Mattel Slips To Loss

(RTTNews) - Toy maker Mattel Inc (MAT) on Thursday reported second-quarter net loss of $11.4 million or $0.03 per share compared with a profit of $28.3 million or $0.08 per share last year.

Excluding severance expense and other one-time items, adjusted earnings for the quarter were $0.01 per share compared with $0.05 per share a year ago.

Revenues for the quarter were lower at $988 million compared with $1.06 billion in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.04 per share on revenues of $995.4 million for the quarter. Analysts' estimates typically exclude special items.

"In the second quarter, we made solid progress as we work to return Mattel to improved growth and profitability," said Christopher Sinclair, Mattel Chairman and CEO.

"Our financial results in the quarter largely met our expectations, and we are encouraged by improved performance across our core brands, as well as strong momentum in emerging markets like China and Russia. Although we are still early in our turnaround effort, I believe we are taking all the right steps to be more competitive in the growing global toy industry."

The company has declared a third quarter cash dividend of $0.38 per share.