HASBRO CEO Brian Goldner "We are very pleased" with 2nd QTR

Monday, July 21st, 2008 10:09AM CDT

Category: Company News
Posted by: First Gen Views: 6,560

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As previously reported here on Seibertron.com, HASBRO, Inc. (HAS NYSE) announced the company’s 2nd Quarter Financial Report, via a special webcast that aired at 8:30 A.M. EST, and is available for replay at the Hasbro Website. Based off of various reports from different stock exchange reporting agencies, we weren’t completely sure of what to expect, but after reading the report, shareholders must have a big smile on their collective faces. Here’s the meat and potatoes of the report taken from the HASBRO website:

• Net revenues of $784.3 million for the quarter, an increase of $92.9 million or 13% from a year ago, or an increase of 10% absent the impact of foreign exchange;

• Net earnings of $37.5 million, or $0.25 per diluted share, compared to $4.8 million, or $0.03 per diluted share last year;

• U.S. and Canada segment net revenues were up 11% and International segment net revenues were up 15%, or 6% excluding the impact of foreign exchange;

• Growth driven by strong performances from STAR WARS, LITTLEST PET SHOP, PLAYSKOOL, EASY-BAKE OVEN, NERF, INDIANA JONES and board games, including MONOPOLY and TRIVIAL PURSUIT;

• TRANSFORMERS and MARVEL continued to make significant contributions to net revenues.

We are very pleased with our second quarter and first half performance," said Brian Goldner, President and Chief Executive Officer. "The current strength of our product line is allowing us to invest in our future growth by developing our business in emerging markets, in entertainment and in digital gaming, while continuing to deliver strong earnings."

Good numbers across the board for our favorite toy manufacturer. HASBRO was able to cut costs by repurchasing over 16 million shares in common stock, still leaving over 400 million in share repurchase availability open for exchange. HASBRO invested $51.6 million to buy back those options and credit the purchase, along with pricing actions, for the positive results.

To view the full report, which includes cost analysis, asset and liability information, and the webcast, click here

Credit(s): First Gen