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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): July 14, 1994 ------------------------- HASBRO, INC. -------------------- (Name of Registrant) RHODE ISLAND 1-6682 05-0155090 - - - -------------- ------------ ------------------- (State of (Commission (IRS Employer Incorporation) File Number) Identification No.) 1027 NEWPORT AVE., PAWTUCKET, RHODE ISLAND 02861 - - - ------------------------------------------ ------------------- (Address of Principal Executive Offices) (Zip Code) (401) 431-8697 ------------------------------- (Registrant's Telephone Number) Item 5. Other Events The July 14, 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 July 14, 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. ------------ (Registrant) Date: July 14, 1994 By:\s\John T. O'Neill ----------------------- 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 July 14, 1994 Exhibit Index Exhibit No. Exhibits - - - ------- -------- 99 Press Release dated July 14, 1994
EXHIBIT 99 For Immediate Release Contact: John T. O'Neill July 14, 1994 Telephone: 401-431-8500 HASBRO, INC. ANNOUNCES REVENUES AND EARNINGS FOR SECOND QUARTER 1994 Pawtucket, RI (July 14, 1994) -- Hasbro, Inc. (HAS:ASE) today reported results for its second quarter ended June 26, 1994. Revenues were $444,324,000, a decrease from the $515,551,000 reported in the second quarter of 1993. Net earnings for the quarter were $1,634,000, down from the $27,150,000 reported last year. Earnings per share were $.02 compared to $.30 a year ago. The weighted average number of common shares outstanding was 89,836,000 compared to 89,926,000 a year earlier. For the year to date, revenues totaled $933,457,000, a 7% decrease from the $1,002,587,000 in 1993. Earnings before accounting change for the six months were $28,351,000, or $.32 per share, compared to the $53,730,000, or $.60 per share a year ago. Net earnings and earnings per share for the six months, after an accounting change recorded in the first quarter of 1994, were $24,069,000 and $.27, respectively. The weighted average number of shares outstanding was 89,968,000 for the first six months of 1994 and 89,783,000 for the same period of 1993. "Our results this quarter are consistent with those indicated on June 16", said Alan G. Hassenfeld, Chairman and Chief Executive Officer. "As anticipated, many of our international units grew from their second quarter 1993 levels despite being adversely impacted by the effect of the strengthened U.S. dollar", he continued. "Domestically, however, the record levels of 1993 revenues, helped by the mid-quarter introduction of our Jurassic Park(TM) and Barney(R) products, could not be sustained. As noted in our earlier announcement, data from several of our larger customers indicates that purchases of our products by consumers are ahead of 1993 levels which leads us to believe that retailers will place a greater percentage of their orders for immediate delivery during the second half of the year, specifically for shipment during the fourth quarter." Mr. Hassenfeld concluded by noting, "With the new joint venture we are forming with Connector Set Limited Partnership to distribute the K'NEX(R) line of construction toys internationally, the soon to be completed acquisition of the game and puzzle business of Western Publishing and the new products and relationships which we have under contract and development, we are enthusiastic about 1995 and beyond." # # # (Tables Attached) HASBRO, INC. CONSOLIDATED STATEMENTS OF EARNINGS (Thousands of Dollars and Shares Except Per Share Data) Quarter Ended Six Months Ended ------------------- -------------------- Jun. 26, Jun. 27, Jun. 26, Jun. 27, 1994 1993 1994 1993 -------- -------- -------- -------- Net Revenues $444,324 515,551 933,457 1,002,587 Cost of Sales 203,178 221,520 411,378 429,541 ------- ------- --------- --------- Gross Profit 241,146 294,031 522,079 573,046 Amortization 8,805 8,717 17,598 17,376 Royalties, Research and Development 55,102 55,880 105,422 103,283 Advertising 60,428 67,775 124,987 135,612 Selling, Distribution and Administrative 109,980 113,807 220,270 223,366 ------- ------- --------- --------- Operating Profit 6,831 47,852 53,802 93,409 Interest Expense 4,609 6,133 10,045 10,548 Other (Income), Net (435) (2,072) (2,343) (3,801) ------- ------- --------- --------- Earnings Before Income Taxes and Cumulative Effect of Change in Accounting Principles 2,657 43,791 46,100 86,662 Income Taxes 1,023 16,641 17,749 32,932 ------- ------- --------- --------- Net Earnings Before Cumulative Effect of Change in Accounting Principles 1,634 27,150 28,351 53,730 Cumulative Effect of Change in Accounting Principles - - (4,282) - ------- ------- --------- --------- Net Earnings $ 1,634 27,150 24,069 53,730 ======= ======= ========= ========= Per Common Share Net Earnings Before Cumulative Effect of Change in Accounting Principles $ .02 .30 .32 .60 ======= ======= ========= ========= Net Earnings $ .02 .30 .27 .60 ======= ======= ========= ========= Cash Dividends Declared $ .07 .06 .14 .12 ======= ======= ========= ========= Weighted Average Number of Shares 89,836 89,926 89,968 89,783 ======= ======= ========= ========= HASBRO, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Thousands of Dollars) Jun. 26, Jun. 27, 1994 1993 -------- -------- Assets Cash and Temporary Investments $ 46,427 16,611 Accounts Receivable, Net 635,893 647,899 Inventories 338,444 315,025 Other 153,075 141,262 --------- --------- Total Current Assets 1,173,839 1,120,797 Property, Plant and Equipment, Net 292,794 253,899 Other Assets 700,509 702,821 --------- --------- Total Assets $2,167,142 2,077,517 ========= ========= Liabilities and Shareholders' Equity Short-term Borrowings $ 129,488 207,068 Payables and Accrued Liablities 472,982 457,188 --------- --------- Total Current Liabilities 602,470 664,256 Long-term Debt 200,458 205,736 Deferred Liabilities 70,946 69,878 --------- --------- Total Liabilities 873,874 939,870 Total Shareholders' Equity 1,293,268 1,137,647 --------- --------- Total Liabilities and Shareholders' Equity $2,167,142 2,077,517 ========= =========