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Hasbro Inc. Message Board

  • bluecheese4u bluecheese4u Feb 7, 2013 6:30 PM Flag

    Hasbro Reports Fourth Quarter and Full-Year 2012 Financial Results and Declares 11% Increase in Quarterly Dividend

    Hasbro Reports Fourth Quarter and Full-Year 2012 Financial Results and Declares 11% Increase in Quarterly Dividend

    February 7, 2013

    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.

    investorDOThasbroDOTcom/releasedetailDOTcfm?ReleaseID=738955

 
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