Hawthorne-based Mattel reported that its first-quarter profit...

Hawthorne-based Mattel reported that its first-quarter profit declined to $242,000 from the previous year’s $23 million, which included about $8 million in extraordinary tax credits. Mattel Chairman Arthur S. Spear said: “Earnings for the current quarter reflect the lower level of shipments, the higher level of interest expense attributable to the company’s $100-million debt offering in March, 1985, and the higher level of selling and administrative expenses.”