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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): February 9, 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)
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Item 5. Other Events
The February 9, 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 February 9, 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: February 9, 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)
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HASBRO, INC.
Current Report on Form 8-K
Dated February 9, 1995
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated February 9, 1995
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EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
February 9, 1995 Telephone: 401-431-8500
HASBRO, INC. ANNOUNCES RECORD
RESULTS FOR FOURTH QUARTER 1994
Pawtucket, RI (February 9, 1995) -- Hasbro, Inc. (HAS:ASE) today reported
its results for the fourth quarter and full year ended December 25, 1994.
For the seventh consecutive year, the Company reported record fourth
quarter net revenues and earnings. Net revenues were $940,583,000, an increase
from the $932,196,000 of the corresponding quarter a year earlier. Net
earnings, at $75,813,000, increased 7% from last year's fourth quarter record
of $70,726,000. Earnings per share for the quarter increased to $.86 from $.78
in the same period a year ago. The weighted average number of shares for the
quarter was 88,546,000 compared to 90,314,000 in 1993.
For the year, net revenues were $2.670 billion compared to the $2.747
billion reported in 1993. Absent the effect of a first quarter accounting
change in 1994, full year earnings were $179,315,000 or $2.01 per share,
compared to the $200,004,000, or $2.22 per share reported a year ago. 1994 net
earnings were $175,033,000, or $1.96 per share. The weighted average number of
shares for 1994 was 89,331,000 compared to 90,031,000 in 1993.
Alan G. Hassenfeld, Chairman and Chief Executive Officer, commenting on
the results stated that "we are very pleased with our record results in the
fourth quarter, especially in a year of change - both within the marketplace
and in our operations."
"As we have previously discussed, with our major customers changing their
buying patterns, we are experiencing a shift in our business with a greater
percentage of sales occurring in the second half of the year, especially in the
fourth quarter. While this alone should increase fourth quarter revenues, we
believe it to be significant that our record level of revenues was achieved in
spite of $70,000,000 of reduced 1994 fourth quarter volume in Barney(R) and
Jurassic Park(TM) products. Our strength this quarter was most noticeable in
the international group and the games group. Internationally, volume increased
more than 16% from last year, while the games group, helped by the products
acquired from Western Publishing, reported a volume increase exceeding 10%.
Products showing significant strength during the Christmas season included the
Batman(R) range, both internationally and domestically, Elefun(TM), Gator
Golf(R), Ricochet(TM) and the Playskool 4-in-1 Busy(R) Center."
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He continued by noting, "During the quarter, we completed the Hasbro Toy
Group restructuring begun in August, took action to balance our domestic plant
capacities with manufacturing needs, continued the consolidation of certain
international operations, and in early January announced the formation of the
Hasbro Games Group which will manage our two game companies, Milton Bradley and
Parker Brothers. These fourth quarter efforts negatively impacted our pretax
earnings by approximately $2,500,000, as did the December devaluation of the
Mexican peso, which had an effect of approximately $2,200,000."
Mr. Hassenfeld concluded, "In late November, we acquired the games
division of John Waddington PLC, which brings to us the worldwide rights to the
classic board game, Clue(R) and returns to us the international rights for
Monopoly(R). This adds to what we believe is one of the strongest and most
diverse product lines within the industry which, coupled with our new
organizational structure, gives us a solid base on which to build 1995 and the
future."
# # #
(Tables Attached)
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HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended Year Ended
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Dec. 25, Dec. 26, Dec. 25, Dec. 26,
1994 1993 1994 1993
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Net Revenues $940,583 932,196 2,670,262 2,747,176
Cost of Sales 397,972 401,962 1,161,479 1,182,567
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Gross Profit 542,611 530,234 1,508,783 1,564,609
Amortization 9,707 9,193 36,903 35,366
Royalties, Research and
Development 92,258 95,297 273,039 280,571
Advertising 155,800 136,438 397,094 383,918
Selling, Distribution and
Administrative 150,233 148,336 493,570 498,066
Restructuring Charges - 15,500 12,500 15,500
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Operating Profit 134,613 125,470 295,677 351,188
Interest Expense 11,968 10,155 30,789 29,814
Other (Income), Net (628) (368) (26,681) (3,836)
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Earnings Before Income Taxes and
Cumulative Effect of Change in
Accounting Principles 123,273 115,683 291,569 325,210
Income Taxes 47,460 44,957 112,254 125,206
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Earnings Before Cumulative
Effect of Change in Accounting
Principles 75,813 70,726 179,315 200,004
Cumulative Effect of Change in
Accounting Principles - - (4,282) -
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Net Earnings $ 75,813 70,726 175,033 200,004
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Per Common Share
Earnings Before Cumulative
Effect of Change in Accounting
Principles $ .86 .78 2.01 2.22
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Net Earnings $ .86 .78 1.96 2.22
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Cash Dividends Declared $ .07 .06 .28 .24
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Weighted Average Number of
Shares 88,546 90,314 89,331 90,031
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HASBRO, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Thousands of Dollars)
Dec. 25, Dec. 26,
1994 1993
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Assets
Cash and Temporary Investments $ 137,028 186,254
Accounts Receivable, Net 717,890 720,442
Inventories 244,407 250,067
Other 153,138 144,372
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Total Current Assets 1,252,463 1,301,135
Property, Plant and Equipment, Net 308,879 279,803
Other Assets 817,033 712,080
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Total Assets $2,378,375 2,293,018
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 81,805 62,242
Payables and Accrued Liablities 681,927 686,072
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Total Current Liabilities 763,732 748,314
Long-term Debt 150,000 200,510
Deferred Liabilities 69,226 67,511
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Total Liabilities 982,958 1,016,335
Total Shareholders' Equity 1,395,417 1,276,683
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Total Liabilities and Shareholders' Equity $2,378,375 2,293,018
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