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4-Traders Homepage  >  Equities  >  Nasdaq  >  Mattel, Inc.    MAT

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Mattel, Inc. : Mattel Issues Statement Regarding Ninth Circuit Court of Appeals Recent Decision

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01/24/2013 | 10:25pm CET

Mattel today issued the following statement regarding Ninth Circuit Court of Appeals recent decision.

We are pleased that the Ninth Circuit Court of Appeals agreed with Mattel that the verdict and damages on MGA's toy fair claims must be reversed, and the claims must be dismissed by the District Court. The Ninth Circuit's decision vacates the district court's judgment awarding MGA approximately $172 million, consisting primarily of compensatory and punitive damages, for the claims MGA made arising out of conduct at toy fairs. Consistent with the Court's affirmance of the award of fees and costs against Mattel arising out of the separate copyright claims, Mattel has taken a reserve of $137.8 million with respect to the fourth quarter of 2012 to cover these fees and costs.

While MGA can in theory bring a new lawsuit based on its toy fair claims, we are confident that such a lawsuit will be barred by the statute of limitations. We look forward to the speedy and final resolution of this dispute, and will continue to focus our efforts on successfully competing in the marketplace.

About Mattel

Mattel, Inc. (NASDAQ:MAT) (www.mattel.com) is the worldwide leader in the design, manufacture and marketing of toys and family products. The Mattel family is comprised of such best-selling brands as Barbie®, the most popular fashion doll ever introduced, Hot Wheels®, Matchbox®, American Girl®, Radica® and Tyco R/C®, as well as Fisher-Price® brands, including Thomas & Friends®, Little People®, Power Wheels® and a wide array of entertainment-inspired toy lines. In 2013, Mattel was named as one of FORTUNE Magazine's "100 Best Companies to Work For" for the sixth year in a row. Mattel also is ranked among Corporate Responsibility Magazine's "100 Best Corporate Citizens." With worldwide headquarters in El Segundo, Calif., Mattel employs approximately 28,000 people in 43 countries and territories and sells products in more than 150 nations. At Mattel, we are Creating the Future of Play. Visit us at www.mattel.com, www.facebook.com/mattel or www.twitter.com/mattel

MAT-CORP

Mattel, Inc
News Media
Alan Hilowitz
310-252-6397
Press@mattel.com
or
Securities Analysts
Drew Vollero
310-252-2703
Drew.Vollero@mattel.com


© Business Wire 2013
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Financials ($)
Sales 2016 5 584 M
EBIT 2016 624 M
Net income 2016 399 M
Debt 2016 1 704 M
Yield 2016 5,05%
P/E ratio 2016 25,88
P/E ratio 2017 17,31
EV / Sales 2016 2,15x
EV / Sales 2017 1,98x
Capitalization 10 285 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 35,4 $
Spread / Average Target 18%
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NameTitle
Christopher A. Sinclair Chairman & Chief Executive Officer
Richard L. Dickson President & Chief Operating Officer
Kevin M. Farr Chief Financial Officer & Executive Vice President
Michael J. Dolan Lead Independent Non-Employee Director
Kathy Brittain White Loyd Independent Non-Employee Director
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