Mattel 2004 Annual Report Download - page 64

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MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Year
2004 2003 2002
(In thousands, except per share amounts)
Net Sales (See Note 1) ....................................... $5,102,786 $4,960,100 $4,885,340
Cost of sales (See Note 1) ..................................... 2,692,061 2,530,617 2,524,353
Gross Profit ............................................... 2,410,725 2,429,483 2,360,987
Advertising and promotion expenses ............................ 642,967 636,105 552,502
Other selling and administrative expenses ........................ 1,036,941 1,002,899 1,050,344
Restructuring and other charges ................................ — 4,769 24,600
Operating Income .......................................... 730,817 785,710 733,541
Interest expense ............................................. 77,764 80,577 113,897
Interest (income) ............................................ (19,683) (18,966) (17,724)
Other non-operating (income) expense, net ....................... (23,518) (16,755) 15,871
Income From Continuing Operations Before Income Taxes ....... 696,254 740,854 621,497
Provision for income taxes .................................... 123,531 203,222 166,455
Income From Continuing Operations .......................... 572,723 537,632 455,042
Discontinued Operations (See Note 14)
Gain from discontinued operations, net of tax ..................... — — 27,253
Income Before Cumulative Effect of Change in Accounting
Principle ................................................ 572,723 537,632 482,295
Cumulative effect of change in accounting principle, net of tax ....... — — (252,194)
Net Income ................................................ $ 572,723 $ 537,632 $ 230,101
Net Income Per Common Share—Basic
Income from continuing operations ............................. $ 1.37 $ 1.23 $ 1.04
Gain from discontinued operations .............................. — — 0.06
Cumulative effect of change in accounting principle ................ — — (0.58)
Net income per common share—basic ........................... $ 1.37 $ 1.23 $ 0.52
Weighted average number of common shares ..................... 419,235 437,020 435,790
Net Income Per Common Share—Diluted
Income from continuing operations ............................. $ 1.35 $ 1.22 $ 1.03
Gain from discontinued operations .............................. — — 0.06
Cumulative effect of change in accounting principle ................ — — (0.57)
Net income per common share—diluted .......................... $ 1.35 $ 1.22 $ 0.52
Weighted average number of common and common equivalent
shares ................................................... 423,093 442,231 441,292
Dividends Declared Per Common Share ........................ $ 0.45 $ 0.40 $ 0.05
The accompanying notes are an integral part of these statements.
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