-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SEZqcjLjEiibqdmIxd0sPVI98yBYCaNyGN6hFsuCP25VmadV+RgQx3HmaZvB9tjC Yj5daYutGgT3B1SMIima7g== 0000046080-96-000008.txt : 19960725 0000046080-96-000008.hdr.sgml : 19960725 ACCESSION NUMBER: 0000046080-96-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960718 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960718 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: HASBRO INC CENTRAL INDEX KEY: 0000046080 STANDARD INDUSTRIAL CLASSIFICATION: 3944 IRS NUMBER: 050155090 STATE OF INCORPORATION: RI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06682 FILM NUMBER: 96596259 BUSINESS ADDRESS: STREET 1: 1027 NEWPORT AVE STREET 2: P O BOX 1059 CITY: PAWTUCKET STATE: RI ZIP: 02861 BUSINESS PHONE: 4014318697 FORMER COMPANY: FORMER CONFORMED NAME: HASBRO BRADLEY INC DATE OF NAME CHANGE: 19850814 FORMER COMPANY: FORMER CONFORMED NAME: HASBRO INDUSTRIES INC DATE OF NAME CHANGE: 19840917 FORMER COMPANY: FORMER CONFORMED NAME: HASSENFELD BROTHERS INC DATE OF NAME CHANGE: 19720615 8-K 1 8-K DOCUMENT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): July 18, 1996 ------------------------- HASBRO, INC. -------------------- (Name of Registrant) RHODE ISLAND 1-6682 05-0155090 - - -------------- ------------ ------------------- (State of (Commission (IRS Employer Incorporation) File Number) Identification No.) 1027 NEWPORT AVE., PAWTUCKET, RHODE ISLAND 02861 - - ------------------------------------------ ------------------- (Address of Principal Executive Offices) (Zip Code) (401) 431-8697 ------------------------------- (Registrant's Telephone Number) Item 5. Other Events The July 18, 1996 Press Release of the Registrant attached hereto as EXHIBIT 99 is incorporated herein by reference. Item 7. Financial Statements and Exhibits 99 Press Release, dated July 18, 1996, of Hasbro, Inc. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HASBRO, INC. ------------ (Registrant) Date: July 18, 1996 By:\s\John T. O'Neill ----------------------- John T. O'Neill Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) HASBRO, INC. Current Report on Form 8-K Dated July 18, 1996 Exhibit Index Exhibit No. Exhibits - - ------- -------- 99 Press Release dated July 18, 1996 EX-99 2 EXHIBIT 99 EXHIBIT 99 For Immediate Release Contact: John T. O'Neill July 18, 1996 Telephone: 401-431-8500 HASBRO, INC. ANNOUNCES REVENUES AND EARNINGS FOR SECOND QUARTER 1996 Pawtucket, RI (July 18, 1996) -- Hasbro, Inc. (HAS:ASE) today reported second quarter revenues of $511,609,000, an increase of 6% above the $481,854,000 reported in the second quarter of 1995. Absent the impact of changed currency rates, revenues increased approximately 7.5% over 1995 levels. Net earnings for the quarter also grew, reaching $5,986,000, or $.07 per share, a growth of approximately 40% from the $4,233,000, or $.05 per share in the same period of 1995, absent the impact of a $31,100,000 pretax charge related to a discontinued development project. The reported 1995 second quarter net loss was $14,893,000, or $.17 per share. For the six months, revenues totaled $1,050,294,000, compared with $1,008,357,000 in 1995. Net earnings for the year to date were $30,351,000, or $.34 per share, up 17% from the $25,916,000, or $.29 per share, again absent the aforementioned discontinued development charge, in 1995. Net earnings for the first six months of 1995 were $6,790,000, or $.08 per share. "I am very pleased to be able to report growth in both revenues and earnings this quarter", said Alan G. Hassenfeld, Chairman and Chief Executive Officer. "The second quarter is traditionally a slow period in our industry and this year certainly was no exception. In the United States, boys' toys and Milton Bradley and Parker Brothers game products provided the momentum during the quarter. Our Star Wars(R) and Beast Wars(R) TransFormers(R) action figures and accessories were very strong at retail and our Super Soaker(TM) line of products is providing summer enjoyment to children throughout the country. In the games arena, the classics such as Monopoly(R) and Scrabble(R) remained strong, Jumanji(TM) benefited from the recent release of the movie on video and the 1996 Goosebumps(TM) introductions continued to be among the top selling items at retail. Internationally, while results were generally in line with our expectations, they did not reach those of a year ago." He continued, "Our earnings also grew this quarter. We are receiving the benefit of lower costs for certain raw material commodities and were able to leverage certain of our expenses, thus increasing our operating profit percentage from that of a year ago; this in spite of an increased amount of merchandise sold at less than normal margins during the quarter." "Our balance sheet remains very strong. Receivables, while up in amount, remain constant when expressed as days sales outstanding and the year-to-year growth in inventories which we have been recently experiencing has moderated. Additionally, net borrowings (debt less cash) are approximately $50,000,000 less than those at the same time in 1995 - this even after the repurchase of approximately 800,000 shares of our stock during the first six months of 1996 and an additional 500,000 in late 1995. Continuing this program, we have purchased more than 400,000 shares since the end of June and have authorization to purchase in excess of 4,800,000 more." Mr. Hassenfeld concluded, "We remain encouraged by these results and the progress we are making in enhancing shareholder value while continuing to provide entertaining product to children and adults. Our core brands, including games and puzzles from Milton Bradley and Parker Brothers, Batman(R) and Star Wars(R) action items, Play-Doh(R) modeling compound, and the Playskool(R), Nerf(R) and Tonka(R) range of products provide us with an excellent global base. Additionally, we believe that many of our new introductions, a good portion of which tie back to those global brands and which are just now appearing on retailers' shelves, will be well received." # # # (Tables Attached) HASBRO, INC. CONSOLIDATED STATEMENTS OF EARNINGS (Thousands of Dollars and Shares Except Per Share Data) Quarter Ended Six Months Ended (1) ---------------- -------------------- Jun 30, Jul 2, Jun 30, Jul 2, 1996 1995 1996 1995 ------- ------- --------- --------- Net Revenues $511,609 481,854 $1,050,294 1,008,357 Cost of Sales 234,184 214,085 471,955 446,657 ------- ------- --------- --------- Gross Profit 277,425 267,769 578,339 561,700 Amortization 10,007 9,725 19,806 18,968 Royalties, Research and Development 64,356 62,085 118,778 117,169 Discontinued Development Project - 31,100 - 31,100 Advertising 66,171 68,164 136,447 138,397 Selling, Distribution and Administration 124,909 119,005 250,274 239,808 ------- ------- --------- --------- Operating Profit (Loss) 11,982 (22,310) 53,034 16,258 Interest Expense 5,353 7,384 10,259 13,207 Other (Income), Net (2,514) (5,477) (5,477) (7,989) ------- ------- --------- --------- Earnings (Loss) Before Income Taxes 9,143 (24,217) 48,252 11,040 Income Taxes 3,157 (9,324) 17,901 4,250 ------- ------- --------- --------- Net Earnings (Loss) $ 5,986 (14,893) $ 30,351 6,790 ======= ======= ========= ========= Per Common Share(2) Net Earnings (Loss) $ .07 (.17) $ .34 .08 ======= ======= ========= ========= Cash Dividends Declared $ .10 $ .08 $ .20 .16 ======= ======= ========= ========= Weighted Average Number of Shares 88,387 87,719 88,247 88,263 ======= ======= ========= ========= (1) - 1996 consists of 26 weeks; 1995, 27 weeks. (2) - Primary and fully diluted data are not shown separately as they are substantially the same. HASBRO, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Thousands of Dollars) Jun. 30, Jul. 2, 1996 1995 --------- --------- Assets Cash and Temporary Investments $ 69,998 $ 86,213 Accounts Receivable, Net 683,906 654,216 Inventories 398,099 364,042 Other 160,836 161,093 --------- --------- Total Current Assets 1,312,839 1,265,564 Property, Plant and Equipment, Net 305,772 309,571 Other Assets 908,903 884,633 --------- --------- Total Assets $2,527,514 $2,459,768 ========= ========= Liabilities and Shareholders' Equity Short-term Borrowings $ 288,872 $ 353,051 Payables and Accrued Liablities 480,272 487,789 --------- --------- Total Current Liabilities 769,144 840,840 Long-term Debt 149,920 149,993 Deferred Liabilities 72,066 66,292 --------- --------- Total Liabilities 991,130 1,057,125 Total Shareholders' Equity 1,536,384 1,402,643 --------- --------- Total Liabilities and Shareholders' Equity $2,527,514 $2,459,768 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----