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Mattel swings to loss in Q2

Mattel Inc. said its normalized net income for the second quarter amounted to a loss of $1.1 million, compared with income of $11.1 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.5% from 1.0% in the year-earlier period.

Total revenue decreased 7.0% on an annual basis to $988.2 million from $1.06 billion, and total operating expenses declined 5.8% on an annual basis to $969.4 million from $1.03 billion.

Reported net income totaled a loss of $10.2 million, or a loss of 3 cents per share, compared to income of $28.1 million, or 8 cents per share, in the prior-year period.