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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 9, 1995 ------------------------- 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 February 9, 1995 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 9, 1995, 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: February 9, 1995 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 February 9, 1995 Exhibit Index Exhibit No. Exhibits - - ------- -------- 99 Press Release dated February 9, 1995
EXHIBIT 99 For Immediate Release Contact: John T. O'Neill February 9, 1995 Telephone: 401-431-8500 HASBRO, INC. ANNOUNCES RECORD RESULTS FOR FOURTH QUARTER 1994 Pawtucket, RI (February 9, 1995) -- Hasbro, Inc. (HAS:ASE) today reported its results for the fourth quarter and full year ended December 25, 1994. For the seventh consecutive year, the Company reported record fourth quarter net revenues and earnings. Net revenues were $940,583,000, an increase from the $932,196,000 of the corresponding quarter a year earlier. Net earnings, at $75,813,000, increased 7% from last year's fourth quarter record of $70,726,000. Earnings per share for the quarter increased to $.86 from $.78 in the same period a year ago. The weighted average number of shares for the quarter was 88,546,000 compared to 90,314,000 in 1993. For the year, net revenues were $2.670 billion compared to the $2.747 billion reported in 1993. Absent the effect of a first quarter accounting change in 1994, full year earnings were $179,315,000 or $2.01 per share, compared to the $200,004,000, or $2.22 per share reported a year ago. 1994 net earnings were $175,033,000, or $1.96 per share. The weighted average number of shares for 1994 was 89,331,000 compared to 90,031,000 in 1993. Alan G. Hassenfeld, Chairman and Chief Executive Officer, commenting on the results stated that "we are very pleased with our record results in the fourth quarter, especially in a year of change - both within the marketplace and in our operations." "As we have previously discussed, with our major customers changing their buying patterns, we are experiencing a shift in our business with a greater percentage of sales occurring in the second half of the year, especially in the fourth quarter. While this alone should increase fourth quarter revenues, we believe it to be significant that our record level of revenues was achieved in spite of $70,000,000 of reduced 1994 fourth quarter volume in Barney(R) and Jurassic Park(TM) products. Our strength this quarter was most noticeable in the international group and the games group. Internationally, volume increased more than 16% from last year, while the games group, helped by the products acquired from Western Publishing, reported a volume increase exceeding 10%. Products showing significant strength during the Christmas season included the Batman(R) range, both internationally and domestically, Elefun(TM), Gator Golf(R), Ricochet(TM) and the Playskool 4-in-1 Busy(R) Center." He continued by noting, "During the quarter, we completed the Hasbro Toy Group restructuring begun in August, took action to balance our domestic plant capacities with manufacturing needs, continued the consolidation of certain international operations, and in early January announced the formation of the Hasbro Games Group which will manage our two game companies, Milton Bradley and Parker Brothers. These fourth quarter efforts negatively impacted our pretax earnings by approximately $2,500,000, as did the December devaluation of the Mexican peso, which had an effect of approximately $2,200,000." Mr. Hassenfeld concluded, "In late November, we acquired the games division of John Waddington PLC, which brings to us the worldwide rights to the classic board game, Clue(R) and returns to us the international rights for Monopoly(R). This adds to what we believe is one of the strongest and most diverse product lines within the industry which, coupled with our new organizational structure, gives us a solid base on which to build 1995 and the future." # # # (Tables Attached) HASBRO, INC. CONSOLIDATED STATEMENTS OF EARNINGS (Thousands of Dollars and Shares Except Per Share Data) Quarter Ended Year Ended ------------------- -------------------- Dec. 25, Dec. 26, Dec. 25, Dec. 26, 1994 1993 1994 1993 -------- -------- -------- -------- Net Revenues $940,583 932,196 2,670,262 2,747,176 Cost of Sales 397,972 401,962 1,161,479 1,182,567 ------- ------- --------- --------- Gross Profit 542,611 530,234 1,508,783 1,564,609 Amortization 9,707 9,193 36,903 35,366 Royalties, Research and Development 92,258 95,297 273,039 280,571 Advertising 155,800 136,438 397,094 383,918 Selling, Distribution and Administrative 150,233 148,336 493,570 498,066 Restructuring Charges - 15,500 12,500 15,500 ------- ------- --------- --------- Operating Profit 134,613 125,470 295,677 351,188 Interest Expense 11,968 10,155 30,789 29,814 Other (Income), Net (628) (368) (26,681) (3,836) ------- ------- --------- --------- Earnings Before Income Taxes and Cumulative Effect of Change in Accounting Principles 123,273 115,683 291,569 325,210 Income Taxes 47,460 44,957 112,254 125,206 ------- ------- --------- --------- Earnings Before Cumulative Effect of Change in Accounting Principles 75,813 70,726 179,315 200,004 Cumulative Effect of Change in Accounting Principles - - (4,282) - ------- ------- --------- --------- Net Earnings $ 75,813 70,726 175,033 200,004 ======= ======= ========= ========= Per Common Share Earnings Before Cumulative Effect of Change in Accounting Principles $ .86 .78 2.01 2.22 ======= ======= ========= ========= Net Earnings $ .86 .78 1.96 2.22 ======= ======= ========= ========= Cash Dividends Declared $ .07 .06 .28 .24 ======= ======= ========= ========= Weighted Average Number of Shares 88,546 90,314 89,331 90,031 ======= ======= ========= ========= HASBRO, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Thousands of Dollars) Dec. 25, Dec. 26, 1994 1993 -------- -------- Assets Cash and Temporary Investments $ 137,028 186,254 Accounts Receivable, Net 717,890 720,442 Inventories 244,407 250,067 Other 153,138 144,372 --------- --------- Total Current Assets 1,252,463 1,301,135 Property, Plant and Equipment, Net 308,879 279,803 Other Assets 817,033 712,080 --------- --------- Total Assets $2,378,375 2,293,018 ========= ========= Liabilities and Shareholders' Equity Short-term Borrowings $ 81,805 62,242 Payables and Accrued Liablities 681,927 686,072 --------- --------- Total Current Liabilities 763,732 748,314 Long-term Debt 150,000 200,510 Deferred Liabilities 69,226 67,511 --------- --------- Total Liabilities 982,958 1,016,335 Total Shareholders' Equity 1,395,417 1,276,683 --------- --------- Total Liabilities and Shareholders' Equity $2,378,375 2,293,018 ========= =========