Mattel 2003 Annual Report Download - page 61

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MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year
2003 2002 2001
(In thousands, except per share amounts)
Net Sales (See Note 1) ....................................... $4,960,100 $4,885,340 $4,687,924
Cost of sales (See Note 1) ..................................... 2,530,617 2,524,353 2,538,990
Gross Profit ............................................... 2,429,483 2,360,987 2,148,934
Advertising and promotion expenses ............................ 636,105 552,502 543,554
Other selling and administrative expenses ........................ 1,002,899 1,050,344 964,239
Amortization of goodwill ..................................... — — 46,121
Restructuring and other charges ................................ 4,769 24,600 15,700
Operating Income .......................................... 785,710 733,541 579,320
Interest expense ............................................. 80,577 113,897 155,132
Interest (income) ............................................ (18,966) (17,724) (15,481)
Other non-operating (income) expense, net ....................... (16,755) 15,871 9,659
Income From Continuing Operations Before Income Taxes ....... 740,854 621,497 430,010
Provision for income taxes .................................... 203,222 166,455 119,090
Income From Continuing Operations .......................... 537,632 455,042 310,920
Discontinued Operations (See Note 14)
Gain from discontinued operations, net of tax ..................... — 27,253 —
Income Before Cumulative Effect of Change in Accounting
Principles ............................................... 537,632 482,295 310,920
Cumulative effect of change in accounting principles, net of tax ....... — (252,194) (12,001)
Net Income ................................................ $ 537,632 $ 230,101 $ 298,919
Income (Loss) Per Common Share—Basic
Income from continuing operations ............................. $ 1.23 $ 1.04 $ 0.72
Gain from discontinued operations .............................. — 0.06 —
Cumulative effect of change in accounting principles ............... — (0.58) (0.03)
Net income ................................................ $ 1.23 $ 0.52 $ 0.69
Weighted average number of common shares ..................... 437,020 435,790 430,983
Income (Loss) Per Common Share—Diluted
Income from continuing operations ............................. $ 1.22 $ 1.03 $ 0.71
Gain from discontinued operations .............................. — 0.06 —
Cumulative effect of change in accounting principles ............... — (0.57) (0.03)
Net income ................................................ $ 1.22 $ 0.52 $ 0.68
Weighted average number of common and common equivalent
shares ................................................... 442,231 441,292 436,166
Dividends Declared Per Common Share ........................ $ 0.40 $ 0.05 $ 0.05
The accompanying notes are an integral part of these statements.
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