Mattel Profit Doubles for Quarter, Rises 20% for Year
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Toy maker Mattel Inc. said Thursday that earnings soared to record highs for the fourth quarter and the year on the strength of Barbie dolls and other toys.
Earnings from the quarter ending Dec. 31, 1991, were $29.3 million, or 45 cents a share, double the previous year’s $14.7 million, or 23 cents a share.
For all of 1991, income rose 20% to $112.8 million, or $1.73 a share, from 1990’s $91.21 million, or $1.44 per share.
Mattel said the profit jump enabled it to retire $162 million in high-cost debt during 1991.
“Our continuing strong performance in the face of a worldwide recession demonstrates the stability of Mattel’s business,” said the El Segundo-based firm’s chairman and chief executive, John W. Amerman.
Barbie dolls and other items racked up $840 million in sales in 1991, accounting for more than half the firm’s revenue of $1.62 billion, Mattel said.
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