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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): October 13, 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 October 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 October 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. ------------ (Registrant) Date: October 13, 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 October 13, 1994 Exhibit Index Exhibit No. Exhibits - - ------- -------- 99 Press Release dated October 13, 1994
EXHIBIT 99 For Immediate Release Contact: John T. O'Neill October 13, 1994 Telephone: 401-431-8500 HASBRO, INC. ANNOUNCES REVENUES AND EARNINGS FOR THIRD QUARTER 1994 Pawtucket, RI (October 13, 1994) -- Hasbro, Inc. (HAS:ASE) today reported results for its second quarter ended September 25, 1994. Revenues were $796,222,000, compared to the $812,393,000 reported in the third quarter of 1993. Net earnings for the quarter were $75,151,000, compared to the $75,548,000 reported last year. Earnings per share were $.85 up from the $.84 a year ago. The weighted average number of common shares outstanding was 88,841,000 compared to 90,243,000 in 1993. For the year to date, revenues totaled $1,729,679,000, down from the $1,814,980,000 in 1993. Earnings before accounting change for the nine months were $103,502,000, or $1.16 per share, compared to the $129,278,000, or $1.44 per share a year ago. Net earnings and earnings per share for the nine months, after an accounting change recorded in the first quarter of 1994, were $99,220,000 and $1.11, respectively. The weighted average number of shares outstanding was 89,592,000 for the first nine months of 1994 and 89,936,000 for the same period of 1993. "As we had anticipated, our third quarter revenues returned to a level comparable with those of a year ago" said Alan G. Hassenfeld, Chairman and Chief Executive Officer. "In spite of losing approximately $80,000,000 of worldwide volume from Jurassic Park(TM) and Barney(R) products during the quarter, we were able to recoup most of this lost revenue. Internationally, most of our European units continued to experience moderate growth from their 1993 levels although domestically we could not sustain the record revenue levels of a year ago which had been buoyed by the successes of those two products. For the quarter, in the domestic market, our Batman(R) range of action figures continued to be strong, the relaunched version of Risk(R), the new Nerf(R) Liquidator(TM) Bat, our Gator Golf(TM) game and Playskool's(R) Magic Smoking Grill(TM) were all well received." "Our earnings for the quarter include the net effect of three unusual items", he continued. "We have provided $12,500,000 for the pretax costs associated with the restructuring of our operations and have also recorded an aggregate of approximately $23,000,000 in pretax gains from the liquidation of our investment in J.W. Spear & Sons PLC and the sale of our investment in Virgin Interactive Entertainment plc to Blockbuster Entertainment." Mr. Hassenfeld concluded by noting, "Although it will not have a significant impact on our 1994 results, our new joint venture with Connector Set Limited Partnership for the international distribution of the K'NEX(R) line of construction toys is operating and has orders for all of its available product. Additionally, we have incorporated the games and puzzles purchased from Western Publishing into our product lines and the reorganized Hasbro Toy Group is up and running. With all of this behind us, and the new products and relationships which we have under contract and development, we remain 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 ------------------- -------------------- Sep. 25, Sep. 26, Sep. 25, Sep. 26, 1994 1993 1994 1993 -------- -------- -------- -------- Net Revenues $796,222 812,393 1,729,679 1,814,980 Cost of Sales 352,129 351,064 763,507 780,605 ------- ------- --------- --------- Gross Profit 444,093 461,329 966,172 1,034,375 Amortization 9,598 8,797 27,196 26,173 Royalties, Research and Development 75,359 81,991 180,781 185,274 Advertising 116,307 111,868 241,294 247,480 Selling, Distribution and Administrative 123,067 126,364 343,337 349,730 Restructuring Charges 12,500 - 12,500 - ------- ------- --------- --------- Operating Profit 107,262 132,309 161,064 225,718 Interest Expense 8,776 9,111 18,821 19,659 Other (Income), Net (23,710) 333 (26,053) (3,468) ------- ------- --------- --------- Earnings Before Income Taxes and Cumulative Effect of Change in Accounting Principles 122,196 122,865 168,296 209,527 Income Taxes 47,045 47,317 64,794 80,249 ------- ------- --------- --------- Net Earnings Before Cumulative Effect of Change in Accounting Principles 75,151 75,548 103,502 129,278 Cumulative Effect of Change in Accounting Principles - - (4,282) - ------- ------- --------- --------- Net Earnings $ 75,151 75,548 99,220 129,278 ======= ======= ========= ========= Per Common Share Net Earnings Before Cumulative Effect of Change in Accounting Principles $ .85 .84 1.16 1.44 ======= ======= ========= ========= Net Earnings $ .85 .84 1.11 1.44 ======= ======= ========= ========= Cash Dividends Declared $ .07 .06 .21 .18 ======= ======= ========= ========= Weighted Average Number of Shares 88,841 90,243 89,592 89,936 ======= ======= ========= ========= HASBRO, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Thousands of Dollars) Sep. 25, Sep. 26, 1994 1993 -------- -------- Assets Cash and Temporary Investments $ 60,044 48,466 Accounts Receivable, Net 1,118,622 1,087,653 Inventories 333,089 333,531 Other 147,167 145,892 --------- --------- Total Current Assets 1,658,922 1,615,542 Property, Plant and Equipment, Net 296,986 258,919 Other Assets 760,406 720,581 --------- --------- Total Assets $2,716,314 2,595,042 ========= ========= Liabilities and Shareholders' Equity Short-term Borrowings $ 486,252 469,355 Payables and Accrued Liablities 658,520 641,047 --------- --------- Total Current Liabilities 1,144,772 1,110,402 Long-term Debt 150,437 203,642 Deferred Liabilities 73,057 69,170 --------- --------- Total Liabilities 1,368,266 1,383,214 Total Shareholders' Equity 1,348,048 1,211,828 --------- --------- Total Liabilities and Shareholders' Equity $2,716,314 2,595,042 ========= =========