NEW YORK, NY / ACCESSWIRE / October 23, 2018 / Toymaker Hasbro was in the red on Monday after reporting lackluster
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Hasbro, Inc. shares were down a little over 3% on Monday after reporting financial results. The company missed on both the top and bottom line with U.S retail inventories down 17%. Net revenue for the third quarter was down 12 percent from last year at $1.57 billion while analysts were waiting for $1.71 billion. Adjusted EPS at $1.93 also missed estimate of $2.23. Hasbro's CEO Brian Goldner remarked, "We were unable to meet all of the demand within the quarter." He also said, "These are real retailer reductions across our business and then certainly Toys R Us has some impact." Goldner also said on the earnings call, "Just over one year ago, Toys "R" Us filed for Chapter 11 bankruptcy and put into motion a process which ultimately resulted in the rapid closing of most of their stores including all stores in the US, UK, and Australia and transitioning to new owners in select markets. In certain markets, this transition is ongoing. We continue to believe this is a near-term retail disruption that will last for the next few quarters. Our established and differentiated brand blueprint strategy has enabled us to transform. And we've invested in industry-leading, brand-building capabilities. To best position our company for profitable future growth, we need to continuously drive new ways of competing." Hasbro announced earlier this month it would be cutting less than 10% of its workforce.
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JetPay Corporation shares closed up nearly 134% yesterday, hitting a new high of $5.00 on about 8 million shares traded. The big gains came after Atlanta-based NCR agreed to buy the company for $184 million. A cash tender offer of $5.05 for each JetPay share represents a multiple of 2.9 times the 2018 consensus revenue forecast of $63.4 million, according to NCR. The company said the purchase will be financed with a combination of cash on hand and existing capacity under its revolving credit facility. “JetPay has always focused on taking great care of our customers, creating value for our stockholders, delivering innovative solutions, and expanding our market reach,” said Diane Faro, Chief Executive Officer, JetPay. “This combination dramatically accelerates our capabilities across these initiatives. NCR’s global footprint, brand recognition and track record of innovation will help us accelerate our strategic objectives and create even more value for our customers.” Faro was recently inducted
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