Hasbro Reports Record Second Quarter Results.PAWTUCKET, R.I.--(BUSINESS WIRE)--July 15, 1999-- Hasbro, Inc. (NYSE NYSE See: New York Stock Exchange :HAS) today reported record second quarter revenues, earnings and earnings per share. Worldwide net revenues increased approximately 53% to $874.6 million, compared to $572.1 million a year ago. Revenue growth was driven primarily by significantly higher shipments of STAR WARS and Tiger Electronics
Hasbro Interactive was formed late in 1995 in order to compete in the computer and video game arena. . Net earnings and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased approximately six-fold to $32.3 million and $0.16, respectively, compared to $5.5 million and $0.03, respectively, last year. The Company also reported record second quarter Earnings Before Interest, Taxes, Depreciation and Amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
For the first half of 1999, worldwide net revenues increased approximately 46% to $1.543 billion, compared to $1.055 billion a year ago. Net earnings and diluted earnings per share in the first half more than tripled, to $46.1 million and $0.22, respectively, compared to $13.2 million and $0.06 last year. "We are very pleased to report a record second quarter in all respects and to significantly exceed expectations, which were already high," said Alan G. Hassenfeld, Chairman and Chief Executive Officer. "We are also excited about the rest of the year and our outstanding diversified brand and product portfolio, led by STAR WARS and the POWER OF THE FORCE." "We are firing on all cylinders," Hassenfeld continued. "Our awesome STAR WARS product line, launched in early May in the U.S. for the May 19 release of STAR WARS: EPISODE I: THE PHANTOM MENACE, has in many cases exceeded our high expectations. The international rollouts of STAR WARS product and the movie continue to be met with great enthusiasm. Tiger Electronics' interactive FURBY is a smash hit internationally and continues selling briskly in the U.S. Hasbro Interactive again achieved significant double-digit sales increases. MECHWARRIOR 3 was the number one PC software title one week after its launch in early June and remains in the top ten. "We continue working hard to enhance shareholder value," Hassenfeld added. In June, Hasbro common stock was listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . During the second quarter, we invested a total of $147 million to repurchase almost 5 million shares of our common stock. This includes approximately $90 million to repurchase most of Dreamworks' equity interest in Hasbro, substantially eliminating future dilution from this interest. We seized this significant opportunity to accelerate repurchases because we are bullish on the strength of our business and we believe in our future. Under the $500 million repurchase authorization of December 1997, we have invested a total of more than $380 million to repurchase almost 15 million shares. Earlier this month, we filed a shelf Registration Statement with the Securities and Exchange Commission for $350 million of public debt securities, which would bring Hasbro's total public debt authorization to $500 million and further enhance our financial flexibility." "We look forward to a strong second half. We are shipping ned the world. Tiger Electronics' French and Italst from its newly-formed Hasbro Sports unit: TR. The U.S. release of the first animated POKEMO DRAGON TALES and TWEENIES The Tweenies is a television programme aimed at children, broadcast on the BBC. The programme is set in a nursery attended by the four Tweenies themselves: Milo, Jake, Bella and Fizz. They are supplemented by two adults, Max and Judy, and two dogs, Doodles and Izzles. , we have even more vts. Both internationally and in the U.S., its PLrecognizable toys and games in the world. s, currency fluctuations and government regulatimpany's revenues in the second half and fourth the Company's Global Integration and Profit Enhlease or to update them to reflect events or circumstances occurring after the date of this release. EBITDA (earnings before interest, taxes, depreciation and amses. Thus, EBITDA should not be considered in isolation or as a substitute for net earnings or cash providedd June 27, June 28, June 27, June 28, 1999 es, Research and Development 179,776 Shares Basic 195,330 198,839 195,614 199,252 Diluted 207,052 207,341 205,836 207,327 HASBRO, INC. CONSOLIDATED CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. BALANCE SHEETS June 27, June 28, (Thousands of Dollars) 1999 1998 ASSETS Cash and Temporary Investments $ 97,765 $ 180,595 Accounts Receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , Net ES AND SHAREHOLDERS' EQUITY Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. Short-term Borrow Long-term Debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. 1,804,122 1,745,760 Total Liabilities and Shareholders' Equity $3,901,137 $ 3,027,765 |
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