SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): February 6, 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)
Item 5. Other Events
The February 6, 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 February 6, 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: February 6, 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)
HASBRO, INC.
Current Report on Form 8-K
Dated February 6, 1997
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated February 6, 1997
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
February 6, 1997 Telephone: 401-727-5600
HASBRO, INC. ANNOUNCES RECORD RESULTS
FOR FOURTH QUARTER 1996
Pawtucket, RI (February 6, 1997) -- Hasbro, Inc. (HAS:ASE) today
reported fourth quarter revenues of $1,106,928,000, up 8% from $1,023,688,000
in the fourth quarter of 1995. Net earnings for the quarter increased to
$99,092,000 or $1.13 per share, a growth of approximately 16% from the 1995
level of $85,209,000, or $.97 per share.
For the full year, revenues totaled $3.002 billion, an increase of 5%
when compared with $2.858 billion in 1995. Net earnings for the year were
$199,912,000, or $2.27 per share, up 15% from the $1.98 per share, or
$174,729,000 a year ago, absent the impact of the 1995 second quarter
$31,100,000 pretax charge related to a discontinued development project. The
reported 1995 full year earnings were $155,571,000, or $1.76 per share.
"I am very pleased to announce these quarterly results which represent
not only fourth quarter records but records for any quarter in the Company's
history." said Alan G. Hassenfeld, Chairman and Chief Executive Officer.
"In spite of what has been described as a lackluster Christmas by the
retail trade, our products performed well. Fourth quarter revenues from
products sold into the United States increased by double digits - up more
than 14% from those of a year ago - although revenues from those sold into
the international markets were up only marginally. Products contributing to
our overall growth included both the traditional and CD-ROM versions of
Monopoly(R), Clue(R) and Battleship(R),as well as products such as Puzz 3-
D(TM), Baby Go Bye Bye(TM) and our full Star Wars(TM) range."
He continued, "We are proud to deliver, for our shareholders, 15%
earnings per share growth for the year, even after the negative impact of
costs associated with an unsolicited business combination and the closure of
a manufacturing facility."
Mr. Hassenfeld concluded, "What a difference a year makes. Hasbro is stronger
than ever; our senior management team is deeper and more focused; our brands
are vibrant and growing, and our organization is evolving into the global
marketing entity which was only a vision at this time a year ago. All this,
coupled with products which will tie to a trio of blockbuster theatrical
movie releases in 1997, the `Star Wars' trilogy, Steven Spielberg's `Jurassic
Park - The Lost World' and the newest Batman saga, `Batman and Robin',
creates much enthusiasm as we begin 1997."
# # #
(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. 29, Dec. 31, Dec. 29, Dec. 31,
1996 1995 1996 1995
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Net Revenues $1,106,928 $1,023,688 $3,002,370 $2,858,210
Cost of Sales 484,669 429,688 1,328,897 1,237,197
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Gross Profit 622,259 594,000 1,673,473 1,621,013
Amortization 10,319 9,785 40,064 38 471
Royalties, Research and
Development 114,787 109,217 319,494 304,704
Discontinued Development Project - - - 31,100
Advertising 165,110 155,952 418,003 417,886
Selling, Distribution and
Administration 166,430 172,495 563,645 555,280
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Operating Profit 165,613 146,551 332,267 273,572
Interest Expense 11,787 13,449 31,465 37,588
Other (Income), Net 119 (5,038) (6,091) (16,566)
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Earnings Before Income Taxes 153,707 138,140 306,893 252,550
Income Taxes 54,615 52,931 106,981 96,979
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Net Earnings $ 99,092 $ 85,209 $ 199,912 $ 155,571
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Per Common Share(2)
Net Earnings $ 1.13 $ .97 $ 2.27 $ 1.76
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Cash Dividends Declared $ .10 $ .08 $ .40 $ .32
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Weighted Average Number
of Shares 87,710 88,141 87,904 88,253
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(1) - 1996 consists of 52 weeks; 1995, 53 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. 29, Dec. 31,
1996 1995
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Assets
Cash and Temporary Investments $ 218,971 $ 161,030
Accounts Receivable, Net 807,149 791,111
Inventories 273,247 315,620
Other 187,222 157,737
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Total Current Assets 1,486,589 1,425,498
Property, Plant and Equipment, Net 313,545 313,240
Other Assets 901,375 877,650
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Total Assets $2,701,509 $2,616,388
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 120,736 $ 119,987
Payables and Accrued Liablities 710,082 749,877
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Total Current Liabilities 830,818 869,864
Long-term Debt 149,382 149,991
Deferred Liabilities 69,263 70,921
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Total Liabilities 1,049,463 1,090,776
Total Shareholders' Equity 1,652,046 1,525,612
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Total Liabilities and Shareholders' Equity $2,701,509 $2,616,388
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