Photo by Cybele Werts via Flickr Creative Commons
The boys and girls of Mattel Inc., announced first-quarter earnings on Monday that showed a 53 percent decline for the famous toy company.
The El Segundo-based empire says the figure largely reflects the cost of buying HIT Entertainment, a TV distributor for kid-oriented programming.
An earnings statement reported net income of $7.8 million (or 2 cents per share) compared to the 2011 number of $16.6 million (or 5 cents per share).
Barbie toppled 6 percent, Hot Wheels was driven down 5 percent, Fisher-Price wobbled a flatline, and American Girl climbed 4 percent, according to the report.
Said Mattel Chief Executive Officer Bryan G. Stockton, "The first quarter played out much as we had anticipated," calling out the "negative impact" of purchasing and integrating HIT.
Mattel's Board of Directors also declared today a second-quarter cash dividend of 31 cents per share on its common stock, payable on June 15 to stockholders of record as of May 23.