company’s sales and marketing operations globally. Mr. Kilpin will continue to be responsible for further strengthening Mattel’s presence in developed and emerging markets throughout Europe, Latin America and Asia. In addition, Mr. Kilpin will assume additional responsibility for the North American division, with oversight of all sales and marketing activity in the United States and Canada. Mr. Kilpin was appointed Executive Vice President, International in 2014. He has held a variety of leadership positions with Mattel and The Walt Disney Company over the course of his career, having first joined Mattel in 1984.