UPDATE: Mattel FQ1 Net Income Declines 53%

Mattel Inc MAT reported a 53% drop in fiscal first-quarter net income. Mattel's quarterly profit declined to $7.8 million, or $0.02 per share, versus $16.6 million, or $0.05 per share, in the year-ago period. Excluding acquisition and integration costs, Mattel earned $0.06 per share. Its revenue dropped to $928.4 million from $951.9 million. Analysts were expecting a profit of $0.07 per share on revenue of $986 million. Mattel shares closed at $34.13 on Friday.