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Hasbro Reports Revenue and Net Earnings Growth for First Quarter 2017
- First quarter 2017 revenues grew 2% to $849.7 million including revenue growth of 2% in the U.S. and Canada segment and 24% in the Entertainment and Licensing segment; International segment revenues were flat;
- Growth in Franchise Brands, Hasbro Gaming and Emerging Brands offset the expected decline in Partner Brands;
- Net earnings increased 41% to $68.6 million or $0.54 per diluted share; Reported net earnings include a $0.11 per diluted share benefit versus first quarter 2016 from the adoption of FASB ASU No. 2016-09;
- Company returned $81.5 million to shareholders in the quarter; $63.4 million in dividends and $18.1 million in share repurchases.
April 24, 2017 06:30 AM Eastern Daylight Time
PAWTUCKET, R.I.--(BUSINESS WIRE)--Hasbro, Inc. (NASDAQ: HAS) today reported financial results for the first quarter 2017. Net revenues for the first quarter 2017 increased 2% to $849.7 million versus $831.2 million in 2016.
Net earnings for the first quarter 2017 increased 41% to $68.6 million, or $0.54 per diluted share, compared to $48.8 million, or $0.38 per diluted share, in 2016. Reported net earnings include a $0.11 per diluted share benefit versus first quarter 2016 from the adoption of FASB ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. The first quarter 2017 was a 14-week period versus the first quarter 2016 which was a 13-week period. Given the timing of the week, the extra week adds an additional week of expense, but does not contribute a comparable level of revenue.
“Our first quarter results are in line with our previously communicated expectations and we are well positioned to execute against 2017’s rich content slate and diverse new initiatives,” said Brian Goldner, Hasbro’s chairman and chief executive officer. “Revenue grew in the quarter and we drove strong consumer takeaway at retail, both compared to a robust first quarter last year and with a shift of Easter into this year’s second quarter. Over the coming quarters, we are supporting significant new initiatives including major theatrical films for both Franchise and Partner Brands.”
“Hasbro remains in a strong financial position, with positive trends to start the year and a healthy balance sheet,” said Deborah Thomas, Hasbro’s chief financial officer. “As anticipated, operating profit in the quarter was negatively impacted by an extra week of expenses without the comparable revenue increase. This decline was more than offset by a favorable foreign exchange impact in non-operating income and the tax benefit from the new accounting standard. Based on our first quarter’s performance, our full-year expectations remain in line with our previously stated objectives.”
First Quarter 2017 Major Segment Performance
Net Revenues ($ Millions) Operating Profit ($ Millions)
Q1 2017 Q1 2016 % Change Q1 2017 Q1 2016 % Change
U.S. and Canada $451.6 $443.6 +2% $64.8 $78.3 -17%
International $345.3 $345.0 -- $0.5 $2.9 -81%
Entertainment and Licensing $52.7 $42.5 +24% $11.3 $5.4 +108%
First quarter 2017 U.S. and Canada segment net revenues increased 2% to $451.6 million compared to $443.6 million in 2016. Revenue growth in Hasbro Gaming and Emerging Brands offset a decline in Franchise Brands and Partner Brands. The U.S. and Canada segment reported operating profit of $64.8 million, or 14.3% of net revenues, compared to $78.3 million, or 17.7% of net revenues, in 2016.
International segment net revenues of $345.3 million were essentially flat with $345.0 million in 2016. First quarter 2017 International segment revenues include a favorable $3.0 million impact of foreign exchange. Revenue growth in Franchise Brands, Hasbro Gaming and Emerging Brands was offset by a decline in Partner Brands. On a regional basis, Europe revenues declined 4%, Latin America increased 16% and Asia Pacific declined 1%. Emerging markets revenues increased 20% in the quarter. International segment operating profit was $0.5 million compared to $2.9 million in 2016.
Entertainment and Licensing segment net revenues increased 24% to $52.7 million compared to $42.5 million in 2016. Digital gaming drove the quarterly revenue increase, including higher revenues at Backflip Studios. The Entertainment and Licensing segment operating profit increased 108% to $11.3 million, or 21.5% of net revenues, compared to $5.4 million, or 12.8% of net revenues, in 2016.
First Quarter 2017 Brand Portfolio Performance
Net Revenues ($ Millions)
Q1 2017 Q1 2016 % Change
Franchise Brands $423.6 $416.4 +2%
Partner Brands $213.0 $258.2 -18%
Hasbro Gaming* $142.9 $100.2 +43%
Emerging Brands $70.2 $56.4 +25%
*Hasbro’s total gaming category, including all gaming revenue, most notably MAGIC: THE GATHERING and MONOPOLY, which are included in Franchise Brands in the table above, totaled $253.3 million for the first quarter 2017, up 10%, versus $231.1 million in the first quarter 2016. Hasbro believes its gaming portfolio is a competitive differentiator and views it in its entirety.
First quarter 2017 Franchise Brand revenues increased 2% to $423.6 million driven by revenue growth in NERF, TRANSFORMERS and MONOPOLY.
Partner Brand revenues declined 18% to $213.0 million. Revenue growth from BEYBLADE and DREAMWORKS’ TROLLS was more than offset by expected declines in STAR WARS and MARVEL ahead of major theatrical releases later this year.
Hasbro Gaming posted 43% revenue growth to $142.9 million driven by Hasbro’s diverse gaming portfolio. The strong revenue increase was led by several new games, including SPEAK OUT, TOILET TROUBLE and FANTASTIC GYMNASTICS, digital gaming, and several other gaming brands, including DUNGEONS & DRAGONS, BOP-IT and PIE-FACE. Hasbro’s total gaming category grew 10% to $253.3 million.
Emerging Brands revenue grew 25% to $70.2 million. Revenue increases from BABY ALIVE and FURREAL FRIENDS products were the primary contributors to growth in the quarter.
Dividend and Share Repurchase
The Company paid $63.4 million in cash dividends to shareholders during the first quarter 2017. The next quarterly cash dividend payment of $0.57 per common share is scheduled for May 15, 2017 to shareholders of record at the close of business on May 1, 2017.
During the first quarter, Hasbro repurchased 218,000 shares of common stock at a total cost of $18.1 million and an average price of $82.82 per share. At quarter-end, $309.9 million remained available in the current share repurchase authorization.
Conference Call Webcast
Hasbro will webcast its first quarter 2017 earnings conference call at 8:30 a.m. Eastern Time today. To listen to the live webcast and access the accompanying presentation slides, please 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.
About Hasbro: Hasbro (NASDAQ: HAS) is a global play and entertainment company committed to Creating the World's Best Play Experiences. From toys and games to television, movies, digital gaming and consumer products, Hasbro offers a variety of ways for audiences to experience its iconic brands, including NERF, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, LITTLEST PET SHOP and MAGIC: THE GATHERING. The Company's Hasbro Studios and its film label, Allspark Pictures, are building its brands globally through great storytelling and content on all screens. Through its commitment to corporate social responsibility and philanthropy, Hasbro is helping to make the world a better place for children and their families. Learn more at www.hasbro.com, and follow us on Twitter (@Hasbro & @HasbroNews) and Instagram (@Hasbro).
© 2017 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 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, develop, produce, manufacture, source and ship 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 costs; (ii) downturns in economic conditions affecting the Company’s markets which can negatively impact the Company’s retail customers and consumers, and which can result in lower employment levels, lower consumer disposable income and 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; (v) other economic and public health conditions or regulatory changes in the markets in which the Company and its customers and suppliers operate which could create delays or increase the Company’s costs, such as higher commodity prices, labor costs or transportation costs, or outbreaks of disease; (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 in their purchasing or selling patterns; (viii) consumer interest in and acceptance of the Discovery Family Channel, and programming created by Hasbro Studios, and other factors impacting the financial performance of the network and Hasbro Studios; (ix) the inventory policies of the Company’s retail customers, including retailers’ potential decisions to lower their inventories, 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 compressed shipping schedules; (x) delays, increased costs or difficulties associated with any of our or our partners’ planned digital applications or media initiatives; (xi) work disruptions, 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 offer Company products which consumers choose to buy instead of competitive products, the ability to secure, maintain and renew popular licenses and the ability to attract and retain talented employees; (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 social, economic or public health conditions and other factors affecting China, the movement of products into and out of China, 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) the impact of other market conditions, third party actions or approvals and 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 impact of litigation or arbitration decisions or settlement actions; and (xviii) 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 attributable to Hasbro, Inc. excluding net loss attributable to noncontrolling interests, 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. This non-GAAP 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars)
April 2, 2017 March 27, 2016
Cash and Cash Equivalents $ 1,463,081 $ 1,095,880
Accounts Receivable, Net 676,945 670,663
Inventories 416,232 461,734
Other Current Assets 243,475 295,806
Total Current Assets 2,799,733 2,524,083
Property, Plant and Equipment, Net 270,023 241,253
Other Assets 1,576,114 1,599,359
Total Assets $ 4,645,870 $ 4,364,695
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS
AND SHAREHOLDERS' EQUITY
Short-term Borrowings $ 65,294 $ 89,000
Current Portion of Long-term Debt 349,814 -
Payables and Accrued Liabilities 786,706 679,373
Total Current Liabilities 1,201,814 768,373
Long-term Debt 1,198,896 1,547,434
Other Liabilities 393,516 402,346
Total Liabilities 2,794,226 2,718,153
Redeemable Noncontrolling Interests - 39,152
Total Shareholders' Equity 1,851,644 1,607,390
Total Liabilities, Redeemable Noncontrolling Interests
and Shareholders' Equity $ 4,645,870 $ 4,364,695
CONSOLIDATED STATEMENTS OF OPERATIONS
IDW Publishing has a new Hasbro crossover on the way, and it doesn’t sound like good news for the Transformers.
CBR has the first details on “First Strike,” announced Thursday at the Diamond Retailer Summit in Chicago. The story starts with two issues in August, from the writing team of IDW Transformers vet Mairghread Scott & David Rodriguez (Narrative Director at Vicarious Visions, the game company best known for the “Skylanders” franchise) and artist Max Dunbar, recently of IDW’s “Micronauts” series.
Following 2016’s “Revolution” event — which saw IDW’s licensed Hasbro properties united in one shared universe — “First Strike” picks up with Earth about to join the Cybertronian Council of Worlds. That peaceful event is interrupted by Cobra, as Baron Ironblood — historically the British counterpart to Cobra Commander — has targeted all Cybertronians for termination, putting the Transformers in serious jeopardy. The G.I. Joes, led by Scarlett, and the Autobots, led by Optimus Prime, stand in the way in the face of extinction — enlisting help along the way from, apparently, an unlikely ally in the form of Soundwave of the Decepticons.
While this certainly sounds like the comic book equivalent of a blockbuster summer movie, Scott said it’s also a “deeply personal character story.”
“One man attempts to dominate, one woman stands against him,” Scott said in a statement to CBR. “Watch as Scarlett leads her G.I. Joes on a daring mission to save all of Cybertron from their gravest threat yet. ‘First Strike’ is a fast-paced, hard-hitting, and deeply personal character story set against the backdrop of intergalactic war with all the giant robots, cyborg ninjas, and massive explosions you could ask for.”
IDW Publishing Editor-in-Chief David Hedgecock described “First Strike” as the natural progression from what the company started in “Revolution.”
“In ‘Revolution,’ we united our Hasbro comic book titles into one shared universe,” Hedgecock said. “In ‘First Strike,’ we see what it’s like to live in the shadows of a massively powerful, ancient, alien race that has been warring with itself for millions of years and, in doing so, has brought death and destruction to every planet it has touched.”
“What, if anything, can one man do to save his planet? What depths will he go to in order to save mankind? How do you destroy all the Transformers?”
True to the “Revolution” spirit, it won’t just be Transformers and G.I. Joe getting involved in “First Strike” — the M.AS.K. team will also be involved.
“‘First Strike’ is your childhood toy box exploding onto the [comic] page: the Transformers, G.I. Joe, and M.A.S.K. teams brought together, each of them positioned on different sides of this planet-spanning conflict,” Rodriguez said in a statement. “Sometimes the groups will line up along expected party lines, but other times, you’ll see them being torn apart from the inside, as they are forced to face the impossible concept of one human man declaring war against Cybertron and then being really good at it.”
“First Strike” will run for three months, with six issues planned to ship on a twice-monthly schedule. Tie-ins to the event will be revealed at a later date. Covers for each issue will be illustrated by “Batman/Teenage Mutant Ninja Turtles” artist Freddie E. Williams II, along with multiple variants.
Straight out of the imagination of millions — and exclusively onto Carnival Imagination from July 13 to September 17 — the stars of family-faves Transformers and My Little Pony come together in the name of big interactive fun this summer. Cruise with us and your favorites will sail along with you… and they’ll bring along a whole bunch of fun activities for the whole family!
You’ll enjoy a series of character-themed midway-style games to test your skills, plus mask-making, face-painting, oversized puzzles and more! Grab some popcorn and kick back for a special movie screening, up on our big screen, during your cruise. And the experience wouldn’t be complete without live character meet-and-greets — say hi and pose for a photo with some of your favorite Autobots, Decepticons and My Little Pony stars.
Toy action figures, toy vehicles and toy robots convertible into other visual toy forms
This is Yoke san. Tonight I was privileged to celebrate his retirement from Takara/Tomy. Yoke san is TRANSFORMERS! Yoke san helped design G1 Optimus Prime, Perceptor, Scourge and others, He shepherded the Transformers partnership between Takara/Tomy and Hasbro since 1983. He was there for every toy product and every piece of media since the beginning.
Manager, Global Brand Franchise Marketing - Transformers Job
Date: Feb 25, 2017
Location: Pawtucket, RI, US
Manager, Global Brand Franchise Marketing - Transformers
Location: RI - Pawtucket
Employment Type: Regular
Job Category: Marketing
We have an immediate need for a creative, detail- oriented, innovative global franchise marketer to support our high-profile Transformers brand. In conjunction with the objectives set in the global brand strategy, the successful candidate will support to build a cohesive and actionable franchise marketing plan for the brand, leveraging the best thinking from around the world and realizing synergies in execution. Partnering with internal and external resources, you will develop and execute integrated programs, including advertising, franchise plans, entertainment, digital gaming, promotions, public relations, etc. You will ensure the brand expressions and essence are consistent across the globe and across all platforms. You will confirm that category plans are consistent and relevant to the region at any stage of brand development (launch through licensing). Finally, the successful candidate will collaborate with internal departments relative to the global entertainment and licensing strategy.
Primary Duties and Responsibilities::
• Contribute to the overall entertainment and licensing strategy of the brand through development of successful relationships with internal and external partners.
• Assist with analysis of brand, entertainment, and category performance.
• Develop primary communication vehicles in advertising, PR, online, etc.
• Create go-to-market template to deliver global marketing materials to regional level:
• Provide timely and consistent communication of brand activity and key information to internal business partners
• Oversee regional merchandising activities relative to category plan.
• Assist in management of multi-faceted campaigns and entertainment content initiatives
• Partner with Hasbro Studios developing new entertainment and merchandise programs
• Partner with regional marketing teams to understand business needs, retailer trends & challenges, share best practices, identify growth opportunities, and provide strategic guidance on localization of entertainment and marketing plans
• Work with cross-functional teams to develop and execute marketing plans and toolkit development including TV & Digital, advertising, short-form entertainment content, point-of-sale materials, fan and trade event and PR initiatives.
• Lead all global marketing events and activities such as Global Sales & Marketing Meeting and Global Toy Fairs.
• Minimum of 5 years of progressive experience in consumer packaged goods marketing, preferably supporting a global brand.
• Bachelor’s Degree in Marketing, Advertising or related field.
• MBA Preferred.
• Expertise at implementation of a fully integrated marketing program.
• International experience and global perspective preferred
• Strong project management abilities; capable of prioritizing and handling multiple projects simultaneously, under tight time constraints and within budget parameters.
• Strong communication and presentation skills
• Expertise in transforming a strategy and vision into actionable plans.
• Expertise in developing world class, leading edge media, licensing, advertising and promotional campaigns.
• Experience in managing external agency relationships.
• Intermediate to advanced proficiency with Microsoft Office applications.
• Well developed, verbal, written and presentation skills.
Hasbro (NASDAQ: HAS) is a global play and entertainment company committed to Creating the World's Best Play Experiences. From toys and games to television, movies, digital gaming and consumer products, Hasbro offers a variety of ways for audiences to experience its iconic brands, including NERF, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, LITTLEST PET SHOP and MAGIC: THE GATHERING, as well as premier partner brands. The Company's Hasbro Studios and its film label, Allspark Pictures, are building its brands globally through great storytelling and content on all screens. Through its commitment to corporate social responsibility and philanthropy, Hasbro is helping to make the world a better place for children and their families. Learn more at www.hasbro.com, and follow us on Twitter (@Hasbro & @HasbroNews) and Instagram (@Hasbro).
For more information about careers at Hasbro become a fan on Facebook, follow us on Twitter and join our careers group on LinkedIn.
Business Unit: Global Marketing
Nearest Major Market: Providence
Nearest Secondary Market: Rhode Island
Job Segment: Branding, Brand Manager, Franchise, Marketing, Retail
Trademark ID: 87341865
Filed Date: Feb. 20, 2017
Owner: Hasbro, Inc.
Category: Toy action figures, toy vehicles and toy robots convertible into other visual toy forms
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