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 20, 1995
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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)
Item 5. Other Events
The April 20, 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 April 20, 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.
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(Registrant)
Date: April 20, 1995 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)
HASBRO, INC.
Current Report on Form 8-K
Dated April 20, 1995
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated April 20, 1995
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
April 20, 1995 Telephone: 401-431-8500
HASBRO, INC. ANNOUNCES RESULTS
FOR FIRST QUARTER 1995
Pawtucket, RI (April 20, 1995) -- Hasbro, Inc. (HAS:ASE) today reported
results for its first quarter ended April 2, 1995.
Revenues increased approximately 8% to $526,503,000 from the
$489,133,000 reported in the first quarter of 1994. Net earnings for the
quarter were $21,683,000 compared with $22,435,000 in 1994. Earnings per
share were $.25 in both years. 1994 earnings before cumulative effect of
change in accounting principles were $26,717,000, or $.30 per share.
"We are pleased to report that revenues from our international marketing
units reached record first quarter levels," said Alan G. Hassenfeld, Chairman
and Chief Executive Officer, "as did those from the Hasbro Games Group."
"Almost all of the European markets reported increased revenues in their
local currencies which were then augmented by the impact of the weakened U.S.
dollar. Our Asia/Pacific units, as a group, also experienced significant
improvement over 1994 levels, up approximately 10% in constant dollars.
Canada, Mexico and Latin America, as a group, overcame the negative impact of
foreign currency rate changes and also reported growth. Domestically, the
Hasbro Games Group showed impressive revenue increases, up more than 15% from
their 1994 level, and as expected, the Hasbro Toy Group lagged 1994 amounts."
He continued, "Our core classic 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
continue to be favorites in the marketplace, while several new items,
including Fantastic Sand Surprises(TM) and Playskool's Moon Bouncer(TM) and
1-2-3 Baseball(TM) are off to a good start."
Mr. Hassenfeld concluded by noting "Even though our revenues were
strong, we were not able to translate this into earnings growth in the first
quarter. The increased contributions from the international and games units
were not sufficient to offset an unfavorable shift in the mix of products
sold by the Hasbro Toy Group during the quarter. Later in the year, as
products introduced at the February Toy Fair become available, their product
mix should improve. We continue to believe that our strong and diverse
portfolio of products will allow us to grow, both in earnings and revenues."
# # #
(Tables Attached)
HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended(1)
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Apr. 2, Mar. 27,
1995 1994
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Net Revenues $526,503 489,133
Cost of Sales 232,572 208,200
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Gross Profit 293,931 280,933
Amortization 9,243 8,793
Royalties, Research and
Development 55,084 50,320
Advertising 70,233 64,559
Selling, Distribution and
Administration 120,803 110,290
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Operating Profit 38,568 46,971
Interest Expense 5,823 5,436
Other (Income), Net (2,512) (1,908)
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Earnings Before Income Taxes and
Cumulative Effect of Change in
Accounting Principles 35,257 43,443
Income Taxes 13,574 16,726
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Earnings Before Cumulative Effect
of Change in Accounting Principles 21,683 26,717
Cumulative Effect of Change in
Accounting Principles - (4,282)
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Net Earnings $ 21,683 22,435
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Per Common Share(2)
Earnings Before Cumulative Effect
of Change in Accounting Principles $ .25 .30
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Net Earnings $ .25 .25
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Cash Dividends Declared $ .08 .07
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Weighted Average Number of
Shares 88,153 90,100
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(1) - 1995 consists of 14 weeks; 1994, 13 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)
Apr. 2, Mar. 27,
1995 1994
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Assets
Cash and Temporary Investments $ 189,777 250,262
Accounts Receivable, Net 475,813 449,981
Inventories 276,938 271,319
Other 170,323 150,504
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Total Current Assets 1,112,851 1,122,066
Property, Plant and Equipment, Net 308,469 282,978
Other Assets 908,443 708,306
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Total Assets $2,329,763 2,113,350
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 162,736 53,091
Payables and Accrued Liablities 531,216 491,743
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Total Current Liabilities 693,952 544,834
Long-term Debt 150,000 200,479
Deferred Liabilities 65,809 73,171
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Total Liabilities 909,761 818,484
Total Shareholders' Equity 1,420,002 1,294,866
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Total Liabilities and Shareholders' Equity $2,329,763 2,113,350
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