-
2012 net revenues declined 2% to $4.19 billion excluding foreign
exchange; net revenues as reported for the full-year 2012 were $4.09
billion compared to $4.29 billion in 2011;
-
2012 net earnings were $370.8 million, or $2.81 per diluted share,
excluding pre-tax charges of $47.2 million, or $0.26 per diluted
share, associated with restructuring actions; as reported, 2012 net
earnings were $336.0 million, or $2.55 per share, compared to $385.4
million, or $2.82 per diluted share in 2011;
-
During the fourth quarter 2012, the Company commenced a cost
savings initiative targeting $100 million in annual savings by 2015;
-
Full-year 2012 operating profit margin increased to 14.7% from
14.2% (excluding restructuring charges in both years) led by gains in
the U.S. and Canada segment profitability;
-
Generated $534.8 million in operating cash flow during 2012;
-
Company Board of Directors raises quarterly dividend 11% to $0.40
per share.
PAWTUCKET, R.I.--(BUSINESS WIRE)--
Hasbro,
Inc. (NASDAQ: HAS) today reported financial results for the
full-year and fourth quarter 2012. Net revenues for the full-year 2012
were $4.09 billion compared to $4.29 billion in 2011. Excluding a
negative $98.5 million impact of foreign exchange, net revenues declined
2% to $4.19 billion.
Net earnings for the full-year 2012 were $336.0 million, or $2.55 per
diluted share, versus $385.4 million, or $2.82 per diluted share, in
2011. 2012 net earnings include $47.2 million pre-tax, or $0.26 per
diluted share, of restructuring charges. Excluding these charges, net
earnings were $370.8 million, or $2.81 per diluted share. Additionally,
full-year 2012 earnings per share include $0.10 per diluted share from
the negative impact of foreign exchange.
The Company's reported 2011 earnings per diluted share included the
impact of a $20.5 million favorable tax adjustment, or $0.15 per diluted
share, and pre-tax expense of $14.4 million, or $0.07 per diluted share,
related to costs associated with establishing Hasbro's Gaming Center of
Excellence in Rhode Island. Earnings per diluted share for 2011
excluding these two items were $2.74.
For the fourth quarter 2012, the Company reported net revenues of $1.28
billion compared to $1.33 billion in 2011. Foreign exchange had an $8.2
million negative impact on revenues in the quarter. The Company reported
net earnings for the quarter of $130.3 million or $0.99 per diluted
share, including $36.0 million pre-tax, or $0.21 per share, in
restructuring charges, versus $139.1 million or $1.06 per diluted share
in 2011. Excluding these charges, fourth quarter net earnings were
$157.4 million, or $1.20 per diluted share.
"In 2012, we achieved many important objectives for the year, including
improving the U.S. and Canada segment operating profit margin to 15.1%,
growing our Games and Girls categories and driving 16% revenue growth in
the emerging markets while improving profitability," said Brian Goldner,
Hasbro's President and Chief Executive Officer. "We did, however, face
difficult year-over-year comparisons and a challenging holiday season in
certain geographies."
"We also began an important next step in realizing our full potential as
brand builders, with the implementation of a cost savings initiative
designed to better align resources and costs while delivering $100
million in annual savings by 2015," continued Goldner. "Our strategy
during the past several years has focused on delivering compelling brand
innovation while investing in and establishing the capabilities required
for developing content-rich brand initiatives that consumers and
retailers around the world want. With the investments in these
capabilities in place, we are now taking the next step to increase our
organization's focus around fewer multi-platform global brand
opportunities that are integrating play through digital and analog
experiences."
"Hasbro remains in a strong financial position," said Deborah Thomas,
Hasbro's Chief Financial Officer. "In 2012, we generated $535 million in
operating cash flow, reduced inventory at Hasbro and at our retailers
and we improved our operating profit margin, absent restructuring
charges, versus 2011. We are taking the steps we believe necessary to
lower our cost base and better align our resources behind our greatest
long-term opportunities. We remain committed to investing in the
long-term growth of Hasbro and delivering strong shareholder returns
including our dividend and share repurchase program. Our ability to
raise the dividend for the ninth time in ten years is based on the
confidence we have in the long-term prospects for Hasbro."
Dividend and Share Repurchase
Hasbro's Board of Directors has declared a quarterly cash dividend of
$0.40 per common share. This represents an increase of $0.04 per share,
or 11%, from the previous quarterly dividend of $0.36 per common share.
The dividend will be payable on May 15, 2013 to shareholders of record
at the close of business on May 1, 2013.
The Company paid $225.5 million in cash dividends to shareholders during
2012, including the $46.6 million accelerated payment of its fourth
quarter dividend historically paid in February.
Additionally, Hasbro repurchased a total of 2.7 million shares of common
stock during 2012 at a total cost of $100.0 million and an average price
of $37.11 per share. At year-end, $127.3 million remained available in
the current share repurchase authorization.
|
|
|
Full-Year 2012 Major Segment Performance
|
|
|
|
|
|
|
|
|
|
Net Revenues ($ Millions)
|
|
Operating Profit ($ Millions)
|
|
|
FY 2012
|
|
FY 2011
|
|
% Change
|
|
FY 2012
|
|
FY 2011
|
|
% Change
|
|
U.S. and Canada
|
|
$2,116.3 |
|
$2,253.5 |
|
-6%
|
|
$319.1 |
|
$278.4 |
|
+15%
|
|
International
|
|
$1,782.1 |
|
$1,861.9 |
|
-4%
|
|
$215.5 |
|
$270.6 |
|
-20%
|
|
Entertainment and Licensing
|
|
$181.4 |
|
$162.2 |
|
+12%
|
|
$53.2 |
|
$42.8 |
|
+24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. and Canada segment net revenues were $2.12 billion compared to
$2.25 billion in 2011. The segment's results reflect growth in the Girls
and Games categories, which was more than offset by declines in Boys and
Preschool. The U.S. and Canada segment reported 15% operating profit
growth to $319.1 million, or 15.1% of revenues, compared to $278.4
million, or 12.4% of revenues, in 2011.
Net revenues in the International segment grew 1% absent the negative
$97.9 million impact of foreign exchange. Including the impact of
foreign exchange, International segment net revenues were $1.78 billion,
down 4%, compared to $1.86 billion in 2011. Revenue in the International
segment reflects 8% growth in Latin America offset by a decline in
Europe and Asia Pacific. Additionally, the Games and Preschool category
were flat in 2012, while Boys and Girls declined. The International
segment reported an operating profit of $215.5 million compared to
$270.6 million in 2011.
Entertainment and Licensing segment net revenues increased 12% to $181.4
million compared to $162.2 million in 2011. The segment continued to
benefit from the sale of television programming in all formats in the
U.S. and internationally offset by lower movie-related revenues. The
Entertainment and Licensing segment reported 24% operating profit growth
to $53.2 million compared to $42.8 million in 2011.
|
|
|
Full-Year 2012 Product Category
Performance
|
|
|
|
|
|
|
|
Net Revenues ($ Millions)
|
|
|
FY 2012
|
|
FY 2011
|
|
% Change
|
|
Boys
|
|
$1,577.0 |
|
$1,821.5 |
|
-13%
|
|
Games
|
|
$1,192.1 |
|
$1,169.7 |
|
+2%
|
|
Girls
|
|
$792.3 |
|
$741.4 |
|
+7%
|
|
Preschool
|
|
$527.6 |
|
$553.0 |
|
-5%
|
|
|
|
|
|
|
|
|
In the Boys category, net revenues decreased 13% to $1.58 billion.
MARVEL branded products, driven primarily by MARVEL'S THE AVENGERS and
THE AMAZING SPIDER-MAN, posted strong year-over-year gains globally.
This growth was more than offset by expected declines in TRANSFORMERS
and BEYBLADE products following a strong 2011 for both lines.
Net revenues in the Games category increased 2% to $1.19 billion. MAGIC:
THE GATHERING, TWISTER, BATTLESHIP and Boys Action Gaming, including
TRANSFORMERS BOT SHOTS and ANGRY BIRDS STAR WARS, all helped the
category grow in 2012.
The Girls category net revenues increased 7% to $792.3 million. FURBY
was very successful in 2012 and will launch globally in 2013. MY LITTLE
PONY posted strong growth for the year and the addition of ONE DIRECTION
to the Girls category was favorable.
Net revenues in the Preschool category declined 5% to $527.6 million.
The PLAYSKOOL HEROES line had a strong 2012 and PLAY-DOH product
revenues grew in the year. The category faced difficult comparisons
against the initial launch of SESAME STREET products in 2011.
Hasbro will webcast its fourth quarter and full-year 2012 earnings
conference call at 5:00 p.m. Eastern Time today. To listen to the live
webcast, go to http://investor.hasbro.com.
The replay of the call will be available on Hasbro's web site
approximately 2 hours following completion of the call. Additionally,
presentation slides associated with today's conference call are
available on Hasbro's website at http://investor.hasbro.com.
HAS-E
About Hasbro
Hasbro,
Inc. (NASDAQ: HAS) is a branded play company dedicated to
fulfilling the fundamental need for play for children and families
through creative expression of the Company's world class brand
portfolio, including TRANSFORMERS, MONOPOLY, PLAY-DOH, MY LITTLE PONY,
MAGIC: THE GATHERING, NERF, LITTLEST PET SHOP and G.I. JOE. From toys
and games, to television programming, motion pictures, digital gaming
and a comprehensive licensing program, Hasbro strives to delight its
global customers with innovative play and entertainment experiences, in
a variety of forms and formats, anytime and anywhere. The Company's
Hasbro Studios develops and produces television programming for more
than 170 markets around the world, and for the U.S. on The Hub TV
Network, part of a multi-platform joint venture between Hasbro and
Discovery Communications (NASDAQ: DISCA, DISCB, DISCK). Through the
Company's deep commitment to corporate social responsibility, including
philanthropy, Hasbro is helping to build a safe and sustainable world
for future generations and to positively impact the lives of millions of
children and families every year. It has been recognized for its efforts
by being named one of the "World's Most Ethical Companies," is ranked as
one of Corporate Responsibility Magazine's "100 Best Corporate Citizens"
and was named in the top 10 of the Civic 50 for its efforts to improve
the quality of life in the communities where it does business. Learn
more at www.hasbro.com.
© 2013 Hasbro, Inc. All Rights Reserved.
Certain statements in this release contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements include expectations concerning the Company's
potential performance in the future, including with respect to its
planned cost savings initiative and profitability, and the Company's
ability to achieve its other financial and business goals and may be
identified by the use of forward-looking words or phrases. The Company's
actual actions or results may differ materially from those expected or
anticipated in the forward-looking statements due to both known and
unknown risks and uncertainties. Specific factors that might cause such
a difference include, but are not limited to: (i) the Company's ability
to design, manufacture, source and ship new and continuing products on a
timely and cost-effective basis, as well as interest in and purchase of
those products by retail customers and consumers in quantities and at
prices that will be sufficient to profitably recover the Company's
development, manufacturing, marketing, royalty and other costs; (ii)
global economic conditions, including recessions, credit crises or other
economic shocks or downturns affecting the United States, Europe or any
of the Company's other markets which can negatively impact the retail
and/or credit markets, the financial health of the Company's retail
customers and consumers, and consumer and business confidence, and which
can result in lower employment levels, less consumer disposable income,
and lower consumer spending, including lower spending on purchases of
the Company's products; (iii) other factors which can lower
discretionary consumer spending, such as higher costs for fuel and food,
drops in the value of homes or other consumer assets, and high levels of
consumer debt; (iv) potential difficulties or delays the Company may
experience in implementing cost savings and efficiency enhancing
initiatives in an effective manner; (v) other economic and public health
conditions in the markets in which the Company and its customers and
suppliers operate which impact the Company's ability and cost to
manufacture and deliver products, such as higher fuel and other
commodity prices, higher labor costs, higher transportation costs,
outbreaks of disease which affect public health and the movement of
people and goods, and other factors, including government regulations,
which can create potential manufacturing and transportation delays or
impact costs; (vi) currency fluctuations, including movements in foreign
exchange rates, which can lower the Company's net revenues and earnings,
and significantly impact the Company's costs; (vii) the concentration of
the Company's customers, potentially increasing the negative impact to
the Company of difficulties experienced by any of the Company's
customers or changes by the Company's customers in their purchasing or
selling patterns; (viii) greater than expected costs, or unexpected
delays or difficulties, associated with The Hub TV Network, the
Company's joint venture television network with Discovery
Communications, LLC, Hasbro Studios, or the creation of new content to
appear on The Hub TV Network and elsewhere; (ix) consumer interest in
and acceptance of The Hub TV Network, and programming created by Hasbro
Studios, and other factors impacting the financial performance of the
network and Hasbro Studios; (x) greater than expected costs or
unexpected delays or difficulties associated with the creation of
Hasbro's Gaming Center of Excellence and the execution of the Company's
strategy for driving innovation and immersive play experiences in its
gaming business; (xi) unexpected delays or difficulties in the Company's
execution of its plans to drive growth and increased profitability in
its U.S. and Canada business; (xii) the inventory policies of the
Company's retail customers, including retailers' potential decisions to
lower the inventories they are willing to carry, even if it results in
lost sales, as well as the concentration of the Company's revenues in
the second half and fourth quarter of the year, which coupled with
reliance by retailers on quick response inventory management techniques
increases the risk of underproduction of popular items, overproduction
of less popular items and failure to achieve tight and compressed
shipping schedules; (xiii) delays, increased costs or difficulties
associated with any of our planned entertainment initiatives; (xiv) work
stoppages, slowdowns or strikes, which may impact the Company's ability
to manufacture or deliver product in a timely and cost-effective manner;
(xv) the bankruptcy or other lack of success of one of the Company's
significant retailers which could negatively impact the Company's
revenues or bad debt exposure; (xvi) the impact of competition on
revenues, margins and other aspects of the Company's business, including
the ability to secure, maintain and renew popular licenses and the
ability to attract and retain talented employees in a competitive
environment; (xvii) concentration of manufacturing for many of the
Company's products in the People's Republic of China and the associated
impact to the Company of public health conditions and other factors
affecting social and economic activity in China, affecting the movement
of products into and out of China, and impacting the cost of producing
products in China and exporting them to other countries; (xviii) the
risk of product recalls or product liability suits and costs associated
with product safety regulations; (xix) other market conditions, third
party actions or approvals and the impact of competition which could
reduce demand for the Company's products or delay or increase the cost
of implementation of the Company's programs or alter the Company's
actions and reduce actual results; (xx) the risk that anticipated
benefits of acquisitions may not occur or be delayed or reduced in their
realization; and (xxi) other risks and uncertainties as may be detailed
from time to time in the Company's public announcements and Securities
and Exchange Commission ("SEC") filings. The Company undertakes no
obligation to make any revisions to the forward-looking statements
contained in this release or to update them to reflect events or
circumstances occurring after the date of this release.
This press release includes a non-GAAP financial measure as defined
under SEC rules, specifically EBITDA. EBITDA represents net earnings
excluding interest expense, income taxes, depreciation and amortization.
As required by SEC rules, we have provided reconciliation on the
attached schedule of this measure to the most directly comparable GAAP
measure. Management believes that EBITDA is one of the appropriate
measures for evaluating the operating performance of the Company because
it reflects the resources available for strategic opportunities
including, among others, to invest in the business, strengthen the
balance sheet, and make strategic acquisitions. However, this measure
should be considered in addition to, not as a substitute for, or
superior to, net earnings or other measures of financial performance
prepared in accordance with GAAP as more fully discussed in the
Company's financial statements and filings with the SEC. As used herein,
"GAAP" refers to accounting principles generally accepted in the United
States of America. This press release also includes the Company's
Consolidated and International segment net revenues, net earnings and
earnings per share excluding the impact of changes in exchange rates.
Management believes that the presentation of Consolidated and
International segment net revenues, net earnings and earnings per share
excluding the impact of exchange rate changes provides information that
is helpful to an investor's understanding of the underlying business
performance absent exchange rate fluctuations which are beyond the
Company's control. Further, the Company provided the 2012 and 2011
diluted earnings per share absent restructuring charges and favorable
tax adjustment as well as 2012 and 2011 operating profit and operating
proft margin absent restructing charges to assist investors in
understanding the comparability of the Company's results.
|
|
|
HASBRO, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
(Thousands of Dollars)
|
|
|
|
December 30,
2012
|
|
December 25,
2011
|
|
ASSETS
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
849,701
|
|
$
|
641,688
|
|
Accounts Receivable, Net
|
|
|
1,029,959
|
|
|
1,034,580
|
|
Inventories
|
|
|
316,049
|
|
|
333,993
|
|
Other Current Assets
|
|
|
312,493
|
|
|
243,431
|
|
Total Current Assets
|
|
|
2,508,202
|
|
|
2,253,692
|
|
Property, Plant and Equipment, Net
|
|
|
230,414
|
|
|
218,021
|
|
Other Assets
|
|
|
1,586,771
|
|
|
1,659,061
|
|
Total Assets
|
|
$
|
4,325,387
|
|
$
|
4,130,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Short-term Borrowings
|
|
$
|
224,365
|
|
$
|
180,430
|
|
Payables and Accrued Liabilities
|
|
|
736,070
|
|
|
761,914
|
|
Total Current Liabilities
|
|
|
960,435
|
|
|
942,344
|
|
Long-term Debt
|
|
|
1,396,421
|
|
|
1,400,872
|
|
Other Liabilities
|
|
|
461,152
|
|
|
370,043
|
|
Total Liabilities
|
|
|
2,818,008
|
|
|
2,713,259
|
|
Total Shareholders' Equity
|
|
|
1,507,379
|
|
|
1,417,515
|
|
Total Liabilities and Shareholders' Equity
|
|
$
|
4,325,387
|
|
$
|
4,130,774
|
|
|
|
|
|
|
|
|
|
|
|
HASBRO, INC.
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited)
|
|
(Thousands of Dollars and Shares Except Per Share Data)
|
|
Quarter Ended
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 30,
2012
|
|
% Net
Revenues
|
|
Dec. 25,
2011
|
|
% Net
Revenues
|
|
Dec. 30,
2012
|
|
% Net
Revenues
|
|
Dec. 25,
2011
|
|
% Net
Revenues
|
|
Net Revenues
|
|
$
|
1,283,529
|
|
100.0
|
%
|
|
$
|
1,329,338
|
|
100.0
|
%
|
|
$
|
4,088,983
|
|
100.0
|
%
|
|
$
|
4,285,589
|
|
100.0
|
%
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales
|
|
|
516,444
|
|
40.2
|
%
|
|
|
591,483
|
|
44.5
|
%
|
|
|
1,671,980
|
|
40.9
|
%
|
|
|
1,836,263
|
|
42.8
|
%
|
|
Royalties
|
|
|
89,515
|
|
7.0
|
%
|
|
|
104,537
|
|
7.9
|
%
|
|
|
302,066
|
|
7.4
|
%
|
|
|
339,217
|
|
7.9
|
%
|
|
Product Development
|
|
|
57,686
|
|
4.5
|
%
|
|
|
47,351
|
|
3.5
|
%
|
|
|
201,197
|
|
4.9
|
%
|
|
|
197,638
|
|
4.6
|
%
|
|
Advertising
|
|
|
142,900
|
|
11.1
|
%
|
|
|
135,248
|
|
10.2
|
%
|
|
|
422,239
|
|
10.3
|
%
|
|
|
413,951
|
|
9.7
|
%
|
|
Amortization of Intangibles
|
|
|
15,777
|
|
1.2
|
%
|
|
|
14,269
|
|
1.1
|
%
|
|
|
50,569
|
|
1.3
|
%
|
|
|
46,647
|
|
1.1
|
%
|
|
Program Production Cost Amortization
|
|
|
15,850
|
|
1.3
|
%
|
|
|
17,716
|
|
1.3
|
%
|
|
|
41,800
|
|
1.0
|
%
|
|
|
35,798
|
|
0.8
|
%
|
|
Selling, Distribution and Administration
|
|
|
245,202
|
|
19.1
|
%
|
|
|
202,155
|
|
15.2
|
%
|
|
|
847,347
|
|
20.7
|
%
|
|
|
822,094
|
|
19.2
|
%
|
|
Operating Profit
|
|
|
200,155
|
|
15.6
|
%
|
|
|
216,579
|
|
16.3
|
%
|
|
|
551,785
|
|
13.5
|
%
|
|
|
593,981
|
|
13.9
|
%
|
|
Interest Expense
|
|
|
22,573
|
|
1.8
|
%
|
|
|
22,320
|
|
1.7
|
%
|
|
|
91,141
|
|
2.2
|
%
|
|
|
89,022
|
|
2.1
|
%
|
|
Other (Income) Expense, Net
|
|
|
3,922
|
|
0.3
|
%
|
|
|
5,115
|
|
0.4
|
%
|
|
|
7,242
|
|
0.2
|
%
|
|
|
18,566
|
|
0.4
|
%
|
|
Earnings before Income Taxes
|
|
|
173,660
|
|
13.5
|
%
|
|
|
189,144
|
|
14.2
|
%
|
|
|
453,402
|
|
11.1
|
%
|
|
|
486,393
|
|
11.4
|
%
|
|
Income Taxes
|
|
|
43,361
|
|
3.3
|
%
|
|
|
50,014
|
|
3.7
|
%
|
|
|
117,403
|
|
2.9
|
%
|
|
|
101,026
|
|
2.4
|
%
|
|
Net Earnings
|
|
$
|
130,299
|
|
10.2
|
%
|
|
$
|
139,130
|
|
10.5
|
%
|
|
$
|
335,999
|
|
8.2
|
%
|
|
$
|
385,367
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.00
|
|
|
|
$
|
1.08
|
|
|
|
$
|
2.58
|
|
|
|
$
|
2.88
|
|
|
|
Diluted
|
|
$
|
0.99
|
|
|
|
$
|
1.06
|
|
|
|
$
|
2.55
|
|
|
|
$
|
2.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Dividends Declared
|
|
$
|
0.36
|
|
|
|
$
|
0.30
|
|
|
|
$
|
1.44
|
|
|
|
$
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
129,824
|
|
|
|
|
129,126
|
|
|
|
|
130,067
|
|
|
|
|
133,823
|
|
|
|
Diluted
|
|
|
131,581
|
|
|
|
|
131,668
|
|
|
|
|
131,926
|
|
|
|
|
136,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HASBRO, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
(Thousands of Dollars)
|
|
|
|
Year Ended
|
|
|
|
Dec. 30, 2012 |
|
Dec. 25, 2011 |
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
Net Earnings
|
|
$
|
335,999
|
|
|
$
|
385,367
|
|
|
Non-cash Adjustments
|
|
|
195,435
|
|
|
|
205,808
|
|
|
Changes in Operating Assets and Liabilities
|
|
|
3,362
|
|
|
|
(195,106
|
)
|
|
Net Cash Provided by Operating Activities
|
|
|
534,796
|
|
|
|
396,069
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
Additions to Property, Plant and Equipment
|
|
|
(112,091
|
)
|
|
|
(99,402
|
)
|
|
Other
|
|
|
5,919
|
|
|
|
(8,213
|
)
|
|
Net Cash Utilized by Investing Activities
|
|
|
(106,172
|
)
|
|
|
(107,615
|
)
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
Net Proceeds from Short-term Borrowings
|
|
|
43,106
|
|
|
|
167,339
|
|
|
Purchases of Common Stock
|
|
|
(98,005
|
)
|
|
|
(423,008
|
)
|
|
Stock-based Compensation Transactions
|
|
|
69,440
|
|
|
|
39,455
|
|
|
Dividends Paid
|
|
|
(225,464
|
)
|
|
|
(154,028
|
)
|
|
Other
|
|
|
(8,456
|
)
|
|
|
(5,443
|
)
|
|
Net Cash Utilized by Financing Activities
|
|
|
(219,379
|
)
|
|
|
(375,685
|
)
|
|
|
|
|
|
|
|
Effect of Exchange Rate Changes on Cash
|
|
|
(1,232
|
)
|
|
|
1,123
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning of Year
|
|
|
641,688
|
|
|
|
727,796
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at End of Year
|
|
$
|
849,701
|
|
|
$
|
641,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HASBRO, INC.
|
|
SUPPLEMENTAL FINANCIAL DATA
|
|
(Unaudited)
|
|
(Thousands of Dollars)
|
|
Quarter Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
Dec. 30, 2012
|
|
Dec. 25, 2011 |
|
|
% Change
|
|
|
Dec. 30, 2012 |
|
Dec. 25, 2011 |
|
% Change
|
|
|
Major Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. and Canada Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External Net Revenues
|
|
$
|
606,185
|
|
|
$
|
592,794
|
|
|
|
2
|
%
|
|
$
|
2,116,297
|
|
|
$
|
2,253,458
|
|
|
-6
|
%
|
|
Operating Profit
|
|
|
89,494
|
|
|
|
50,830
|
|
|
|
76
|
%
|
|
|
319,072
|
|
|
|
278,356
|
|
|
15
|
%
|
|
Operating Margin
|
|
|
14.8
|
%
|
|
|
8.6
|
%
|
|
|
|
|
15.1
|
%
|
|
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External Net Revenues
|
|
|
607,753
|
|
|
|
669,788
|
|
|
|
-9
|
%
|
|
|
1,782,119
|
|
|
|
1,861,901
|
|
|
-4
|
%
|
|
Operating Profit
|
|
|
105,224
|
|
|
|
137,822
|
|
|
|
-24
|
%
|
|
|
215,489
|
|
|
|
270,578
|
|
|
-20
|
%
|
|
Operating Margin
|
|
|
17.3
|
%
|
|
|
20.6
|
%
|
|
|
|
|
12.1
|
%
|
|
|
14.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entertainment and Licensing Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External Net Revenues
|
|
|
65,812
|
|
|
|
64,089
|
|
|
|
3
|
%
|
|
|
181,430
|
|
|
|
162,233
|
|
|
12
|
%
|
|
Operating Profit
|
|
|
26,539
|
|
|
|
21,490
|
|
|
|
23
|
%
|
|
|
53,191
|
|
|
|
42,784
|
|
|
24
|
%
|
|
Operating Margin
|
|
|
40.3
|
%
|
|
|
33.5
|
%
|
|
|
|
|
29.3
|
%
|
|
|
26.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Segment Net Revenues by
Major Geographic Region
|
|
Europe |
|
$
|
402,763
|
|
|
$
|
464,141
|
|
|
|
-13
|
%
|
|
$
|
1,154,310
|
|
|
$
|
1,254,427
|
|
|
-8
|
%
|
|
Latin America |
|
|
125,599
|
|
|
|
125,267
|
|
|
|
0
|
%
|
|
|
362,689
|
|
|
|
334,887
|
|
|
8
|
%
|
|
Asia Pacific |
|
|
79,391
|
|
|
|
80,380
|
|
|
|
-1
|
%
|
|
|
265,120
|
|
|
|
272,587
|
|
|
-3
|
%
|
|
Total
|
|
$
|
607,753
|
|
|
$
|
669,788
|
|
|
|
|
$
|
1,782,119
|
|
|
$
|
1,861,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues by Product Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boys
|
|
$
|
414,052
|
|
|
$
|
536,271
|
|
|
|
-23
|
%
|
|
$
|
1,577,010
|
|
|
$
|
1,821,544
|
|
|
-13
|
%
|
|
Games
|
|
|
428,630
|
|
|
|
373,279
|
|
|
|
15
|
%
|
|
|
1,192,090
|
|
|
|
1,169,672
|
|
|
2
|
%
|
|
Girls
|
|
|
292,561
|
|
|
|
249,982
|
|
|
|
17
|
%
|
|
|
792,292
|
|
|
|
741,394
|
|
|
7
|
%
|
|
Preschool
|
|
|
148,286
|
|
|
|
169,806
|
|
|
|
-13
|
%
|
|
|
527,591
|
|
|
|
552,979
|
|
|
-5
|
%
|
|
Total Net Revenues
|
|
$
|
1,283,529
|
|
|
$
|
1,329,338
|
|
|
|
|
$
|
4,088,983
|
|
|
$
|
4,285,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
$
|
130,299
|
|
|
$
|
139,130
|
|
|
|
|
$
|
335,999
|
|
|
$
|
385,367
|
|
|
|
|
Interest Expense
|
|
|
22,573
|
|
|
|
22,320
|
|
|
|
|
|
91,141
|
|
|
|
89,022
|
|
|
|
|
Income Taxes
|
|
|
43,361
|
|
|
|
50,014
|
|
|
|
|
|
117,403
|
|
|
|
101,026
|
|
|
|
|
Depreciation
|
|
|
24,605
|
|
|
|
28,782
|
|
|
|
|
|
99,718
|
|
|
|
113,821
|
|
|
|
|
Amortization of Intangibles
|
|
|
15,777
|
|
|
|
14,269
|
|
|
|
|
|
50,569
|
|
|
|
46,647
|
|
|
|
|
EBITDA
|
|
$
|
236,615
|
|
|
$
|
254,515
|
|
|
|
|
$
|
694,830
|
|
|
$
|
735,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit, as Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
Dec. 30, 2012 |
|
% Net Revenues
|
|
Dec. 25, 2011 |
|
% Net Revenues
|
|
|
|
Operating Profit, as Reported
|
|
|
|
$
|
551,785
|
|
|
|
13.5
|
%
|
|
$
|
593,981
|
|
|
|
13.9
|
%
|
|
|
|
Restructuring Charges
|
|
|
|
|
47,176
|
|
|
|
1.2
|
%
|
|
|
14,385
|
|
|
|
0.3
|
%
|
|
|
|
Operating Profit, as Adjusted
|
|
|
|
$
|
598,961
|
|
|
|
14.7
|
%
|
|
$
|
608,366
|
|
|
|
14.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings and Earnings per Share
Excluding
|
|
Restructuring Charges and Tax Benefit
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
Dec. 30, 2012
|
|
Diluted Per
Share Amount
|
|
Dec. 25, 2011
|
|
Diluted Per
Share Amount
|
|
|
|
Net Earnings, as Reported
|
|
|
|
$
|
335,999
|
|
|
$
|
2.55
|
|
|
$
|
385,367
|
|
|
$
|
2.82
|
|
|
|
|
Restructuring Charges, Net of Tax
|
|
|
|
|
34,762
|
|
|
|
0.26
|
|
|
|
9,178
|
|
|
|
0.07
|
|
|
|
|
2011 Tax Benefit
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(20,477
|
)
|
|
|
(0.15
|
)
|
|
|
|
Net Earnings, as Adjusted
|
|
|
|
$
|
370,761
|
|
|
$
|
2.81
|
|
|
$
|
374,068
|
|
|
$
|
2.74
|
|
|
|
Hasbro, Inc.
Investor Relations
Debbie Hancock, 401-727-5401
or
News
Media
Wayne Charness, 401-727-5983
Source: Hasbro, Inc.
News Provided by Acquire Media
