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 19, 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 19, 1995 Press Release of the Registrant attached
hereto as EXHIBIT 99 is incorporated herein by reference.
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 19, 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 19, 1995
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated July 19, 1995
For Immediate Release Contact: John T. O'Neill
July 19, 1995 Telephone: 401-431-8500
HASBRO, INC. STOPS VIRTUAL REALITY
DEVELOPMENT AND ANNOUNCES EXPECTATIONS
FOR SECOND QUARTER 1995
Pawtucket, RI (July 19, 1995) -- Hasbro, Inc. (HAS:ASE)
announced that it has stopped its efforts related to the
development of a mass-market virtual reality game system.
"In 1992, we began development of a home virtual reality game
system which would give consumers a real point of difference", said
Alan G. Hassenfeld, Chairman and Chief Executive Officer. "We have
created that system but at a price which would simply be too
expensive to mass-market. We believe, however, that there are many
other applications for the proprietary technology we have developed
and intend to actively exploit that technology in various areas,
including education, training and other commercial applications."
Mr. Hassenfeld further commented, "This decision will
adversely impact our second quarter pre-tax results by $31,100,000,
the estimated costs associated with such action. The total pre-tax
effect of this development activity, including the aforementioned
provision, is anticipated to approximate $33,400,000 and
$36,400,000 during the second quarter and six months of 1995,
respectively. During the comparable periods of 1994, the amounts
approximated $3,800,000 and $6,800,000, respectively, and for the
full year approximated $14,200,000."
He also noted, "Absent the impact of this action, however, we
anticipate that our second quarter results will exceed those of a
year ago, with revenues up approximately 8% and a modest growth in
net earnings." For the second quarter of 1994, the Company reported
revenues of $444,324,000 and net earnings of $1,634,000.
Mr. Hassenfeld concluded, "Although we are stopping our
efforts with respect to this mass-market virtual reality game
system, the Company will continue to be actively involved in the
development of electronic edutainment software such as the
previously announced CD ROM version of Monopoly(R) - - the first
game of its kind to use the Internet as its playing table - - and
Playskool's Funware(TM) for preschoolers."
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