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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 21, 1997
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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 21, 1997 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 21, 1997, 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 21, 1997 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 21, 1997
Exhibit Index
Exhibit
No. Exhibits
- - ------- --------
99 Press Release dated April 21, 1997
EXHIBIT 99
For Immediate Release Contact: John T. O'Neill
April 21, 1997 Telephone: 401-727-5600
HASBRO, INC. ANNOUNCES IMPROVED
RESULTS FOR FIRST QUARTER 1997
Pawtucket, RI (April 21, 1997) -- Hasbro, Inc. (HAS:ASE) today
reported first quarter net earnings of $25.7 million, up from the $24.4
million reported a year ago. Earnings per share rose 11% to $.20, compared
with $.18 in 1996. Revenues also grew, increasing to $555.8 million from
the $538.7 million reported last year.
"We are pleased to again report both earnings and revenue growth
despite the negative impact of currency and the strengthened U.S. dollar,"
said Alan G. Hassenfeld, Chairman and Chief Executive Officer.
"Our revenue growth this quarter was driven primarily by the
theatrical re-release of the Star Wars Trilogy. The power of the Force was
evident as our Star Wars(R) related products, especially action figures,
were clear winners with consumers young and old. Also contributing to our
increased volume in the United States were the Super Soaker(TM) line of
water toys and Hasbro Interactive, with their expanded range of CD-ROM
classic games. Internationally, we experienced mixed results. Canada,
Mexico, Latin America and Australia all had growth, both in local currency
and U.S. dollars, while Europe achieved modest local currency gains, but
these were more than offset by the approximate $8 million impact of the
strengthened dollar."
He continued by noting, "Our earnings also increased this quarter and
were in line with our expectations. This growth came despite the adverse
impact of both currency rates and the previously announced closure of a
manufacturing facility in the U.K."
Mr. Hassenfeld concluded, "We are encouraged by our first quarter and
look forward to the balance of the year. We anticipate completing our
acquisition of the assets of Cap Toys and OddzOn Products during the second
quarter which will bring products, including Koosh(R) balls, Vortex(R)
sport toys, Melanie's Mall(TM) and the Cap line of interactive candy, to
the Hasbro family. Some of our other new products debuting in the next
several months include boys' items associated with the eagerly anticipated
movie premieres of both Batman(TM) and Robin(TM), and Jurassic Park(TM),
The Lost World; girls' products, including several based on the television
program Sabrina The Teenage Witch(TM); games, such as Chicken Croquet(TM)
and Planet Hollywood(TM); and several interactive CD-ROM games."
# # #
(Tables Attached)
HASBRO, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of Dollars and Shares Except Per Share Data)
Quarter Ended
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Mar. 30, Mar. 31,
1997 1996
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Net Revenues $555,784 538,685
Cost of Sales 235,371 237,771
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Gross Profit 320,413 300,914
Amortization 10,032 9,799
Royalties, Research and
Development 63,892 54,422
Advertising 71,302 70,276
Selling, Distribution and
Administration 134,781 125,365
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Operating Profit 40,406 41,052
Interest Expense 4,430 4,906
Other (Income), Net (4,171) (2,963)
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Earnings Before Income Taxes 40,147 39,109
Income Taxes 14,453 14,744
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Net Earnings $ 25,694 24,365
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Per Common Share(1)(2)
Net Earnings $ .20 .18
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Cash Dividends Declared $ .08 .07
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Weighted Average Number of Shares(1)(2) 131,074 132,161
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(1) - Adjusted to reflect three-for-two stock split paid on March 21, 1997.
(2) - Primary and fully diluted data are not shown separately as they are
substantially the same.
HASBRO, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Thousands of Dollars)
Mar. 30, Mar. 31,
1997 1996
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Assets
Cash and Temporary Investments $ 289,546 136,860
Accounts Receivable, Net 517,022 528,632
Inventories 268,945 335,067
Other 180,395 175,961
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Total Current Assets 1,255,908 1,176,520
Property, Plant and Equipment, Net 299,626 307,217
Other Assets 894,354 920,123
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Total Assets $2,449,888 2,403,860
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Liabilities and Shareholders' Equity
Short-term Borrowings $ 69,543 93,402
Payables and Accrued Liablities 528,308 534,478
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Total Current Liabilities 597,851 627,880
Long-term Debt 149,208 149,987
Deferred Liabilities 68,937 72,409
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Total Liabilities 815,996 850,276
Total Shareholders' Equity 1,633,892 1,553,584
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Total Liabilities and Shareholders' Equity $2,449,888 2,403,860
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