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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
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): October 13, 1994
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HASBRO, INC.
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(Name of Registrant)
RHODE ISLAND 1-6682 05-0155090
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(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
1027 NEWPORT AVE., PAWTUCKET, RHODE ISLAND 02861
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(Address of Principal Executive Offices) (Zip Code)
(401) 431-8697
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(Registrant's Telephone Number)
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Item 5. Other Events
The October 13, 1994 Press Release of the Registrant attached
hereto as EXHIBIT 99 is incorporated herein by reference and
the Consolidated Statements of Earnings is amended in its
entirety to correct the columnar caption which now reads
"Nine Months Ended".
Item 7. Financial Statements and Exhibits
99 Press Release, dated October 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.
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(Registrant)
Date: October 13, 1994 By: /s/John T. O'Neill
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John T. O'Neill
Executive Vice President and
Chief Financial Officer
(Duly Authorized Officer and
Principal Financial Officer)
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HASBRO, INC.
Current Report on Form 8-K/A
Dated October 13, 1994
Exhibit Index
Exhibit
No. Exhibits
- - ------- --------
99 Press Release dated October 13, 1994
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
October 13, 1994 Telephone: 401-431-8500
HASBRO, INC. ANNOUNCES REVENUES AND
EARNINGS FOR THIRD QUARTER 1994
Pawtucket, RI (October 13, 1994) -- Hasbro, Inc. (HAS:ASE) today reported
results for its second quarter ended September 25, 1994.
Revenues were $796,222,000, compared to the $812,393,000 reported in the
third quarter of 1993. Net earnings for the quarter were $75,151,000, compared
to the $75,548,000 reported last year. Earnings per share were $.85 up from the
$.84 a year ago. The weighted average number of common shares outstanding was
88,841,000 compared to 90,243,000 in 1993.
For the year to date, revenues totaled $1,729,679,000, down from the
$1,814,980,000 in 1993. Earnings before accounting change for the nine months
were $103,502,000, or $1.16 per share, compared to the $129,278,000, or $1.44
per share a year ago. Net earnings and earnings per share for the nine months,
after an accounting change recorded in the first quarter of 1994, were
$99,220,000 and $1.11, respectively. The weighted average number of shares
outstanding was 89,592,000 for the first nine months of 1994 and 89,936,000 for
the same period of 1993.
"As we had anticipated, our third quarter revenues returned to a level
comparable with those of a year ago" said Alan G. Hassenfeld, Chairman and
Chief Executive Officer. "In spite of losing approximately $80,000,000 of
worldwide volume from Jurassic Park(TM) and Barney(R) products during the
quarter, we were able to recoup most of this lost revenue. Internationally,
most of our European units continued to experience moderate growth from their
1993 levels although domestically we could not sustain the record revenue
levels of a year ago which had been buoyed by the successes of those two
products. For the quarter, in the domestic market, our Batman(R) range of
action figures continued to be strong, the relaunched version of Risk(R), the
new Nerf(R) Liquidator(TM) Bat, our Gator Golf(TM) game and Playskool's(R)
Magic Smoking Grill(TM) were all well received."
"Our earnings for the quarter include the net effect of three unusual
items", he continued. "We have provided $12,500,000 for the pretax costs
associated with the restructuring of our operations and have also recorded an
aggregate of approximately $23,000,000 in pretax gains from the liquidation of
our investment in J.W. Spear & Sons PLC and the sale of our investment in
Virgin Interactive Entertainment plc to Blockbuster Entertainment."
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Mr. Hassenfeld concluded by noting, "Although it will not have a
significant impact on our 1994 results, our new joint venture with Connector
Set Limited Partnership for the international distribution of the K'NEX(R) line
of construction toys is operating and has orders for all of its available
product. Additionally, we have incorporated the games and puzzles purchased
from Western Publishing into our product lines and the reorganized Hasbro Toy
Group is up and running. With all of this behind us, and the new products and
relationships which we have under contract and development, we remain
enthusiastic about 1995 and beyond."
# # #
(Tables Attached)
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HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended Nine Months Ended
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Sep. 25, Sep. 26, Sep. 25, Sep. 26,
1994 1993 1994 1993
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Net Revenues $796,222 812,393 1,729,679 1,814,980
Cost of Sales 352,129 351,064 763,507 780,605
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Gross Profit 444,093 461,329 966,172 1,034,375
Amortization 9,598 8,797 27,196 26,173
Royalties, Research and
Development 75,359 81,991 180,781 185,274
Advertising 116,307 111,868 241,294 247,480
Selling, Distribution and
Administrative 123,067 126,364 343,337 349,730
Restructuring Charges 12,500 - 12,500 -
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Operating Profit 107,262 132,309 161,064 225,718
Interest Expense 8,776 9,111 18,821 19,659
Other (Income), Net (23,710) 333 (26,053) (3,468)
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Earnings Before Income Taxes and
Cumulative Effect of Change in
Accounting Principles 122,196 122,865 168,296 209,527
Income Taxes 47,045 47,317 64,794 80,249
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Net Earnings Before Cumulative
Effect of Change in Accounting
Principles 75,151 75,548 103,502 129,278
Cumulative Effect of Change in
Accounting Principles - - (4,282) -
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Net Earnings $ 75,151 75,548 99,220 129,278
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Per Common Share
Net Earnings Before Cumulative
Effect of Change in Accounting
Principles $ .85 .84 1.16 1.44
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Net Earnings $ .85 .84 1.11 1.44
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Cash Dividends Declared $ .07 .06 .21 .18
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Weighted Average Number of
Shares 88,841 90,243 89,592 89,936
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HASBRO, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Thousands of Dollars)
Sep. 25, Sep. 26,
1994 1993
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Assets
Cash and Temporary Investments $ 60,044 48,466
Accounts Receivable, Net 1,118,622 1,087,653
Inventories 333,089 333,531
Other 147,167 145,892
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Total Current Assets 1,658,922 1,615,542
Property, Plant and Equipment, Net 296,986 258,919
Other Assets 760,406 720,581
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Total Assets $2,716,314 2,595,042
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 486,252 469,355
Payables and Accrued Liablities 658,520 641,047
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Total Current Liabilities 1,144,772 1,110,402
Long-term Debt 150,437 203,642
Deferred Liabilities 73,057 69,170
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Total Liabilities 1,368,266 1,383,214
Total Shareholders' Equity 1,348,048 1,211,828
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Total Liabilities and Shareholders' Equity $2,716,314 2,595,042
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