Mattel Announces Additional $500 Million Share Repurchase Authorization; Increase in 2010 Annual Dividend and Switch from Annual to Quarterly Dividend Beginning in 2011
EL SEGUNDO, Calif.--(BUSINESS WIRE)--
Mattel, Inc. (NASDAQ:MAT) announced today that the Mattel Board of
Directors has authorized the company to increase its previously
announced share repurchase program by an additional $500 million.
Repurchases will take place from time to time, depending on market
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 about 117 million shares of common
stock for an aggregate of approximately $2.3 billion.
Additionally, the company announced today that the Mattel Board of
Directors has approved the company's common stock annual dividend for
2010 of eighty-three cents per share, an increase over the seventy-five
cent annual dividend paid in 2009. The dividend for 2010 is payable on
December 16, 2010, to stockholders of record on December 3, 2010.
Mattel's Board of Directors also has determined to switch from paying
dividends to stockholders on an annual basis to a quarterly basis
commencing in fiscal year 2011. Quarterly dividends are expected to be
announced at the same time Mattel announces quarterly results.
"The increased annual dividend for 2010 and increase in Mattel's share
repurchase program demonstrates the Mattel Board of Directors'
commitment to returning excess funds to stockholders," said Robert A.
Eckert, chairman and chief executive officer of 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 Little People®, Power Wheels® and a wide
array of entertainment-inspired toy lines. In 2010, Mattel was named as
one of FORTUNE Magazine's "100 Best Companies to Work For" for the third
year in a row, and was ranked among Corporate Responsibility Magazine's
"100 Best Corporate Citizens." Mattel also is recognized among the
"World's Most Ethical Companies." With worldwide headquarters in El
Segundo, Calif., Mattel employs approximately 27,000 people in 43
countries and territories and sells products in more than 150 nations.
At Mattel, we are "Creating the Future of Play."
Note: This press release contains a forward-looking statement relating
to the switch from annual to quarterly dividend payments commencing in
2011. This forward-looking statement is based on currently available
operating, financial, economic and other information and is subject to a
number of significant risks and uncertainties. A variety of factors,
many of which are beyond our control, could cause actual future results
to differ materially from those projected in the forward looking
statement. Some of these factors are described in the Company's periodic
filings with the Securities and Exchange Commission, including the "Risk
Factors" section of Mattel's Annual Report on Form 10-K for the fiscal
year ended December 31, 2009 and Mattel's Quarterly Reports on Form 10-Q
for fiscal year 2010, as well as in Mattel's other public statements.
Mattel does not update forward-looking statements and expressly
disclaims any obligation to do so.
Lisa Marie Bongiovanni
Source: Mattel, Inc.
News Provided by Acquire Media
Close window | Back to top