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): October 23, 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 October 23, 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 October 23, 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: October 23, 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 October 23, 1995
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated October 23, 1995
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
October 23, 1995 Telephone: 401-431-8500
HASBRO, INC. ANNOUNCES REVENUES AND
EARNINGS FOR THIRD QUARTER 1995
Pawtucket, RI (October 23, 1995) -- Hasbro, Inc. (HAS:ASE) today
reported results for its third quarter ended October 1, 1995.
Revenues were $826,165,000, compared to the $796,222,000 reported in the
third quarter of 1994. Net earnings for the quarter were $63,572,000, or $.72
per share. For the same period of 1994, absent the impact of several unusual
items which, in the aggregate, increased pretax earnings by approximately
$10,500,000, earnings were $68,515,000, or $.77 per share. Reported 1994
third quarter net earnings were $75,151,000, or $.85 per share.
For the year to date, revenues totaled $1,834,522,000 a 6% increase from
the $1,729,679,000 of 1994. Earnings for the nine months, absent the impact
of a second quarter $31,100,000 pretax charge related to a discontinued
development project, were $89,488,000, or $1.01 per share. Net earnings for
the year to date were $70,362,000, or $.80 per share. Net earnings for the
nine months of 1994 were $99,220,000, or $1.11 per share.
"Again this quarter, we are pleased to report that revenues from both
our international units and the domestic games group reached record levels",
said Alan G. Hassenfeld, Chairman and Chief Executive Officer. "These
increased revenues did not, however, translate into earnings growth. This was
due to several factors including the impact on our marketing-related costs of
a less favorable mix of products sold and the effect of investment spending
in several of our newer operations. While we continue to believe that full
year revenues will exceed those of a year ago, we now anticipate that full
year earnings, absent the second quarter discontinued development charge,
will approximate those of a year ago."
He continued, "As we enter the very important fourth quarter, we believe
that we are well positioned with 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), and Tonka(R) items. We also believe that our new product
introductions, many of which are just now appearing on retailers' shelves,
will be well received during the Christmas buying season."
Mr. Hassenfeld concluded, "Looking beyond 1995, we are optimistic about
the future. Our innovative and creative 1996 line was previewed by customers
earlier this month and received very positive reaction. In addition, we are
eagerly working on the first products being developed under the previously
announced worldwide alliance with DreamWorks SKG. Through this arrangement we
will jointly create, produce and market a line of products, with the first
introductions coming to market in early 1997."
Hasbro is a worldwide leader in the design, manufacture and marketing of
toys, games, puzzles and infant care products. Both internationally and
domestically its Playskool, Kenner, Tonka, Milton Bradley and Parker Brothers
products provide children and families with the highest quality and most
recognizable toys and games in the world.
# # #
(Tables Attached)
HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended Nine Months Ended(1)
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Oct 1, Sep 25, Oct 1, Sep 25,
1995 1994 1995 1994
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Net Revenues $826,165 $796,222 $1,834,522 $1,729,679
Cost of Sales 360,852 352,129 807,509 763,507
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Gross Profit 465,313 444,093 1,027,013 966,172
Amortization 9,718 9,598 28,686 27,196
Royalties, Research and Development 78,318 75,359 195,487 180,781
Discontinued Development Project - - 31,100 -
Advertising 123,537 116,307 261,934 241,294
Selling, Distribution and
Administration 142,977 123,067 382,785 343,337
Restructuring Charges - 12,500 - 12,500
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Operating Profit 110,763 107,262 127,021 161,064
Interest Expense 10,932 8,776 24,139 18,821
Other (Income), Net (3,539) (23,710) (11,528) (26,053)
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Earnings Before Income Taxes
and Cumulative Effect of Change
in Accounting Principles 103,370 122,196 114,410 168,296
Income Taxes 39,798 47,045 44,048 64,794
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Earnings Before Cumulative Effect
of Change in Accounting Principles 63,572 75,151 70,362 103,502
Cumulative Effect of Change in
Accounting Principles - - - (4,282)
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Net Earnings $ 63,572 $ 75,151 $ 70,362 $ 99,220
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Per Common Share(2)
Earnings Before Cumulative
Effect of Change in
Accounting Principles $ .72 $ .85 $ .80 $ 1.16
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Net Earnings $ .72 $ .85 $ .80 $ 1.11
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Cash Dividends Declared $ .08 $ .07 $ .24 $ .21
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Weighted Average Number of Shares 88,347 88,841 88,290 89,592
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(1) - 1995 consists of 40 weeks; 1994, 39 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)
Oct. 1, Sep. 25,
1995 1994
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Assets
Cash and Temporary Investments $ 53,785 $ 60,044
Accounts Receivable, Net 1,128,119 1,118,622
Inventories 390,095 333,089
Other 158,264 147,167
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Total Current Assets 1,730,263 1,658,922
Property, Plant and Equipment, Net 306,464 296,986
Other Assets 880,782 760,406
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Total Assets $2,917,509 $2,716,314
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 566,820 $ 486,252
Payables and Accrued Liablities 673,621 658,520
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Total Current Liabilities 1,240,441 1,144,772
Long-term Debt 149,991 150,437
Deferred Liabilities 65,143 73,057
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Total Liabilities 1,455,575 1,368,266
Total Shareholders' Equity 1,461,934 1,348,048
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Total Liabilities and Shareholders' Equity $2,917,509 $2,716,314
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