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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 10, 1994
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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 10, 1994 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 10, 1994, 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 10, 1994 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 10, 1994
Exhibit Index
Exhibit
No. Exhibits
- ------- --------
99 Press Release dated February 10, 1994
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
February 10, 1994 Telephone: 401-431-8500
HASBRO, INC. ANNOUNCES RECORD RESULTS
FOR FOURTH QUARTER AND FULL YEAR 1993
Pawtucket, RI (February 10, 1994) -- Hasbro, Inc. (HAS:ASE) today
reported its results for the fourth quarter and full year ended December 26,
1993.
For the sixth consecutive year, the Company reported record fourth
quarter levels of both net revenues and earnings. Net revenues were
$932,196,000, an increase of more than 12% from the $831,336,000 of the
corresponding quarter a year earlier. Net earnings, at $70,726,000,
increased 8% from last year's fourth quarter record of $65,638,000. Absent
the effect of the previously announced $15,500,000 pretax fourth quarter
restructuring charge, net earnings increased more than 22% from those of a
year ago. Earnings per share for the quarter, after the restructuring
charge, increased to $.78 from $.73 in the same period a year ago. The
weighted average number of shares for the quarter was 90,314,000 up from
89,671,000 in 1992.
Net revenues and earnings for the year also reached record levels. Net
revenues were $2.747 billion, up 8% from the $2.541 billion reported in
1992. For the year, net earnings were $200,004,000, or $2.22 per share.
Absent the effect of the restructuring charge, full year net earnings
approximated $210,000,000 or $2.33 per share, an increase of more than 15%
from the $179,164,000, or $2.01 per share reported a year ago. The weighted
average number of shares for 1993 was 90,031,000 compared to 89,086,000 in
1992.
Both periods also were adversely impacted by the strengthened U.S.
dollar. In constant dollars, revenues for the quarter and year would have
increased approximately $140,000,000, or 17% and $313,000,000, or 12%,
respectively, over comparable 1992 amounts.
Alan G. Hassenfeld, Chairman and Chief Executive Officer, commenting
on the results stated that "it sounds repetitious, but again a very strong
fourth quarter has brought us to the end of another terrific year during
which Hasbro remained in top form."
"During the fourth quarter, the trends experienced during the first
nine months continued to be evident. Domestically, we enjoyed another very
successful quarter. Our promoted brands group was again led by Kenner, in
part due to the continued enthusiasm for its Littlest Pet Shop(R) and
Jurassic Park(TM) items, while Hasbro Toy, after a difficult period during
the year, began to see an up-turn in several of its products, including
Tonka's Talk 'N Play Fire Truck(TM) and The Real Power Tool Shop(TM). The
infant and preschool units also performed better than expected. Playskool
was buoyed by the success of Talking Barney(R) and many of their traditional
products including Play-Doh(R) and Tinkertoy(R), while the Kid Dimension
line was very well accepted by both retailers and consumers during its
initial year. In the games area, Milton Bradley and Parker Brothers
continued to grow, with strength shown in many of their newer items,
including Don't Wake Daddy(R), Ask Zandar(TM) and Jenga(R), and in the
classics such as Monopoly(R), Scrabble(R) and The Game of Life(R).
Internationally, fourth quarter revenues also increased from those of a year
ago. Strong performances by our Canadian, Mexican, U.K. and German units
helped to offset the negative effects of the strengthened U.S. dollar and
the generally weak worldwide economic conditions."
Mr. Hassenfeld concluded, "we believe that the momentum which we have
built during the second half of 1993, our strong line of continuing
products, the new products being introduced at the American International
Toy Fair next week and an improving international retail environment should
provide us a solid base on which to build a successful 1994."
###
(Tables Attached)
HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended Year Ended
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Dec. 26, Dec. 27, Dec. 26, Dec. 27,
1993 1992 1993 1992
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Net Revenues $ 932,196 831,336 2,747,176 2,541,055
Cost of Sales 401,962 354,839 1,182,567 1,094,031
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Gross Profit 530,234 476,497 1,564,609 1,447,024
Amortization 9,193 8,268 35,366 33,528
Royalties, Research and
Development 95,297 89,450 280,571 249,851
Advertising 136,438 130,304 383,918 377,219
Selling, Distribution and
Administrative 148,336 135,798 498,066 461,888
Restructuring 15,500 - 15,500 -
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Operating Profit 125,470 112,677 351,188 324,538
Interest Expense 10,155 8,567 29,814 35,891
Other (Income) Expense, Net (368) (759) (3,836) (3,729)
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Earnings Before Income Taxes 115,683 104,869 325,210 292,376
Income Taxes 44,957 39,231 125,206 113,212
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Net Earnings $ 70,726 65,638 200,004 179,164
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Per Common Share
Net Earnings(1) $ .78 .73 2.22 2.01
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Cash Dividends Declared $ .06 .05 .24 .20
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Weighted Average Number of
Shares(1) 90,314 89,671 90,031 89,086
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(1) 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. 26, Dec. 27,
1993 1992
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Assets
Cash and Temporary Investments $ 186,254 125,953
Accounts Receivable, Net 720,442 638,282
Inventories 250,067 217,918
Other 144,372 134,776
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Total Current Assets 1,301,135 1,116,929
Property, Plant and Equipment, Net 279,803 251,340
Other Assets 712,080 714,497
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Total Assets $2,293,018 2,082,766
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 62,242 64,174
Payables and Accrued Liablities 686,072 637,169
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Total Current Liabilities 748,314 701,343
Long-term Debt 200,510 206,189
Deferred Liabilities 67,511 69,613
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Total Liabilities 1,016,335 977,145
Total Shareholders' Equity 1,276,683 1,105,621
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Total Liabilities and Shareholders' Equity $2,293,018 2,082,766
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