-----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, E7eSGOGJnZ/eRTGeFUAt/Dp5b5wUs7FfN6D0AZ0yT0sHZjNQ6ErMgaqog79FgMPX ySZ8nLZrEEV3Uoq+DKlLZQ== 0000046080-97-000013.txt : 19971211 0000046080-97-000013.hdr.sgml : 19971211 ACCESSION NUMBER: 0000046080-97-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971020 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971209 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: SEC FILE NUMBER: 001-06682 FILM NUMBER: 97734630 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): December 9, 1997 ------------------------- 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 December 9, 1997 Press Release of the Registrant attached hereto as EXHIBIT 99 is incorporated herein by reference. Item 7(c) Exhibits 99 Press Release, dated December 9, 1997, 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: December 9, 1997 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 December 9, 1997 Exhibit Index Exhibit No. Exhibits - - ------- -------- 99 Press Release dated December 9, 1997 EX-99 2 EXHIBIT 99 EXHIBIT 99 For Immediate Release Contact: News Media Wayne Charness December 9, 1997 401-727-5983 Investor Relations Renita E. O'Connell 401-727-5401 HASBRO, INC. ANNOUNCES GLOBAL INTEGRATION AND PROFIT ENHANCEMENT PROGRAM PROJECTED FIVE YEAR SAVINGS OF $350 MILLION $500 MILLION SHARE REPURCHASE PLAN ALSO ANNOUNCED Pawtucket, RI December 9, 1997 -- Hasbro, Inc. (HAS:ASE) today announced a global integration and profit enhancement program consistent with the Company's focus on its unique core brand franchises and creating shareholder value. The program will include changes in three principal areas: a continued consolidation of the Company's manufacturing operations; the streamlining of marketing and sales, while exiting from certain underperforming markets and product lines; and the further leveraging of its overheads. As a result, the Company will recognize a one-time pre-tax charge in the fourth quarter of 1997 of approximately $140 million. The company also announced that the Board of Directors has authorized a $500 million share repurchase program. It anticipates utilizing this authorization over the next two to three years. "As we strive to become a leader in the global children's and family leisure time and entertainment industry, we must continue to sharpen our focus on the brands and markets where we have the greatest profit potential," said Alan G. Hassenfeld, Hasbro's Chairman and CEO. "This aggressive program, which includes investing some of the savings back into our business, positions Hasbro for impressive growth and profitability well into the next millennium. In addition, the stock buyback is one of the clearest signals we can send that we believe in our future and our ability to add value for our shareholders." "We plan to complete most of these actions over the next few months, and we expect to achieve approximately $350 million in total savings within five years, of which at least $40 million should be realized in 1998," Hassenfeld continued. In the area of manufacturing operations, the Company announced the closure of its New Zealand game factory and said that it will close and consolidate certain other under-utilized facilities in the coming months. This is in addition to the previously announced closing of its Waddington, U.K. and El Paso, Texas plants. "On the marketing front, we will streamline several business units around the world, consolidate some sales and marketing activities and exit certain unprofitable regional product lines," Hassenfeld continued. Finally, the Company's new global organization, formed last July, is allowing it to better leverage its resources. "We are all learning how to work smarter," Hassenfeld said. "For example, we are reducing research and development costs as well as global commercials production and tooling costs by focusing on one global effort rather than several regional approaches." "The one unfortunate part of positioning Hasbro for continued growth and profitability is the need to eliminate jobs in our global workforce," said Hassenfeld. These changes will result in the elimination of approximately 2,500 positions worldwide, or about 20% of the Company's workforce. This number includes the nearly 700 people associated with the Company's El Paso facility. Of the $140 million one-time charge, $125 million will be reflected as a restructuring charge. The additional $15 million relates to product lines and will be included in our product costs. "We are convinced that these moves will help Hasbro enter the next millennium stronger and more focused than at anytime in our history," Hassenfeld concluded. Certain statements contained in this release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are, of course, inherently subject to known and unknown risks and uncertainties. The Company's actual actions or results may differ materially from those expected or anticipated in the forward-looking statements. Specific factors including, but not limited to, market conditions, third party actions or approvals and the impact of competition, could delay and/or increase the cost of implementation of and/or alter the Company's actions and reduce actual results. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release. Hasbro is a worldwide leader in the design, manufacture and marketing of toys, games, interactive software, puzzles and infant care products. Both internationally and in the U.S., its Playskool(R), Kenner(R), Tonka(R), Milton Bradley(R), Parker Brothers(R), Hasbro Interactive(R), OddzOn(R) and Cap Toy(R) products provide children and families with the highest quality and most recognizable toys and games in the world. # # # -----END PRIVACY-ENHANCED MESSAGE-----