Hasbro, Inc.
Oct 21, 2013
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Hasbro Reports Growth in Revenues and Earnings for the Third Quarter 2013

PAWTUCKET, R.I.--(BUSINESS WIRE)-- Hasbro, Inc. (NASDAQ: HAS) today reported financial results for the third quarter 2013. Net revenues for the third quarter increased 2% to $1.37 billion, compared to $1.35 billion in 2012. Third quarter net revenues include a favorable $3.8 million impact of foreign exchange.

As adjusted, net earnings for the third quarter 2013 increased 5% to $172.5 million, or $1.31 per diluted share, versus $164.9 million, or $1.24 per diluted share, in 2012. As reported, net earnings for the third quarter 2013 were $193.0 million, or $1.46 per diluted share. These include a favorable tax adjustment of $23.6 million, or $0.18 per diluted share, as well as pre-tax restructuring and partial pension settlement charges of $4.1 million, or $0.03 per diluted share, associated with the Company's Cost Savings Initiative.

"Our brand initiatives for holiday 2013 are resonating with consumers and retailers globally as we enter the all important fourth quarter," said Brian Goldner, Hasbro's President and Chief Executive Officer. "In addition to our innovative holiday launches, our expanded presence in faster growing geographies is delivering growth, including emerging markets growth of 22% in the third quarter. We've also streamlined our organization and focused on the opportunities within our franchise and partner brand portfolio which offer the greatest long-term potential across our global brand blueprint. These strategic steps are increasingly important as we continue to operate in a challenging consumer environment in developed economies."

Third Quarter 2013 Major Segment Performance

          Net Revenues ($ Millions)       Operating Profit ($ Millions)
        Q3 2013     Q3 2012     % Change       Q3 2013     Q3 2012     % Change
U.S. and Canada         $735.6     $774.5     -5%       $147.0     $154.2     -5%
International         $582.7     $524.1     +11%       $105.7     $85.5     +24%
Entertainment and Licensing         $48.6     $43.1     +13%       $7.6     $10.7     -29%

Note: Third quarter 2013 restructuring and pension charges are in Corporate and Eliminations. See attached table: Supplemental Financial Data, Restructuring and Pension Settlement Charges — by Segment.

U.S. and Canada segment net revenues were $735.6 million compared to $774.5 million in 2012. The results reflect growth in the Girls category and a flat Games category offset by declines in the Boys and Preschool categories. The U.S. and Canada segment reported operating profit of $147.0 million compared to $154.2 million in 2012.

International segment net revenues increased 11% to $582.7 million compared to $524.1 million in 2012. Net revenues in the International segment include a favorable $5.0 million impact of foreign exchange. Revenues in Europe, Latin America and Asia Pacific grew in the quarter, including 22% growth in emerging markets. Additionally, the Games, Girls and Preschool categories were up in the third quarter. The International segment reported 24% operating profit growth to $105.7 million compared to $85.5 million in 2012.

Entertainment and Licensing segment net revenues increased 13% to $48.6 million compared to $43.1 million in 2012, primarily driven by higher entertainment revenues as well as the addition of Backflip Studios to the segment. The Entertainment and Licensing segment reported operating profit of $7.6 million compared to $10.7 million in 2012. Segment profitability was impacted by the acquisition of Backflip Studios in July 2013.

Third Quarter 2013 Product Category Performance

          Net Revenues ($ Millions)
        Q3 2013     Q3 2012     % Change     YTD 2013     YTD 2012     % Change
Boys         $392.0     $471.1     -17%     $888.5     $1,163.0     -24%
Games         $387.4     $365.7     +6%     $873.8     $763.5     +14%
Girls         $388.7     $302.3     +29%     $652.9     $499.7     +31%
Preschool         $202.2     $206.0     -2%     $385.2     $379.3     +2%

For the third quarter 2013, net revenues in the Boys category decreased 17% to $392.0 million. TRANSFORMERS and STAR WARS revenues grew in the quarter; however, several brands, including MARVEL and BEYBLADE, continued to face difficult comparisons with 2012.

The Games category posted its fourth consecutive quarter of growth, increasing revenues 6% in the third quarter 2013 versus last year.  MAGIC: THE GATHERING, JENGA, the ELEFUN & FRIENDS collection and the launch of the new TELEPODS gaming platform, featuring the ANGRY BIRDSTM STAR WARS® II game, were among the brands which posted higher revenues in the quarter.

The Girls category posted its fifth straight quarter of growth, increasing 29% in the third quarter. FURBY, MY LITTLE PONY, including the highly successful launch of MY LITTLE PONY EQUESTRIA GIRLS, and the launch of NERF REBELLE contributed to the continued growth in the Girls category.

The Preschool category declined 2% in the quarter despite growth in PLAY-DOH, SESAME STREET and TRANSFORMERS RESCUE BOTS products.

Cost Savings Initiative

As previously announced, the Company is undertaking a cost savings initiative designed to better align resources and costs while targeting $100 million in annual savings by 2015.

During the third quarter 2013, the Company incurred $4.1 million in pre-tax restructuring and partial pension settlement charges, or $0.03 per diluted share, associated with this initiative. Pre-tax restructuring charges in the quarter were $3.0 million and partial pension settlement charges were $1.1 million.

The Company continues to expect full-year restructuring charges to be as much as $35 million, prior to pension charges. Year-to-date, the Company recorded $32.0 million in restructuring charges.

Potential additional pension settlement charges could be $3 to $5 million dependent on the amount and type of benefit payments pension participants request during the remainder of 2013. Year-to-date, pre-tax pension settlement charges are $3.5 million.

The expectation for gross savings in 2013 continues to be $45 to $48 million, resulting in expected net savings of $13 to $15 million for the full-year, prior to pension charges.

Dividend and Share Repurchase

Year-to-date, the Company has paid $104.2 million in cash dividends to shareholders, including $52.0 million in the third quarter. As announced on August 1, the next quarterly cash dividend of $0.40 per common share will be payable on November 15, 2013 to shareholders of record at the close of business on November 1, 2013.

Also announced on August 1, the Board of Directors authorized the Company to repurchase an additional $500 million of its common stock. During the third quarter 2013, the Company repurchased a total of 643,559 shares of common stock at a total cost of $30.0 million and an average price of $46.62 per share. At quarter end, the Company had repurchased a total of 1.93 million shares of common stock year-to-date and $541.8 million remained available in the current share repurchase authorizations.

Conference Call Webcast

Hasbro will webcast its third quarter 2013 earnings conference call at 8:30 a.m. Eastern Time today. To listen to the live webcast, please go to http://investor.hasbro.com. The replay of the call will be available on Hasbro's web site approximately 2 hours following completion of the call. Additionally, presentation slides associated with today's conference call are available on Hasbro's website at http://investor.hasbro.com.

About Hasbro, Inc.

Hasbro, Inc. (NASDAQ: HAS) is a branded play company dedicated to fulfilling the fundamental need for play for children and families through the creative expression of the Company's world class brand portfolio, including TRANSFORMERS, MONOPOLY, PLAY-DOH, MY LITTLE PONY, MAGIC: THE GATHERING, NERF and LITTLEST PET SHOP. From toys and games, to television programming, motion pictures, digital gaming and a comprehensive licensing program, Hasbro strives to delight its global customers with innovative play and entertainment experiences, in a variety of forms and formats, anytime and anywhere. The Company's Hasbro Studios develops and produces television programming for more than 170 markets around the world, and for the U.S. on Hub Network, part of a multi-platform joint venture between Hasbro and Discovery Communications (NASDAQ: DISCA, DISCB, DISCK). Through the Company's deep commitment to corporate social responsibility, including philanthropy, Hasbro is helping to build a safe and sustainable world for future generations and to positively impact the lives of millions of children and families every year. It has been recognized for its efforts by being named one of the "World's Most Ethical Companies" and is ranked as one of Corporate Responsibility Magazine's "100 Best Corporate Citizens." Learn more at www.hasbro.com.

© 2013 Hasbro, Inc. All Rights Reserved.

HAS-E

Certain statements in this release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include expectations concerning the Company's potential performance in the future, including with respect to its planned cost savings initiative and profitability, and the Company's ability to achieve its other financial and business goals and may be identified by the use of forward-looking words or phrases. The Company's actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties. Specific factors that might cause such a difference include, but are not limited to: (i) the Company's ability to design, develop, produce, manufacture, source and ship products on a timely and cost-effective basis, as well as interest in and purchase of those products by retail customers and consumers in quantities and at prices that will be sufficient to profitably recover the Company's costs; (ii) downturns in economic conditions affecting the Company's markets which can negatively impact the Company's retail customers and consumers, and which can result in lower employment levels, lower consumer disposable income and spending, including lower spending on purchases of the Company's products; (iii) other factors which can lower discretionary consumer spending, such as higher costs for fuel and food, drops in the value of homes or other consumer assets, and high levels of consumer debt; (iv) potential difficulties or delays the Company may experience in implementing cost savings and efficiency enhancing initiatives; (v) other economic and public health conditions or regulatory changes in the markets in which the Company and its customers and suppliers operate which could create delays or increase the Company's costs, such as higher commodity prices, labor costs or transportation costs, or outbreaks of disease; (vi) currency fluctuations, including movements in foreign exchange rates, which can lower the Company's net revenues and earnings, and significantly impact the Company's costs; (vii) the concentration of the Company's customers, potentially increasing the negative impact to the Company of difficulties experienced by any of the Company's customers or changes in their purchasing or selling patterns; (viii) greater than expected costs, or unexpected delays or difficulties, associated with Hub Network, Hasbro Studios, or the creation of new content to appear on Hub Network and elsewhere; (ix) consumer interest in and acceptance of Hub Network, and programming created by Hasbro Studios, and other factors impacting the financial performance of the network and Hasbro Studios; (x) the inventory policies of the Company's retail customers, including retailers' potential decisions to lower their inventories, even if it results in lost sales, as well as the concentration of the Company's revenues in the second half and fourth quarter of the year, which coupled with reliance by retailers on quick response inventory management techniques increases the risk of underproduction of popular items, overproduction of less popular items and failure to achieve compressed shipping schedules; (xi) delays, increased costs or difficulties associated with any of our or our partners' planned digital applications or media initiatives; (xii) work disruptions, which may impact the Company's ability to manufacture or deliver product in a timely and cost-effective manner; (xiii) the bankruptcy or other lack of success of one of the Company's significant retailers which could negatively impact the Company's revenues or bad debt exposure; (xiv) the impact of competition on revenues, margins and other aspects of the Company's business, including the ability to offer Company products which consumers choose to buy instead of competitive products, the ability to secure, maintain and renew popular licenses and the ability to attract and retain talented employees; (xv) concentration of manufacturing for many of the Company's products in the People's Republic of China and the associated impact to the Company of social, economic or public health conditions and other factors affecting China, the movement of products into and out of China, the cost of producing products in China and exporting them to other countries; (xvi) the risk of product recalls or product liability suits and costs associated with product safety regulations; (xvii) the impact of other market conditions, third party actions or approvals and competition which could reduce demand for the Company's products or delay or increase the cost of implementation of the Company's programs or alter the Company's actions and reduce actual results; and (xviii) other risks and uncertainties as may be detailed from time to time in the Company's public announcements and Securities and Exchange Commission ("SEC") filings. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release.

This press release includes a non-GAAP financial measure as defined under SEC rules, specifically EBITDA. EBITDA represents net earnings attributable to Hasbro, Inc. excluding net loss attributable to noncontrolling interests, interest expense, income taxes, depreciation and amortization. As required by SEC rules, we have provided reconciliation on the attached schedule of this measure to the most directly comparable GAAP measure. Management believes that EBITDA is one of the appropriate measures for evaluating the operating performance of the Company because it reflects the resources available for strategic opportunities including, among others, to invest in the business, strengthen the balance sheet, and make strategic acquisitions. However, this measure should be considered in addition to, not as a substitute for, or superior to, net earnings or other measures of financial performance prepared in accordance with GAAP as more fully discussed in the Company's financial statements and filings with the SEC. As used herein, "GAAP" refers to accounting principles generally accepted in the United States of America.

This press release also includes the Company's 2013 and 2012 costs and expenses, operating profit, net earnings and diluted earnings per share excluding the impact of restructuring and pension settlement charges and 2013 net earnings and diluted earnings per share excludes a benefit from a tax exam settlement. Management believes that presenting this data excluding these charges and tax benefit assists investors' understanding of the underlying performance of the results of operations.

 
HASBRO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
         
(Thousands of Dollars)
Sept. 29, 2013 Sept. 30, 2012
ASSETS
Cash and Cash Equivalents $ 588,668 $ 696,733
Accounts Receivable, Net 1,215,289 1,195,517
Inventories 447,113 463,433
Other Current Assets   346,215   263,297
Total Current Assets 2,597,285 2,618,980
Property, Plant and Equipment, Net 231,199 217,636
Other Assets   1,761,661   1,609,671
Total Assets $ 4,590,145 $ 4,446,287
 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY

Short-term Borrowings $ 212,926 $ 264,745
Current Portion of Long-term Debt 430,424 -
Payables and Accrued Liabilities   939,082   861,874
Total Current Liabilities 1,582,432 1,126,619
Long-term Debt 959,895 1,398,906
Other Liabilities   410,672   393,873
Total Liabilities 2,952,999 2,919,398
Redeemable Noncontrolling Interests 47,269 -
Total Shareholders' Equity   1,589,877   1,526,889

Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity

$ 4,590,145 $ 4,446,287
 
 
HASBRO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
      Quarter Ended       Nine Months Ended
                       
(Thousands of Dollars and Shares Except Per Share Data)

Sept. 29,
2013

% Net
Revenues

Sept. 30,
2012

% Net
Revenues

Sept. 29,
2013

% Net
Revenues

Sept. 30,
2012

% Net
Revenues

Net Revenues $ 1,370,348 100.0 % $ 1,345,137 100.0 % $ 2,800,384 100.0 % $ 2,805,454 100.0 %
Costs and Expenses:
Cost of Sales 568,582 41.5 % 586,516 43.6 % 1,136,724 40.6 % 1,155,536 41.2 %
Royalties 86,783 6.3 % 89,224 6.6 % 186,404 6.7 % 212,551 7.6 %
Product Development 59,366 4.3 % 48,472 3.6 % 154,455 5.5 % 143,511 5.1 %
Advertising 136,487 10.0 % 134,997 10.0 % 277,278 9.9 % 279,339 10.0 %
Amortization of Intangibles 14,224 1.0 % 12,636 0.9 % 37,677 1.3 % 34,792 1.2 %
Program Production Cost Amortization 17,991 1.3 % 12,794 1.0 % 34,023 1.2 % 25,950 0.9 %

Selling, Distribution and Administration

  231,045   16.9 %   210,876 15.7 %   633,238   22.6 %   602,145 21.5 %
Operating Profit 255,870 18.7 % 249,622 18.6 % 340,585 12.2 % 351,630 12.5 %
Interest Expense 22,812 1.7 % 23,043 1.7 % 68,016 2.4 % 68,568 2.4 %
Other (Income) Expense, Net   1,599   0.1 %   1,630 0.1 %   6,527   0.3 %   3,320 0.1 %
Earnings before Income Taxes 231,459 16.9 % 224,949 16.8 % 266,042 9.5 % 279,742 10.0 %
Income Taxes   39,169   2.9 %   60,097 4.5 %   43,943   1.6 %   74,042 2.7 %
Net Earnings 192,290 14.0 % 164,852 12.3 % 222,099 7.9 % 205,700 7.3 %
Net Loss Attributable to Noncontrolling Interests   (731 ) -0.1 %   - 0.0 %   (731 ) -0.1 %   - 0.0 %
Net Earnings Attributable to Hasbro, Inc. $ 193,021   14.1 % $ 164,852 12.3 % $ 222,830   8.0 % $ 205,700 7.3 %
 
Per Common Share
Net Earnings Attributable to Hasbro, Inc.
Basic $ 1.48   $ 1.26 $ 1.71   $ 1.58
Diluted $ 1.46   $ 1.24 $ 1.69   $ 1.56
 
Cash Dividends Declared $ 0.40   $ 0.36 $ 1.20   $ 1.08
 
Weighted Average Number of Shares
Basic   130,253     130,619   129,972     130,146
Diluted   131,845     132,483   131,573     132,039
 
 
HASBRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
(Thousands of Dollars)
       

Nine Months Ended

Sept. 29, 2013       Sept. 30, 2012
Cash Flows from Operating Activities:
Net Earnings $ 222,099 $ 205,700
Non-cash Adjustments 168,429 152,201
Changes in Operating Assets and Liabilities   (343,211 )   (214,285 )
Net Cash Provided by Operating Activities   47,317     143,616  
 
Cash Flows from Investing Activities:
Additions to Property, Plant and Equipment (78,246 ) (74,896 )
Investments and Acquisitions, Net of Cash Acquired (109,955 ) -
Other   3,121     2,558  
Net Cash Utilized by Investing Activities   (185,080 )   (72,338 )
 
Cash Flows from Financing Activities:
Net (Repayments) Proceeds from Short-term Borrowings (11,235 ) 83,380
Purchases of Common Stock (86,972 ) (15,079 )
Stock-based Compensation Transactions 87,172 49,182
Dividends Paid   (104,164 )   (132,231 )
Net Cash Utilized by Financing Activities   (115,199 )   (14,748 )
 
Effect of Exchange Rate Changes on Cash (8,071 ) (1,485 )
 
Cash and Cash Equivalents at Beginning of Year   849,701     641,688  
 
Cash and Cash Equivalents at End of Period $ 588,668   $ 696,733  
 
 
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(Thousands of Dollars)         Quarter Ended         Nine Months Ended    

Sept. 29,
2013

   

Sept. 30,
2012

%
Change

 

Sept. 29,
2013

   

Sept. 30,
2012

%
Change

 

Major Segment Results

U.S. and Canada Segment:

External Net Revenues $ 735,619 $ 774,539 -5 % $ 1,466,921 $ 1,510,112 -3 %
Operating Profit 146,991 154,239 -5 % 243,738 229,578 6 %
Operating Margin 20.0 % 19.9 % 16.6 % 15.2 %
 

International Segment:

External Net Revenues 582,676 524,144 11 % 1,212,665 1,174,366 3 %
Operating Profit 105,663 85,498 24 % 115,951 110,265 5 %
Operating Margin 18.1 % 16.3 % 9.6 % 9.4 %
 

Entertainment and Licensing Segment:

External Net Revenues 48,637 43,066 13 % 114,747 115,618 -1 %
Operating Profit 7,625 10,722 -29 % 16,622 26,652 -38 %
Operating Margin 15.7 % 24.9 % 14.5 % 23.1 %
 

Net Revenues by Product Category

Boys $ 392,014 $ 471,125 -17 % $ 888,494 $ 1,162,958 -24 %
Games 387,450 365,714 6 % 873,774 763,460 14 %
Girls 388,696 302,304 29 % 652,889 499,731 31 %
Preschool   202,188     205,994   -2 %   385,227     379,305   2 %
Total Net Revenues $ 1,370,348   $ 1,345,137   $ 2,800,384   $ 2,805,454  
 

International Segment Net Revenues by Major Geographic Region

Europe $ 376,648 $ 345,281 9 % $ 755,097 $ 751,547 < 1%
Latin America 131,914 115,342 14 % 260,443 237,090 10 %
Asia Pacific   74,114     63,521   17 %   197,125     185,729   6 %
Total $ 582,676   $ 524,144   $ 1,212,665   $ 1,174,366  
 

Reconciliation of EBITDA

Net Earnings Attributable to Hasbro, Inc. $ 193,021 $ 164,852 $ 222,830 $ 205,700
Net Loss Attributable to Noncontrolling Interests (731 ) - (731 ) -
Interest Expense 22,812 23,043 68,016 68,568
Income Taxes 39,169 60,097 43,943 74,042
Depreciation 32,345 31,374 75,526 75,113
Amortization of Intangibles   14,224     12,636     37,677     34,792  
EBITDA $ 300,840   $ 292,002   $ 447,261   $ 458,215  
 
 
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RESTRUCTURING AND PENSION SETTLEMENT CHARGES
(Unaudited)
(Thousands of Dollars)
 

Operating Profit, Excluding Restructuring and Pension Settlement Charges

 

Quarter Ended Sept. 29, 2013

     

As Reported

   

Less
Restructuring
and Pension
Settlement
Charges

   

Excluding
Restructuring
and Pension
Settlement
Charges

    % Net Revenues
Net Revenues $ 1,370,348 $ - $ 1,370,348 100.0 %
Costs and Expenses:
Cost of Sales 568,582 - 568,582 41.5 %
Royalties 86,783 - 86,783 6.3 %
Product Development 59,366 - 59,366 4.3 %
Advertising 136,487 - 136,487 10.0 %
Amortization of Intangibles 14,224 - 14,224 1.0 %
Program Production Cost Amortization 17,991 - 17,991 1.3 %
Selling, Distribution and Administration   231,045     (4,093 )   226,952   16.6 %
Operating Profit $ 255,870   $ (4,093 ) $ 259,963   19.0 %
 

Nine Months Ended Sept. 29, 2013

As Reported

Less
Restructuring
and Pension
Settlement
Charges

Excluding
Restructuring
and Pension
Settlement
Charges

% Net Revenues
Net Revenues $ 2,800,384 $ - $ 2,800,384 100.0 %
Costs and Expenses:
Cost of Sales 1,136,724 (8,493 ) 1,128,231 40.3 %
Royalties 186,404 - 186,404 6.7 %
Product Development 154,455 (3,515 ) 150,940 5.4 %
Advertising 277,278 - 277,278 9.9 %
Amortization of Intangibles 37,677 - 37,677 1.3 %
Program Production Cost Amortization 34,023 - 34,023 1.2 %
Selling, Distribution and Administration   633,238     (23,473 )   609,765   21.8 %
Operating Profit $ 340,585   $ (35,481 ) $ 376,066   13.4 %
 

Nine Months Ended Sept. 30, 2012

As Reported

Less
Restructuring
and Pension
Settlement
Charges

Excluding
Restructuring
and Pension
Settlement
Charges

% Net Revenues
Net Revenues $ 2,805,454 $ - $ 2,805,454 100.0 %
Costs and Expenses:
Cost of Sales 1,155,536 (2,764 ) 1,152,772 41.1 %
Royalties 212,551 - 212,551 7.6 %
Product Development 143,511 (2,479 ) 141,032 5.0 %
Advertising 279,339 - 279,339 10.0 %
Amortization of Intangibles 34,792 - 34,792 1.2 %
Program Production Cost Amortization 25,950 - 25,950 0.9 %
Selling, Distribution and Administration   602,145     (5,887 )   596,258   21.3 %
Operating Profit $ 351,630   $ (11,130 ) $ 362,760   12.9 %
 
NOTE: There were no restructuring or pension settlement charges included in the reported amounts for the quarter ended September 30, 2012.
 

Net Earnings and Earnings per Share Excluding Restructuring
Charges, Pension Settlement Charges and Benefit from Settlement of
Tax Exams

 

Quarter Ended

Sept. 29, 2013

 

Diluted Per
Share Amount

  Sept. 30, 2012  

Diluted Per
Share Amount

Net Earnings Attributable to Hasbro, Inc., as Reported $ 193,021 $ 1.46 $ 164,852 $ 1.24
Restructuring Charges, Net of Tax 2,447 0.02 - -
Pension Settlement Charges, Net of Tax 679 0.01 - -
2013 Benefit from Tax Exam Settlement   (23,637 )   (0.18 )   -   -  
Net Earnings Attributable to Hasbro, Inc., as Adjusted $ 172,510   $ 1.31   $ 164,852 $ 1.24  
 
Nine Months Ended
Sept. 29, 2013  

Diluted Per
Share Amount

  Sept. 30, 2012  

Diluted Per
Share Amount

Net Earnings Attributable to Hasbro, Inc., as Reported $ 222,830 $ 1.69 $ 205,700 $ 1.56
Restructuring Charges, Net of Tax 21,224 0.16 7,675 0.06
Pension Settlement Charges, Net of Tax 2,469 0.02 - -
2013 Benefit from Tax Exam Settlement   (23,637 )   (0.18 )   -   -  
Net Earnings Attributable to Hasbro, Inc., as Adjusted $ 222,886   $ 1.69   $ 213,375 $ 1.62  
 

Restructuring and Pension Settlement Charges - by Segment

Quarter Ended   Nine Months Ended

Sept. 29, 2013

Sept. 30, 2012

Sept. 29, 2013

Sept. 30, 2012

U.S. and Canada Segment $ - $ - $ - $ 2,444
International Segment - - - 1,628
Entertainment and Licensing Segment - - 1,729 555
Global Operations Segment - - - 4,307
Corporate and Eliminations   4,093     -     33,752   2,196  
Total Restructuring and Pension Settlement Charges $ 4,093   $ -   $ 35,481 $ 11,130  

Hasbro, Inc.
Debbie Hancock, 401-727-5401
(Investor Relations)
or
Wayne Charness, 401-727-5983
(News Media)

Source: Hasbro, Inc.

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