EL SEGUNDO, Calif., March 22 /PRNewswire-FirstCall/ -- Mattel, Inc.
(NYSE: MAT) announced today that the Mattel Board of Directors has authorized
the company to increase its previously announced share repurchase program by
an additional $250 million. Repurchases will take place from time to time,
depending on market conditions.
"The Mattel Board of Directors has demonstrated its commitment to a
balanced return of excess funds to shareholders through annual cash dividends
and share repurchases," said Robert A. Eckert, chairman and CEO of Mattel.
"We plan to continue utilizing a disciplined and opportunistic decision-making
process in the deployment of cash in an effort to generate value for our
shareholders."
The share repurchase program is one component of the company's capital and
investment framework, which was announced in February, 2003. Under this
program, Mattel has repurchased 27.4 million shares of common stock for an
aggregate of $499.6 million and there is $0.4 million remaining under the
previously announced program.
About Mattel
Mattel, Inc., (NYSE: MAT, http://www.mattel.com) is the worldwide leader in the
design, manufacture and marketing of toys and family products, including
Barbie(R), the most popular fashion doll ever created. The Mattel family is
comprised of such best-selling brands as Hot Wheels(R), Matchbox(R), American
Girl(R) and Tyco(R) R/C, as well as Fisher-Price brands
(http://www.fisher-price.com), including Little People(R), Rescue Heroes(R), Power
Wheels(R) and a wide array of entertainment-inspired toy lines. With
worldwide headquarters in El Segundo, Calif., Mattel employs more than
25,000 people in 42 countries and sells products in more than 150 nations
throughout the world. The Mattel vision is to be the world's premier toy
brands -- today and tomorrow.
Note: Forward-looking statements with respect to the financial condition,
results of operations and business of the company are subject to certain risks
and uncertainties that could cause actual results to differ materially from
those set forth in such statements. These include without limitation: the
company's dependence on the timely development, manufacture, introduction and
customer acceptance of new products; the seasonality of the toy business;
customer concentration and pricing; significant changes in buying and payment
patterns of major customers, including as a result of bankruptcy and store
closures; adverse changes in general economic conditions in the U.S. and
internationally, including adverse changes in the retail environment,
employment and the stock market; order predictability and supply chain
management; the impact of competition, including from private label toys, on
revenues and margins; the supply and cost of raw materials (including oil and
resin prices), components, employee benefits and various services; the effect
of currency exchange rate fluctuations on reportable income; risks associated
with acquisitions and mergers; the possibility of product recalls and related
costs; risks associated with foreign operations; negative results of
litigation, governmental proceedings or environmental matters; possible work
stoppages, slowdowns or strikes; possible outbreaks of SARS or other diseases;
political developments and the threat or occurrence of war or terrorist acts;
the possibility of catastrophic events; the inherent risk of new initiatives
and other risks and uncertainties as may be detailed from time to time in the
company's public announcements and SEC filings. This release contains
forward-looking statements about returns of funds to shareholders, the
decision-making process regarding capital deployment and maximizing value for
shareholders. Mattel does not update forward-looking statements and expressly
disclaims any obligation to do so.
SOURCE Mattel, Inc.
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Related links:
http://www.mattel.com
Company News On-Call:
http://www.prnewswire.com/comp/540363.html
CONTACT:
News Media, Jules Andres, +1-310-252-3529,
Jules.Andres@mattel.com, or Securities Analysts, Dianne Douglas,
+1-310-252-2703, Dianne.Douglas@mattel.com, both of Mattel, Inc.
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