-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, dpbfwVcPutjAXDTkG9gkeiZ3gzE+Joc5U8gs72I0jHVCM4HFXpFAppbfj36Owpk7 m/RtYC2vBWtFjvjKKKAU4Q== 0000046080-94-000013.txt : 19940415 0000046080-94-000013.hdr.sgml : 19940415 ACCESSION NUMBER: 0000046080-94-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940413 ITEM INFORMATION: Other events FILED AS OF DATE: 19940414 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: 94522733 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): April 13, 1994 ------------------------- 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 April 13, 1994 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 April 13, 1994, 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: April 14, 1994 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 April 13, 1994 Exhibit Index Exhibit No. Exhibits - ------- -------- 99 Press Release dated April 13, 1994 EX-99 2 EXHIBIT 99 - EARNINGS PRESS RELEASE EXHIBIT 99 For Immediate Release Contact: John T. O'Neill April 13, 1994 Telephone: 401-431-8500 HASBRO, INC. ANNOUNCES RECORD REVENUES AND EARNINGS FOR FIRST QUARTER 1994 Pawtucket, RI (April 13, 1994) -- Hasbro, Inc. (HAS:ASE) today reported results for its first quarter ended March 27, 1994. Revenues increased approximately $2,100,000 to $489,133,000 from the $487,036,000 reported in the first quarter of 1993 and,absent the effect of the strengthened U.S. dollar, would have increased an additional $8,000,000. Earnings before the cumulative effect of a change in accounting principles were $26,717,000 for the quarter compared with $26,580,000 last year. On the same basis, earnings per share were $.30 in both periods. "Again this year, we have begun on a positive note", said Alan G. Hassenfeld, Chairman and Chief Executive Officer, "and are pleased with our results which represent first quarter records for both revenues and earnings before an accounting change." During the quarter, the Company adopted Statement of Financial Accounting Standards No. 112, relating to postemployment benefits. The adoption of this statement, which represents a change in accounting principles, reduced net earnings and earnings per share by $4,282,000 and $.05, respectively. Earnings and earnings per share after the accounting change were $22,435,000 and $.25, respectively. The weighted average number of common shares outstanding was 90,100,000 compared to 89,639,000 a year earlier. "We are particularly proud of the performance of our international units this quarter", he continued. "Revenue growth was experienced in virtually all countries and in constant dollars their revenues increased by more than 20%. Domestically, even given the difficult retail environment, further complicated by the unusually severe weather in much of the country during January and February, we experienced strong retail sales of our products in comparison to 1993. Especially noteworthy this quarter were the innovative products from Playskool, including Cool Tools(TM) and In-Line Skates, as well as the continuing momentum of many of Kenner's items. This consumer strength was tempered, however, by the ongoing effort of many of our customers to minimize their inventory levels. In particular, one customer initiated a centralized buying system which, when fully implemented, will make them a more efficient retailer. This change resulted in a substantial decrease in their first quarter purchases from us although we expect the full year to be on plan." Mr. Hassenfeld concluded by noting "Even though we had a strong first quarter, we are well aware that the balance of 1994 will present significant challenges as a greater proportion of our business moves to the second half of the year. We feel, however, that with our strong and diverse portfolio of products and our dedicated team of employees we are well equipped to meet those challenges." # # # (Tables Attached) HASBRO, INC. CONSOLIDATED STATEMENTS OF EARNINGS (Thousands of Dollars and Shares Except Per Share Data) Quarter Ended -------------------- Mar. 27, Mar. 28, 1994 1993 -------- -------- Net Revenues $489,133 487,036 Cost of Sales 208,200 208,021 ------- ------- Gross Profit 280,933 279,015 Amortization 8,793 8,659 Royalties, Research and Development 50,320 47,403 Advertising 64,559 67,837 Selling, Distribution and Administrative 110,290 109,559 ------- ------- Operating Profit 46,971 45,557 Interest Expense 5,436 4,415 Other (Income), Net (1,908) (1,729) ------- ------- Earnings Before Income Taxes and Cumulative Effect of Change in Accounting Principles 43,443 42,871 Income Taxes 16,726 16,291 ------- ------- Net Earnings Before Cumulative Effect of Change in Accounting Principles 26,717 26,580 Cumulative Effect of Change in Accounting Principles (4,282) - ------- ------- Net Earnings $ 22,435 26,580 ======= ======= Per Common Share Net Earnings Before Cumulative Effect of Change in Accounting Principles $ .30 .30 ======= ======= Net Earnings .25 .30 ======= ======= Cash Dividends Declared .07 .06 ======= ======= Weighted Average Number of Shares 90,100 89,639 ======= ======= HASBRO, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Thousands of Dollars) Mar. 27, Mar. 28, 1994 1993 -------- -------- Assets Cash and Temporary Investments $ 250,262 150,250 Accounts Receivable, Net 449,981 420,057 Inventories 271,319 237,548 Other 150,504 147,763 --------- --------- Total Current Assets 1,122,066 955,618 Property, Plant and Equipment, Net 282,978 252,521 Other Assets 708,306 713,665 --------- --------- Total Assets $2,113,350 1,921,804 ========= ========= Liabilities and Shareholders' Equity Short-term Borrowings $ 53,091 51,851 Payables and Accrued Liablities 491,743 471,097 --------- --------- Total Current Liabilities 544,834 522,948 Long-term Debt 200,479 206,152 Deferred Liabilities 73,171 70,823 --------- --------- Total Liabilities 818,484 799,923 Total Shareholders' Equity 1,294,866 1,121,881 --------- --------- Total Liabilities and Shareholders' Equity $2,113,350 1,921,804 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----