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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): April 13, 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 April 13, 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 April 13, 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: April 14, 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 April 13, 1994
Exhibit Index
Exhibit
No. Exhibits
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99 Press Release dated April 13, 1994
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
April 13, 1994 Telephone: 401-431-8500
HASBRO, INC. ANNOUNCES RECORD REVENUES
AND EARNINGS FOR FIRST QUARTER 1994
Pawtucket, RI (April 13, 1994) -- Hasbro, Inc. (HAS:ASE) today reported
results for its first quarter ended March 27, 1994.
Revenues increased approximately $2,100,000 to $489,133,000 from the
$487,036,000 reported in the first quarter of 1993 and,absent the effect of the
strengthened U.S. dollar, would have increased an additional $8,000,000.
Earnings before the cumulative effect of a change in accounting principles were
$26,717,000 for the quarter compared with $26,580,000 last year. On the same
basis, earnings per share were $.30 in both periods.
"Again this year, we have begun on a positive note", said Alan G.
Hassenfeld, Chairman and Chief Executive Officer, "and are pleased with our
results which represent first quarter records for both revenues and earnings
before an accounting change."
During the quarter, the Company adopted Statement of Financial Accounting
Standards No. 112, relating to postemployment benefits. The adoption of this
statement, which represents a change in accounting principles, reduced net
earnings and earnings per share by $4,282,000 and $.05, respectively. Earnings
and earnings per share after the accounting change were $22,435,000 and $.25,
respectively. The weighted average number of common shares outstanding was
90,100,000 compared to 89,639,000 a year earlier.
"We are particularly proud of the performance of our international units
this quarter", he continued. "Revenue growth was experienced in virtually all
countries and in constant dollars their revenues increased by more than 20%.
Domestically, even given the difficult retail environment, further complicated
by the unusually severe weather in much of the country during January and
February, we experienced strong retail sales of our products in comparison to
1993. Especially noteworthy this quarter were the innovative products from
Playskool, including Cool Tools(TM) and In-Line Skates, as well as the
continuing momentum of many of Kenner's items. This consumer strength was
tempered, however, by the ongoing effort of many of our customers to minimize
their inventory levels. In particular, one customer initiated a centralized
buying system which, when fully implemented, will make them a more efficient
retailer. This change resulted in a substantial decrease in their first quarter
purchases from us although we expect the full year to be on plan."
Mr. Hassenfeld concluded by noting "Even though we had a strong first
quarter, we are well aware that the balance of 1994 will present significant
challenges as a greater proportion of our business moves to the second half of
the year. We feel, however, that with our strong and diverse portfolio of
products and our dedicated team of employees we are well equipped to meet those
challenges."
# # #
(Tables Attached)
HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended
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Mar. 27, Mar. 28,
1994 1993
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Net Revenues $489,133 487,036
Cost of Sales 208,200 208,021
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Gross Profit 280,933 279,015
Amortization 8,793 8,659
Royalties, Research and
Development 50,320 47,403
Advertising 64,559 67,837
Selling, Distribution and
Administrative 110,290 109,559
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Operating Profit 46,971 45,557
Interest Expense 5,436 4,415
Other (Income), Net (1,908) (1,729)
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Earnings Before Income Taxes and
Cumulative Effect of Change in
Accounting Principles 43,443 42,871
Income Taxes 16,726 16,291
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Net Earnings Before Cumulative
Effect of Change in Accounting
Principles 26,717 26,580
Cumulative Effect of Change in
Accounting Principles (4,282) -
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Net Earnings $ 22,435 26,580
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Per Common Share
Net Earnings Before Cumulative
Effect of Change in Accounting
Principles $ .30 .30
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Net Earnings .25 .30
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Cash Dividends Declared .07 .06
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Weighted Average Number of
Shares 90,100 89,639
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HASBRO, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Thousands of Dollars)
Mar. 27, Mar. 28,
1994 1993
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Assets
Cash and Temporary Investments $ 250,262 150,250
Accounts Receivable, Net 449,981 420,057
Inventories 271,319 237,548
Other 150,504 147,763
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Total Current Assets 1,122,066 955,618
Property, Plant and Equipment, Net 282,978 252,521
Other Assets 708,306 713,665
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Total Assets $2,113,350 1,921,804
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 53,091 51,851
Payables and Accrued Liablities 491,743 471,097
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Total Current Liabilities 544,834 522,948
Long-term Debt 200,479 206,152
Deferred Liabilities 73,171 70,823
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Total Liabilities 818,484 799,923
Total Shareholders' Equity 1,294,866 1,121,881
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Total Liabilities and Shareholders' Equity $2,113,350 1,921,804
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