UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 17, 2012
Hasbro, Inc.
(Exact name of registrant as specified in its charter)
Rhode Island |
| 1-6682 |
| 05-0155090 |
(State or other jurisdiction |
| (Commission File Number) |
| (IRS Employer |
1027 Newport Ave., Pawtucket, Rhode Island |
| 02862 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: (401) 431-8697
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02
Result of Operations and Financial Condition.
On January 17, 2012, we announced our preliminary financial results for the quarter and fiscal year ended December 25, 2011, and certain other information. A copy of the press release dated January 17, 2012 is furnished as Exhibit 99.1 to this report.
Item 9.01
Financial Statements and Exhibits
(c) Exhibits
99.1
Press Release, dated January 17, 2012 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 hereunto duly authorized.
| HASBRO, INC. | |
|
|
|
| By: | /s/ Deborah Thomas |
| Name: | Deborah Thomas |
| Title: | Senior Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) |
Date: January 17, 2012 |
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Exhibit No. |
| Description |
|
99.1 |
| Press release, dated January 17, 2012, of Hasbro, Inc. |
|
Exhibit 99.1 | |
For Immediate Release | Contacts: |
January 17, 2012 | Debbie Hancock |
(Investor Relations) | |
401-727-5401 | |
Wayne S. Charness | |
(News Media) | |
401-727-5983 |
Hasbro Announces Preliminary Results
for the Fourth Quarter and Full-Year 2011
Company to Report Final Fourth Quarter and Full-Year 2011 Results
on Monday, February 6, 2012
Pawtucket, RI (January 17, 2012) -- Hasbro, Inc. (NASDAQ: HAS) today announced, based on preliminary full-year results, it expects to report approximately 7% revenue growth for the full year 2011 compared to $4.00 billion in 2010. For the fourth quarter 2011, the Company anticipates revenues to be approximately $1.33 billion compared to $1.28 billion in 2010.
The Company expects to report 2%-4% growth in earnings per diluted share for 2011 versus $2.74 per diluted share reported for 2010.
“We continue to invest in the global transformation of Hasbro’s business for the medium and long-term. This enabled us to deliver a record top line performance for 2011 driven by growth in several brands as well as strong growth internationally,” said Brian Goldner, Hasbro’s President and Chief Executive Officer. “However, Hasbro’s fourth quarter revenue growth underperformed our expectations due to the weakness in the U.S. and Canada segment post-Thanksgiving. This had a direct impact on our anticipated earnings growth for the year.”
Note: The Company’s reported 2011 earnings per diluted share will include 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 a Center of Excellence for Hasbro Games in Rhode Island, both of which were announced in the second quarter 2011. The reported 2010 earnings per diluted share included the impact of a $21.2 million favorable tax adjustment, or $0.15 per diluted share, recorded in the first quarter 2010.
Fourth Quarter and Full-Year 2011 Earnings Conference Call
The Company will provide more detailed information about its fourth quarter and full-year results on Monday, February 6, 2012 on its regularly scheduled financial results announcement and conference call. The call will be held at 8:30 AM the same day and the webcast will be available to investors and the media on Hasbro's Investor Relations home page at http://investor.hasbro.com. A replay of the call will be available at the same location approximately 2 hours following completion of the call.
Certain financial and statistical information included in the webcast, such as information required by Regulation G, will be available at the time of the webcast in the “Press Releases” section of Hasbro’s website at www.hasbro.com, under “Investor Relations.”
About Hasbro
Hasbro (NASDAQ: HAS) is a branded play company providing children and families around the world with a wide-range of immersive entertainment offerings based on the Company’s world class brand portfolio. From toys and games, to television programming, motion pictures, video games and a comprehensive licensing program, Hasbro strives to delight its customers through the strategic leveraging of well-known and beloved brands such as TRANSFORMERS, LITTLEST PET SHOP, NERF, PLAYSKOOL, MY LITTLE PONY, G.I. JOE, MAGIC: THE GATHERING and MONOPOLY. The Hub, Hasbro’s multi-platform joint venture with Discovery Communications (NASDAQ: DISCA, DISCB, DISCK) launched on October 10, 2010. The online home of The Hub is www.hubworld.com. The Hub logo and name are trademarks of Hub Television Networks, LLC. All rights reserved. Come see how we inspire play through our brands at http://www.hasbro.com. © 2012 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 performance in 2011 and the Company’s potential performance in 2012 and beyond, including with respect to its revenues and earnings per share, 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 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) 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; (v) 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; (vi) 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; (vii) greater than expected costs, or unexpected delays or difficulties, associated with the Company’s investment in its joint venture with Discovery Communications, LLC, the rebranding of the joint venture network, development of Hasbro Studios, and the creation of new content to appear on the network and elsewhere; (viii) consumer interest in and acceptance of the joint venture network, and programming created by Hasbro Studios, and other factors impacting the financial performance of the joint venture and Hasbro Studios; (ix) greater than expected costs or unexpected delays associated with the creation of the Center of Excellence for Hasbro Games; (x) 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; (xi) work stoppages, slowdowns or strikes, which may impact the Company's ability to manufacture or deliver product in a timely and cost-effective manner; (xii) 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; (xiii) 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; (xiv) 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; (xv) the risk of product recalls or product liability suits and costs associated with product safety regulations; (xvi) 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; (xvii) the risk that anticipated benefits of acquisitions may not occur or be delayed or reduced in their realization; and (xviii) other risks and uncertainties as may be detailed from time to time in the Company's public announcements and 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.
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