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
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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 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.
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(Registrant)
Date: July 24, 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 July 24, 1995
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated July 24, 1995
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)
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Jul 2, Jun 26, Jul 2, Jun 26,
1995 1994 1995 1994
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Net Revenues $481,854 $444,324 $1,008,357 $ 933,457
Cost of Sales 214,085 203,178 446,657 411,378
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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
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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)
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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
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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)
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Net Earnings (Loss) $(14,893)$ 1,634 $ 6,790 $ 24,069
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Per Common Share(2)
Earnings (Loss) Before
Cumulative Effect of Change
in Accounting Principles $ (.17)$ .02 $ .08 $ .32
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Net Earnings (Loss) $ (.17)$ .02 $ .08 $ .27
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Cash Dividends Declared $ .08 $ .07 $ .16 $ .14
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Weighted Average Number of Shares 87,719 89,836 88,263 89,968
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(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
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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
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Total Current Assets 1,265,564 1,173,839
Property, Plant and Equipment, Net 309,571 292,794
Other Assets 884,633 700,509
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Total Assets $2,459,768 $2,167,142
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 353,051 $ 129,488
Payables and Accrued Liablities 487,789 472,982
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Total Current Liabilities 840,840 602,470
Long-term Debt 149,993 200,458
Deferred Liabilities 66,292 70,946
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Total Liabilities 1,057,125 873,874
Total Shareholders' Equity 1,402,643 1,293,268
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Total Liabilities and Shareholders' Equity $2,459,768 $2,167,142
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