Didn't Hasbro and GNET have some sort of agreement? I remember the picture of Russell and the Hasbro Man throwing Monopoly money into the air.
Play-Doh, Transformers Help Hasbro Swing to Profit
Monday, April 21, 2003
NEW YORK — Hasbro Inc. (HAS), the No. 2 U.S. toymaker, Monday swung to a first-quarter profit, helped by a favorable exchange rate and sales of core toys like Play-Doh and Transformers.
Shares jumped 7.4 percent in early trading.
Hasbro, which also makes Mr. Potato Head and the Easy-Bake oven, posted net income of $1.2 million, or 1 cent per share, versus a loss of $17.1 million, or 10 cents per share, a year earlier.
Including the effects of an accounting change, it had a net loss $262.8 million or $1.52 per diluted share, in the first quarter of 2002.
Analysts, on average, estimated a loss of 6 cents a share, according to research firm Thomson First Call.
Pawtucket, Rhode Island-based Hasbro reported net revenue of $461.8 million, up from $452.3 million.
The company also backed its expectations for the year. In February, Hasbro forecast operating margins of 10 percent or better in 2003.
Hasbro, which has been focusing on its core brands, said it will continue that strategy as well as developing new products, cutting costs and reducing debt.
Revenue in the U.S. toys unit fell to $153.4 million from $200.9 million a year ago, hurt by weaker sales of Star Wars toys. Sales were helped by strength in core brands like Transformers and Play-Doh, as well as continuing strong sales of Furreal Friends and Beyblade.
Games revenue rose to $112.2 million from $92.8 million a year ago. Board game revenues were strong, led by the Trivial Pursuit 20th Anniversary Edition.
International segment revenues were $175.4 million, an increase of 12 percent in local currency and 29 percent in U.S. dollars.
Hasbro's shares have jumped more than 19 percent in the first quarter, outperforming chief rival Mattel Inc., up 13 percent.
The company also said it repaid its remaining $200 million in outstanding notes due in March and ended the quarter with $310 million in cash. |
