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 17, 1997
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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 July 17, 1997 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 17, 1997, 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 17, 1997 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 July 17, 1997
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated July 17, 1997
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
July 17, 1997 Telephone: 401-727-5600
HASBRO, INC. ANNOUNCES IMPROVED
RESULTS FOR SECOND QUARTER 1997
Pawtucket, RI (July 17, 1997) -- Hasbro, Inc. (HAS:ASE) today reported
that its second quarter net earnings more than doubled. Fueled by net
revenues of $583.9 million, up 14% from $511.6 million in the second quarter
of 1996, net earnings increased to $13.0 million from the $6.0 million
reported a year ago, while earnings per share doubled to $.10, from $.05 in
1996.
"We are very pleased with our ongoing performance. Again this quarter we
have experienced significant growth in both revenues and earnings," said Alan
G. Hassenfeld, Chairman and Chief Executive Officer.
"Revenue growth continued to be primarily driven by the strength of our
range of boys' products, including those associated with three of our major
entertainment properties, Star Wars(R), Jurassic Park(TM) and Batman(TM).
Also contributing to revenue growth in the United States markets was our May
acquisition of the assets of OddzOn Products and Cap Toys, which brought with
it such well known products as Koosh(R) balls, Vortex(TM) sport toys and
Cap's line of interactive candy.
Internationally, we experienced significant local currency growth in
Canada, Mexico and Latin America, where we have three newly established joint
ventures, as well as more moderate growth in several other countries. Again,
the negative effect of the strengthened dollar, which this quarter amounted
to approximately $10 million, reduced the impact of these gains. Also
contributing to our revenue growth was the Hasbro Interactive worldwide line
of CD-ROM games which continued to exceed expectations."
Mr. Hassenfeld continued, "Our significant earnings growth this quarter
was wholly attributable to our pre-acquisition businesses since, as planned,
the OddzOn/Cap units were not accretive. Also, as part of our ongoing share
repurchase program, we invested $31 million during the quarter to purchase
approximately 1.2 million of our shares."
He concluded, "As we look forward to the balance of the year, we remain
optimistic that our broad range of products will again be the choice of
consumers throughout the world."
# # #
(Tables Attached)
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HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended Six Months Ended
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Jun. 29, Jun. 30, Jun. 29, Jun. 30,
1997 1996 1997 1996
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Net Revenues $583,886 511,609 $1,139,670 1,050,294
Cost of Sales 252,917 234,184 488,288 471,955
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Gross Profit 330,969 277,425 651,382 578,339
Amortization 11,194 10,007 21,226 19,806
Royalties, Research and
Development 87,864 64,356 151,756 118,778
Advertising 66,908 66,171 138,210 136,447
Selling, Distribution and
Administration 142,289 124,909 277,070 250,274
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Operating Profit 22,714 11,982 63,120 53,034
Interest Expense 5,493 5,353 9,923 10,259
Other (Income), Net (3,062) (2,514) (7,233) (5,477)
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Earnings Before Income Taxes 20,283 9,143 60,430 48,252
Income Taxes 7,302 3,157 21,755 17,901
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Net Earnings $ 12,981 5,986 $ 38,675 30,351
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Per Common Share (1)(2)
Net Earnings $ .10 .05 $ .30 .23
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Cash Dividends Declared $ .08 .07 $ .16 .14
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Weighted Average Number of
Shares Outstanding (1)(2) 129,976 132,580 130,525 132,371
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(1) - Primary and fully diluted data are not shown separately as they are
substantially the same.
(2) - Adjusted to reflect the three-for-two stock split paid March 21, 1997.
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HASBRO, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Thousands of Dollars)
Jun. 29, Jun. 30,
1997 1996
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Assets
Cash and Temporary Investments $ 82,510 $ 69,998
Accounts Receivable, Net 714,212 683,906
Inventories 368,221 398,099
Other 188,913 160,836
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Total Current Assets 1,353,856 1,312,839
Property, Plant and Equipment, Net 296,139 305,772
Other Assets 996,800 908,903
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Total Assets $2,646,795 $2,527,514
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 314,288 $ 288,872
Payables and Accrued Liablities 517,230 480,272
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Total Current Liabilities 831,518 769,144
Long-term Debt 149,040 149,920
Deferred Liabilities 67,206 72,066
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Total Liabilities 1,047,764 991,130
Total Shareholders' Equity 1,599,031 1,536,384
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Total Liabilities and Shareholders' Equity $2,646,795 $2,527,514
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