-----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, W0uvZ9mSzJJt1GpoL3TUphyM3AG7gRYDcMz9Wmjp3SKycL0znb8N3TypevZzJRdT inyiF95BaW5B3lQBLwWyjg== 0000046080-95-000010.txt : 19950727 0000046080-95-000010.hdr.sgml : 19950727 ACCESSION NUMBER: 0000046080-95-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950724 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950724 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: 95555512 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 24, 1995 ------------------------- 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 24, 1995 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 24, 1995, 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 24, 1995 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 24, 1995 Exhibit Index Exhibit No. Exhibits - - ------- -------- 99 Press Release dated July 24, 1995 EX-99 2 PRESS RELEASE EXHIBIT 99 For Immediate Release Contact: John T. O'Neill July 24, 1995 Telephone: 401-431-8500 HASBRO, INC. ANNOUNCES REVENUES AND EARNINGS FOR SECOND QUARTER 1995 Pawtucket, RI (July 24, 1995) -- Hasbro, Inc. (HAS:ASE) today reported results for its second quarter ended July 2, 1995. Revenues were $481,854,000, an 8% increase from the $444,324,000 reported in the second quarter of 1994. As previously announced, during the quarter the Company recorded a $31,100,000 pre-tax charge related to the discontinuance of efforts to develop a virtual reality game system. Absent the impact of this charge, earnings for the quarter were $4,233,000, or $.05 per share. The net loss for the quarter was $14,893,000, or $.17 per share, compared to net earnings of $1,634,000, or $.02 per share reported a year ago. For the year to date, revenues totaled $1,008,357,000, also an 8% increase from the $933,457,000 in 1994. Earnings for the six months, again absent the impact of the aforementioned charge, were $25,916,000, or $.29 per share. Net earnings for the year to date were $6,790,000, or $.08 per share, compared to earnings before cumulative effect of change in accounting principles of $28,351,000, or $.32 per share a year ago. Net earnings for the six months of 1994 were $24,069,000, or $.27 per share. "We are pleased to report that revenues from our international units, with strong local currency growth in the major European markets, and the games group, up an impressive 21%, again reached record levels for the quarter", said Alan G. Hassenfeld, Chairman and Chief Executive Officer. "Both this revenue growth and an improvement in margins contributed to our higher earnings for the quarter, before the impact of the discontinued development project." Mr. Hassenfeld concluded by noting, "We are continuing to experience the strength of our core brands, including games and puzzles from Milton Bradley and Parker Brothers, Batman(R) action figures and accessories, Sindy(R), our internationally marketed fashion doll, and the Nerf(R) items. We are also seeing a positive response - from customers and consumers alike - to our new products based on the recently released movie, Batman Forever(R), and expect that they, along with other new introductions from the Hasbro Toy Group which were not available during the second quarter, will be a major contributor to our third and fourth quarters. Several other new items, including POG(TM) The Game, Space Shooter(TM), Fantastic Sand Surprises(TM) and Playskool's 1-2-3 Baseball(TM) are also being well received. As a result, we believe that our full year 1995 revenues and earnings, even after the virtual reality charge, will exceed those of a year ago. # # # (Tables Attached) HASBRO, INC. CONSOLIDATED STATEMENTS OF EARNINGS (Thousands of Dollars and Shares Except Per Share Data) Quarter Ended Six Months Ended (1) ---------------- -------------------- Jul 2, Jun 26, Jul 2, Jun 26, 1995 1994 1995 1994 ------- ------- --------- --------- Net Revenues $481,854 $444,324 $1,008,357 $ 933,457 Cost of Sales 214,085 203,178 446,657 411,378 ------- ------- --------- --------- Gross Profit 267,769 241,146 561,700 522,079 Amortization 9,725 8,805 18,968 17,598 Royalties, Research and Development 62,085 55,102 117,169 105,422 Discontinued Development Project 31,100 - 31,100 - Advertising 68,164 60,428 138,397 124,987 Selling, Distribution and Administration 119,005 109,980 239,808 220,270 ------- ------- --------- --------- Operating Profit (Loss) (22,310) 6,831 16,258 53,802 Interest Expense 7,384 4,609 13,207 10,045 Other (Income), Net (5,477) (435) (7,989) (2,343) ------- ------- --------- --------- Earnings (Loss) Before Income Taxes and Cumulative Effect of Change in Accounting Principles (24,217) 2,657 11,040 46,100 Income Taxes (9,324) 1,023 4,250 17,749 ------- ------- --------- --------- Earnings (Loss) Before Cumulative Effect of Change in Accounting Principles (14,893) 1,634 6,790 28,351 Cumulative Effect of Change in Accounting Principles - - - (4,282) ------- ------- --------- --------- Net Earnings (Loss) $(14,893)$ 1,634 $ 6,790 $ 24,069 ======= ======= ========= ========= Per Common Share(2) Earnings (Loss) Before Cumulative Effect of Change in Accounting Principles $ (.17)$ .02 $ .08 $ .32 ======= ======= ========= ========= Net Earnings (Loss) $ (.17)$ .02 $ .08 $ .27 ======= ======= ========= ========= Cash Dividends Declared $ .08 $ .07 $ .16 $ .14 ======= ======= ========= ========= Weighted Average Number of Shares 87,719 89,836 88,263 89,968 ======= ======= ========= ========= (1) - 1995 consists of 27 weeks; 1994, 26 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) Jul. 2, Jun. 26, 1995 1994 -------- -------- Assets Cash and Temporary Investments $ 86,213 $ 46,427 Accounts Receivable, Net 654,216 635,893 Inventories 364,042 338,444 Other 161,093 153,075 --------- --------- Total Current Assets 1,265,564 1,173,839 Property, Plant and Equipment, Net 309,571 292,794 Other Assets 884,633 700,509 --------- --------- Total Assets $2,459,768 $2,167,142 ========= ========= Liabilities and Shareholders' Equity Short-term Borrowings $ 353,051 $ 129,488 Payables and Accrued Liablities 487,789 472,982 --------- --------- Total Current Liabilities 840,840 602,470 Long-term Debt 149,993 200,458 Deferred Liabilities 66,292 70,946 --------- --------- Total Liabilities 1,057,125 873,874 Total Shareholders' Equity 1,402,643 1,293,268 --------- --------- Total Liabilities and Shareholders' Equity $2,459,768 $2,167,142 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----