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 8, 1996
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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 February 8, 1996 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 8, 1996, 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 8, 1996 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 February 8, 1996
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated February 8, 1996
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
February 8, 1996 Telephone: 401-431-8500
HASBRO, INC. ANNOUNCES RECORD
RESULTS FOR FOURTH QUARTER 1995
Pawtucket, RI (February 8, 1996) -- Hasbro, Inc. (HAS:ASE) today reported
its results for the fourth quarter and full year ended December 31, 1995.
The Company reported that fourth quarter net revenues and earnings
reached record levels for any quarter in its history and also that, for the
first time, quarterly revenues exceeded the billion dollar level. Net
revenues were $1,023,688,000, an increase from the $940,583,000 of the
corresponding quarter a year earlier. Net earnings, at $85,209,000, increased
12% from last year's fourth quarter record of $75,813,000. Earnings per share
for the quarter increased to $.97 from $.86 in the same period a year ago.
For the year, net revenues were $2.858 billion compared to the $2.670
billion reported in 1994. Absent the effect of a 1995 second quarter pretax
charge of $31,100,000 related to discontinued development efforts, full year
earnings were $174,728,000 or $1.98 per share, compared to $175,033,000, or
$1.96 per share a year ago. 1995 net earnings were $155,571,000, or $1.76 per
share.
Alan G. Hassenfeld, Chairman and Chief Executive Officer, commenting on
the results stated that "we are pleased with our growth of 9% in revenues and
12% in earnings during the fourth quarter, especially in light of the
difficult world-wide retail environment."
"Each of our major units, the toy group, games group and international,
produced revenue growth during the quarter. The games group again led the
way, up more than 15% from a year ago - that on top of an 11% growth in the
fourth quarter of 1994. The toy group, after lagging 1994 during the second
and third quarters of 1995, finished on a positive note, exceeding last
year's fourth quarter level. Internationally, the European and Asia/Pacific
marketing operations reported revenue growth of more than 9%, which grew to
more than 12% when impacted by the positive effect of changed foreign
currency rates. Products showing significant strength during the Christmas
season included the Batman(R) range, both internationally and domestically,
Star Wars(R), action figures and vehicles, Mr. Potato Head(R), classic games
such as Scrabble(R), and Monopoly(R), new game introductions including Lucky
Ducks(TM) and Chicken Limbo(TM) and our interactive CD-ROM version of
Monopoly."
Mr. Hassenfeld continued, "It is worth noting that our 12% earnings
growth during the quarter came in spite of investment spending in, and
marginal contributions from, certain of our newer operations. We believe that
these operations will help to fuel our earnings growth in the future."
Mr. Hassenfeld concluded, "We believe that our recent reorganization
played an important role in the growth we achieved during the fourth quarter.
That move, along with the momentum we have going into the new year and our
well received 1996 product line, position us well for the future and for our
commitment to enhance shareholder value."
# # #
(Tables Attached)
HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended Year Ended(1)
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Dec. 31, Dec. 25, Dec. 31, Dec. 25,
1995 1994 1995 1994
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Net Revenues $1,023,688 $940,583 $2,858,210 $2,670,262
Cost of Sales 429,688 397,972 1,237,197 1,161,479
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Gross Profit 594,000 542,611 1,621,013 1,508,783
Amortization 9,785 9,707 38,471 36,903
Royalties, Research and Development 109,217 92,258 304,704 273,039
Discontinued Development Project - - 31,100 -
Advertising 155,952 155,800 417,886 397,094
Selling, Distribution and
Administration 172,495 150,233 555,280 493,570
Restructuring Charges - - - 12,500
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Operating Profit 146,551 134,613 273,572 295,677
Interest Expense 13,449 11,968 37,588 30,789
Other (Income), Net (5,038) (628) (16,566) (26,681)
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Earnings Before Income Taxes
and Cumulative Effect of Change
in Accounting Principles 138,140 123,273 252,550 291,569
Income Taxes 52,931 47,460 96,979 112,254
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Earnings Before Cumulative Effect
of Change in Accounting Principles 85,209 75,813 155,571 179,315
Cumulative Effect of Change in
Accounting Principles - - - (4,282)
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Net Earnings $ 85,209 $ 75,813 $ 155,571 $ 175,033
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Per Common Share(2)
Earnings Before Cumulative
Effect of Change in
Accounting Principles $ .97 $ .86 $ 1.76 $ 2.01
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Net Earnings $ .97 $ .86 $ 1.76 $ 1.96
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Cash Dividends Declared $ .08 $ .07 $ .32 $ .28
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Weighted Average Number of Shares 88,141 88,546 88,253 89,331
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(1) - 1995 consists of 53 weeks; 1994, 52 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)
Dec. 31, Dec. 25,
1995 1994
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Assets
Cash and Temporary Investments $ 161,030 $ 137,028
Accounts Receivable, Net 791,111 717,890
Inventories 315,620 244,407
Other 157,737 153,138
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Total Current Assets 1,425,498 1,252,463
Property, Plant and Equipment, Net 313,240 308,879
Other Assets 877,650 817,033
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Total Assets $2,616,388 $2,378,375
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 119,987 $ 81,805
Payables and Accrued Liablities 749,877 681,927
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Total Current Liabilities 869,864 763,732
Long-term Debt 149,991 150,000
Deferred Liabilities 70,921 69,226
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Total Liabilities 1,090,776 982,958
Total Shareholders' Equity 1,525,612 1,395,417
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Total Liabilities and Shareholders' Equity $2,616,388 $2,378,375
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