Mattel 2011 Annual Report Download - page 110

Download and view the complete annual report

Please find page 110 of the 2011 Mattel annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

Note 16—Quarterly Financial Information (Unaudited)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
(In thousands, except per share amounts)
Year Ended December 31, 2011:
Net sales ......................................... $951,856 $1,161,667 $1,998,760 $2,153,754
Gross profit ....................................... 473,147 556,241 956,074 1,160,364
Advertising and promotion expenses ................... 101,849 116,167 219,864 261,367
Other selling and administrative expenses ............... 334,540 330,807 338,640 401,491
Operating income .................................. 36,758 109,267 397,570 497,506
Income before income taxes .......................... 21,261 94,888 385,671 468,853
Net income (a) .................................... 16,607 80,529 300,795 370,577
Net income per common share—basic ................. $ 0.05 $ 0.23 $ 0.87 $ 1.08
Weighted average number of common shares ............ 349,072 347,133 343,191 339,386
Net income per common share—diluted ................ $ 0.05 $ 0.23 $ 0.86 $ 1.07
Weighted average number of common and potential
common shares .................................. 352,707 350,944 346,792 343,492
Dividends declared per common share ................. $ 0.23 $ 0.23 $ 0.23 $ 0.23
Common stock market price:
High ........................................ $ 25.85 $ 27.49 $ 28.00 $ 29.19
Low......................................... 23.51 25.23 22.94 25.07
Year Ended December 31, 2010:
Net sales ......................................... $880,082 $1,018,503 $1,833,056 $2,124,554
Gross profit ....................................... 431,852 489,616 937,531 1,095,974
Advertising and promotion expenses ................... 94,169 101,850 201,636 249,615
Other selling and administrative expenses ............... 292,456 318,330 377,264 417,751
Operating income .................................. 45,227 69,436 358,631 428,608
Income before income taxes .......................... 33,282 62,077 346,619 404,847
Net income (a) .................................... 24,842 51,575 283,262 325,184
Net income per common share—basic ................. $ 0.07 $ 0.14 $ 0.78 $ 0.90
Weighted average number of common shares ............ 363,231 362,819 360,608 355,699
Net income per common share—diluted ................ $ 0.07 $ 0.14 $ 0.77 $ 0.89
Weighted average number of common and potential
common shares .................................. 366,144 365,851 363,483 360,636
Dividends declared per common share ................. $ — $ — $ — $ 0.83
Common stock market price:
High ........................................ $ 23.27 $ 23.96 $ 23.76 $ 26.23
Low......................................... 19.35 20.40 20.66 22.33
(a) Net income for the second quarter of 2011 included net tax benefits of $6.4 million, primarily related to
reassessments of prior years’ tax liabilities based on the status of current audits and tax filings in various
jurisdictions around the world, settlements, and enacted tax law changes. Net income for the third quarter
of 2010 included net tax benefits of $16.8 million, primarily related to the release of a valuation allowance
related to the anticipated utilization of excess foreign tax credit carryforwards, reassessments of prior
years’ tax liabilities based on the status of audits and tax filings in various jurisdictions around the world,
settlements, and enacted tax law changes, partially offset by the incremental tax cost to repatriate earnings
from certain foreign subsidiaries for which income taxes had not been previously provided.
98