SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the period ended March 27,June 26, 1994 Commission file number 1-6682
HASBRO, INC.
--------------------
(Name of Registrant)
Rhode Island O5-0155090
- - ------------------------ ------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
1027 Newport Avenue, Pawtucket, Rhode Island 02861
- - ---------------------------------------------------
(Principal Executive Offices)
(401) 431-8697
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
Yes X or No
--- ---
The number of shares of Common Stock, par value $.50 per share,
outstanding as of AprilJuly 29, 1994 was 88,051,29487,745,672.
HASBRO, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Thousands of Dollars Except Share Data)
(Unaudited)
Mar.Jun. 26, Jun. 27, Mar. 28, Dec. 26,
Assets 1994 1993 1993
-------- -------- --------
Current assets
Cash and cash equivalents $ 250,262 100,25046,427 16,611 186,254
Marketable securities, at cost which
approximates market - 50,000 -
Accounts receivable, less allowance
for doubtful accounts of $53,500,
$53,900$55,900 and $54,200 449,981 420,057635,893 647,899 720,442
Inventories:
Finished products 203,757 172,871271,620 227,028 183,899
Work in process 23,274 21,92422,549 37,904 22,486
Raw materials 44,288 42,75344,275 50,093 43,682
--------- --------- ---------
Total inventories 271,319 237,548338,444 315,025 250,067
Deferred income taxes 86,933 77,04789,356 78,104 78,413
Prepaid expenses 63,571 70,71663,719 63,158 65,959
--------- --------- ---------
Total current assets 1,122,066 955,6181,173,839 1,120,797 1,301,135
Property, plant and equipment, net 282,978 252,521292,794 253,899 279,803
--------- --------- ---------
Other assets
Cost in excess of acquired net assets,
less accumulated amortization of
$71,768, $56,826$75,461, $60,301 and $68,122 472,367 486,509469,384 484,487 475,607
Other intangibles, less accumulated
amortization of $89,609, $69,970$94,803, $75,189 and
$85,290 180,839 201,370175,793 196,121 185,953
Other 55,100 25,78655,332 22,213 50,520
--------- --------- ---------
Total other assets 708,306 713,665700,509 702,821 712,080
--------- --------- ---------
Total assets $2,113,350 1,921,804$2,167,142 2,077,517 2,293,018
========= ========= =========
HASBRO, INC. AND SUBSIDIARIES
Consolidated Balance Sheets, Continued
(Thousands of Dollars Except Share Data)
(Unaudited)
Mar.Jun. 26, Jun. 27, Mar. 28, Dec. 26,
Liabilities and Shareholders' Equity 1994 1993 1993
-------- -------- --------
Current liabilities
Short-term borrowings $ 53,091 51,851129,488 207,068 62,242
Current installments of long-term debt 3,230 6903,214 657 3,236
Trade payables 102,050 107,090105,249 100,472 170,309
Accrued liabilities 293,557 277,980297,094 288,854 420,476
Income taxes 92,906 85,33767,425 67,205 92,051
--------- --------- ---------
Total current liabilities 544,834 522,948602,470 664,256 748,314
Long-term debt, excluding current
installments 200,479 206,152200,458 205,736 200,510
Deferred liabilities 73,171 70,82370,946 69,878 67,511
--------- --------- ---------
Total liabilities 818,484 799,923873,874 939,870 1,016,335
--------- --------- ---------
Shareholders' equity
Preference stock of $2.50 par
value. Authorized 5,000,000
shares; none issued - - -
Common stock of $.50 par value.
Authorized 300,000,000 shares; issued
87,981,176, 87,306,62688,081,902, 87,464,265 and 87,795,251 43,991 43,65344,041 43,732 43,898
Additional paid-in capital 299,064 289,592292,455 292,542 296,823
Retained earnings 937,227 763,335932,690 785,230 920,956
Cumulative translation adjustments 14,584 25,30127,933 16,143 15,006
Treasury stock, at cost, 134,400
shares in 1994 (3,851) - -
--------- --------- ---------
Total shareholders' equity 1,294,866 1,121,8811,293,268 1,137,647 1,276,683
--------- --------- ---------
Total liabilities and
shareholders' equity $2,113,350 1,921,804$2,167,142 2,077,517 2,293,018
========= ========= =========
See accompanying condensed notes to consolidated financial statements.
HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Thousands of Dollars Except Share Data)
(Unaudited)
Thirteen Weeks Ended Twenty-Six Weeks Ended
-------------------- Mar.----------------------
Jun. 26, Jun. 27, Mar. 28,Jun. 26, Jun. 27,
1994 1993 1994 1993
-------- -------- -------- --------
Net revenues $489,133 487,036$444,324 515,551 933,457 1,002,587
Cost of sales 208,200 208,021203,178 221,520 411,378 429,541
------- ------- --------- ---------
Gross profit 280,933 279,015241,146 294,031 522,079 573,046
------- ------- --------- ---------
Expenses
Amortization 8,793 8,6598,805 8,717 17,598 17,376
Royalties, research and
development 50,320 47,40355,102 55,880 105,422 103,283
Advertising 64,559 67,83760,428 67,775 124,987 135,612
Selling, distribution and
administrative 110,290 109,559109,980 113,807 220,270 223,366
------- ------- --------- ---------
Total expenses 233,962 233,458234,315 246,179 468,277 479,637
------- ------- --------- ---------
Operating profit 46,971 45,5576,831 47,852 53,802 93,409
------- ------- --------- ---------
Nonoperating (income) expense
Interest expense 5,436 4,4154,609 6,133 10,045 10,548
Other (income), net (1,908) (1,729)(435) (2,072) (2,343) (3,801)
------- ------- --------- ---------
Total nonoperating expense 3,528 2,6864,174 4,061 7,702 6,747
------- ------- --------- ---------
Earnings before income taxes and
cumulative effect of change in
accounting principles 43,443 42,8712,657 43,791 46,100 86,662
Income taxes 16,726 16,2911,023 16,641 17,749 32,932
------- ------- --------- ---------
Net earnings before cumulative
effect of change in accounting
principles 26,717 26,5801,634 27,150 28,351 53,730
Cumulative effect of change in
accounting principles - - (4,282) -
------- ------- --------- ---------
Net earnings $ 22,435 26,5801,634 27,150 24,069 53,730
======= ======= ========= =========
Per common share
Net earnings before cumulative
effect of change in accounting
principles $ .02 .30 .30.32 .60
======= ======= ========= =========
Net earnings $ .25.02 .30 .27 .60
======= ======= ========= =========
Cash dividends declared $ .07 .06 .14 .12
======= ======= ========= =========
See accompanying condensed notes to consolidated financial statements.
HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
ThirteenTwenty-Six Weeks Ended March 27,June 26, 1994 and March 28,June 27, 1993
(Thousands of Dollars)
(Unaudited)
1994 1993
---- ----
Cash flows from operating activities
Net earnings $ 22,435 26,58024,069 53,730
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization of plant and equipment 16,424 17,84535,529 32,421
Other amortization 8,793 8,65917,598 17,376
Deferred income taxes (11,023) (1,079)(13,241) (1,660)
Change in current assets and liabilities (other than
cash and cash equivalents):
Decrease(Increase) decrease in accounts receivable 268,687 217,63990,098 (12,760)
(Increase) in inventories (21,178) (15,226)(82,645) (96,808)
(Increase) decrease in prepaid expenses 2,075 (13,015)3,193 (5,419)
(Decrease) in trade payables and accrued
liabilities (193,199) (154,151)(219,678) (170,165)
Other 4,129 (2,124)1,475 (1,118)
------- -------
Net cash providedutilized by operating activities 97,143 85,128(143,602) (184,403)
------- -------
Cash flows from investing activities
Additions to property, plant and equipment (19,590) (19,376)(45,825) (39,529)
Purchase of marketable securities - (141,411)
Proceeds from sale of marketable securities - 91,689
Investments and acquisitions,141,839
Acquisitions, net of cash acquired - (4,580)(6,023)
Other 198 2371,114 3,526
------- -------
Net cash utilized by investing activities (19,392) (73,441)(44,711) (41,598)
------- -------
Cash flows from financing activities
Net repaymentproceeds of short-term borrowings (10,551) (22,909)63,944 133,870
Repayment of long-term debt (37) (11,168)(74) (11,617)
Stock option and warrant transactions 2,334 2,179(4,225) 5,208
Purchase of common stock (3,851) -
Dividends paid (5,271) (4,363)(11,434) (9,607)
------- -------
Net cash utilizedprovided by financing activities (13,525) (36,261)44,360 117,854
------- -------
Effect of exchange rate changes on cash (218) (1,129)4,126 (1,195)
------- -------
Increase (decrease)Decrease in cash and cash equivalents 64,008 (25,703)(139,827) (109,342)
Cash and cash equivalents at beginning of year 186,254 125,953
------- -------
Cash and cash equivalents at end of period $250,262 100,250$ 46,427 16,611
======= =======
Supplemental information
Cash paid during the period for:
Interest $ 2,859 4,57210,958 12,525
Income taxes $ 20,893 14,80643,361 48,085
See accompanying condensed notes to consolidated financial statements.
HASBRO, INC. AND SUBSIDIARIES
Condensed Notes to Consolidated Financial Statements
(Thousands of Dollars)
(Unaudited)
(1) In the opinion of management and subject to year-end audit, the
accompanying unaudited interim financial statements contain all adjustments
(consisting of only normal recurring accruals) necessary to present fairly the
financial position of the Company as of March 27,June 26, 1994 and March 28,June 27, 1993, and
the results of operations and cash flows for the periods then ended.
The results of operations for the thirteentwenty-six week period ended March 27,June 26, 1994,
are not necessarily indicative of results to be expected for the full year.
(2) The Company has several plans covering certain groups of employees
which may provide benefits to such employees following their period of active
employment but prior to their retirement. These plans include certain
severance plans which provide benefits to employees involuntarily terminated
and certain plans which continue the Company's health and life insurance
contribution for employees who have left the Company's employ under terms of
its long-term disability plan.
The Company adopted the provisions of Statement of Financial
Accounting Standards No. 112, Employers' Accounting for Postemployment
Benefits (SFAS 112) as of the beginning of the current fiscal year. SFAS 112
requires that the cost of certain postemployment benefits be accrued over the
employee service period, which is a change from the Company's prior practice
of recording such benefits when incurred. The effect of initially applying
SFAS 112, net of a deferred tax benefit of $2,513, has been reported as the
cumulative effect of a change in accounting principles, negatively impacting
the Company's first quarter 1994 earnings by $4,282. The adoption of SFAS 112
is not expected to have a future significant effect on either the Company's
earnings or its financial condition.
(3) Earnings per common share are based on the weighted average number of
shares of common stock and dilutive common stock equivalents outstanding
during each period. Common stock equivalents include stock options and
warrants for the period prior to their exercise. Under the treasury stock
method, the unexercised options and warrants were assumed to be exercised at
the beginning of the period or at issuance, if later. The assumed proceeds
were then used to purchase common stock at the average market price during the
period.
For each of the reported periods the difference between primary and fully
diluted earnings per share was not significant.
HASBRO, INC. AND SUBSIDIARIES
Management's Discussion and Analysis of Financial
Condition and Results of Operations
(Thousands of dollars)
NET REVENUES
- - ------------
Net revenues for the second quarter ended March 27,and six months of 1994 were $489,133,$444,324 and
$933,457, compared to the $487,036$515,551 and $1,002,587 reported infor the first quartersame periods
of 1993. Internationally,During the Company had a successful quarter, experiencing revenue growth in virtually all
countries. Internationalthe Company's international revenues increased bywere
essentially flat while its domestic revenues decreased approximately 15% over those20%.
Domestically, data received from several larger customers indicates that
consumer purchases of the firstCompany's products through the end of June have
increased over 1993 levels. With many retailers moving toward more
sophisticated inventory management techniques, however, this increase has not
yet resulted in a higher level of replacement orders. Additionally, a
comparison with 1993 is adversely impacted by the fact that revenues during the
second quarter of 1993 were at record levels, in part due to the introduction
of certain Jurassic Park(TM) and absentBarney(R) products in mid-quarter, while 1994
introductions are on a more traditional time-line of late second quarter or
early third quarter. Internationally, many of the Company's units were able to
exceed last year's amounts in their local currencies although this growth was
largely offset by the adverse effect of changed foreign currency translation
rates. Although the strengthened U.S.
dollar increasedhas recently weakened against certain currencies,
for the quarter as a whole it was stronger than in excessthe comparable period of
20%. Particularly noteworthy this quarter were1993. For the Netherlands andthree months, the U.K., up more than 50% and 30%, respectively, from
first quarter 1993 levels. Domestically, the Company's customers reported
increased consumer purchases of many of its products in comparison to 1993.
The ongoing efforts of the those customers to minimize their inventory levels,
however, adversely affected the volume of replacement orders. Within the
promotional toy group, Kenner had a successful quarter essentially matching
their 1993 revenues, which had increased more than 80% from the prior year. In
the games area, Milton Bradley exceeded its 1993 volume, while Parker
Brothers, also feeling theadverse effect of a comparison against a strong 1993 first
quarter, fell short. The infant and preschool group, while continuing to face
significant competition in its market, was marginally above the comparable
1993 level.changed foreign currency
translation rates approximated $8,000.
COST OF SALES
- - -------------
The gross profit margin, expressed as a percentage of net revenues, improved
slightlyfor the
quarter decreased to 57.4%54.3% from the 1993 level of 57.3%57.0% and for the six months
to 55.9% from 57.2%. This deterioration is largely attributable to the effect
of the decreased domestic sales volumes as well as a less favorable mix of
products sold.
EXPENSES
- - --------
Royalties, research and development expenses although increasing in both
dollarsfor the second quarter and six
months increased as a percentage of revenues and, for the six months, in amount
from 1993 levels. The royalty component decreased in both categories,
reflecting both the effect of reduced revenues and rates on certain 1993
products which carried higher than traditional royalty rates. Research and
development was $32,959 and $61,462 for the second quarter and six months of
1994 compared to $27,113 and $54,101 in the first quartersame periods of 1993,
approximates the full year 1993 rate. The increase over the comparable period
in 1993 is1993. These
increases were largely attributable to both royalties, where the Company has experienced
greater sales, particularly within the international group, of products
carrying relatively high royalty rates, and expanded productCompany's domestic units whose
development efforts domestically.
As a percentage of net revenues, advertising expense has decreased to 13.2%
from 13.9% a year ago. This decrease is the composite of an increase
internationally and a decrease domestically. Internationally, the Company's
continuing efforts to establish certain brands is the primary cause of the
increase, while domestically the decrease results primarily from a planned
reduction in certain promotional toy advertising.
Selling, distribution and administrative expenses for the quarter remained
constant at the 1993 level of 22.5% of net revenues.have been expanded.
HASBRO, INC. AND SUBSIDIARIES
Management's Discussion and Analysis of Financial
Condition and Results of Operations, Continued
(Thousands of dollars)
The current quarter advertising decreased approximately $7,300 from the
comparable 1993 level while for the six months it decreased approximately
$10,600. As a percentage of net revenues, for the quarter it increased to 13.6%
from 13.1% in the same period last year and for the six months it decreased to
13.4% from 13.5% a year ago. The reduction in amounts reflect the reduced
revenues while the increased percentage during the quarter is largely the
result of higher spending to establish selected core brands in certain
international markets.
Both the second quarter and six months selling, distribution and administrative
expenses show decreases from the respective 1993 amounts, while increasing as a
percentage of net revenues. The decreases in amount are partially the result of
lower distribution costs resulting from the lower revenues, while the increases
in percentage are reflective of the fact that most other expenses in this
category are relatively fixed.
NONOPERATING (INCOME) EXPENSE
- - -----------------------------
The increase of approximately $1,000Interest expense decreased from 1993 levels in interest expense duringboth the first
quarter of 1994 is attributable to a combination of factors including an
increase in average borrowing requirements during thesecond quarter and the
1993
early redemption of a portion ofsix months. This decrease reflects the Company's long-term debt.lower borrowing requirements,
partially offset by slightly higher interest rates. The major component of
other income continues to be income from temporary investments. Also included
are various other items, none of which are material, of both income and
expense.
INCOME TAXES
- - ------------
Income tax expense, as a percentage of pretax earnings, was 38.5% for both the
firstsecond quarter and six months of 1994, an increase from thecompared with 38.0% for the same period in both periods of
1993. This increase was primarily results from the result ofthird quarter 1993 increase in
the U.S.U. S. federal income tax rate which
increased from 34% to 35% during 1993.
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLES
- ----------------------------------------------------
At the beginning of the quarter, the Company adopted Statement of Financial
Accounting Standards No. 112, Employers' Accounting for Postemployment
Benefits (SFAS 112). SFAS 112 requires that the cost of certain postemployment
benefits be accrued over the employee service period, which is a change from
the Company's prior practice of recording such benefits when incurred. The
recognition of the Company's obligation relating to prior service, net of a
deferred tax benifit of $2,513, (the cumulative effect of the change in
accounting principles) reduced net earnings by $4,282. Additionally, this
recognition required the recording of a long-term liability approximating
$6,000 and a long-term deferred tax asset approximating $2,000. The adoption
of SFAS 112 is not expected to have a future significant effect on either the
Company's earnings or its financial condition.
OTHER INFORMATION
- - -----------------
The business of the Company is characterized by customer order patterns which
vary from year to year largely because of differences in the degree of consumer
acceptance of a product line, product availability, marketing strategies and
inventory levels of retailers and differences in overall economic conditions.
Also, more retailers are using quick response inventory management practices
which results in fewer orders being placed in advance of shipment and more
orders, when placed, for immediate delivery. As a result, comparisons of
unshipped orders on any date in a given year with those at the same date in a
prior year are not necessarily indicative of sales for the entire year. In
addition, it is a general industry practice that orders are subject to
amendment or cancellation by customers prior to shipment. The Company's
unshipped orders were approximately $350,000$850,000 at AprilJuly 24, 1994 compared to
$575,000$950,000 at AprilJuly 25, 1993. During the past several years the Company has
experienced a gradual shift in its revenue pattern wherein the second half of the year
has grown in significance to its overall business and within that half the
fourth quarter has become more prominent. The Company expects that this trend
will continue.
HASBRO, INC. AND SUBSIDIARIES
Management's Discussion and Analysis of Financial
Condition and Results of Operations, Continued
(Thousands of dollars)
LIQUIDITY AND CAPITAL RESOURCES
- - -------------------------------
Several of the major balance sheet categories, including cash and cash
equivalents, marketable securities, accounts receivable, inventories and short-term borrowings,
fluctuate significantly from quarter to quarter. This reflects the seasonality
of the Company's business coupled with certain customer incentives, mainly in
the form of extended payment terms. Generally, accounts receivable, inventories
and short-term debt are lower at the end of December orand March than at the end
of the other quarters while cash and related amounts are higher. As a result,
management believes that a comparison to the comparable period in the prior
year is generally more meaningful than a comparison to the prior year-end.
Cash and cash equivalents were above their 1993 level which is the result of
the timing of cash receipts and their currency. The Company attempts to keep
its cash at $250,262the lowest level possible whenever it has short-term borrowings. At
times, however, the cash available and the borrowing requirement may be in
different countries and currencies which may make it impractical to substitute
one for the other. Receivables were approximately $100,000 higherless than
the aggregate of it and marketable securities at the same time in 1993. This
increase is reflective of1993
reflecting the cash generated during the prior twelve months
and will be used for working capital requirements as the year progresses.
Receivables, at $449,981, were above their comparable 1993 level due toCompany's reduced revenues, partially offset by a combination of factors including thechange in
sales mix of first quarter sales with a greaterlarger percentage being made to customers with extended
payment terms. Inventories increased approximately $34,000, largely duewere modestly above the level of a year ago as the
Company continues to the lower volume of domestic
sales during the first quarter and the Company's continuing effortscommit to have
product available for immediate deliveryproduction at levels sufficient to support its
customers.anticipated second half revenues.
Short-term borrowings, at $53,091$129,488 were approximately $77,600 less than last
year, reflecting both the same as in 1993. While
the Company attempts to keep its borrowings at the lowest level possible,
especially when it has excess cash, the cash availableCompany's decreased activity and the borrowing
required may be in different countries and currencies and may make it
impractical to substitute one forfunds generated
from operations within the other.most recent twelve months. Other current liabilities
increased approximately $20,500 from those of a year ago,marginally, primarily due to timing differences on payments. As part
of the traditional marketing strategies of the toy industry, many sales made
early in the year are not due for payment until the fourth quarter, thus making
it necessary for the Company to borrow significant amounts pending collection
of these receivables. Currently,At June 26, 1994, the Company has availablehad committed unsecured
lines of credit totaling approximately $450,000.$450,000 available to it. It also hashad
available uncommitted lines exceeding $850,000.$900,000. The Company believes that these
amounts are adequate for its needs. Of these available lines, at March
27, 1994, approximately
$65,000$150,000 was in use.use at June 26, 1994.
RECENT INFORMATIONDEVELOPMENTS
- ------------------- -------------------
On April 1,June 22, 1994, the Company amendedannounced that the Executive Committee of its
existing revolving credit agreement.
The amendment decreasesBoard of Directors authorized the available amountrepurchase of up to $440,000, extendsfive million shares of
common stock from time to time in the maturityopen market or otherwise. This
authorization is in addition to the 2,445,300 shares of common stock that the
Company is authorized to repurchase pursuant to prior authorization by the
Board. Shares repurchased will be used for general corporate purposes including
funding of the agreementCompany's existing stock option plans.
HASBRO, INC. AND SUBSIDIARIES
Management's Discussion and Analysis of Financial
Condition and Results of Operations, Continued
(Thousands of dollars)
On July 12, 1994, the Company's outstanding warrants, which were issued in
connection with the purchase of assets from Coleco Industries, Inc. in 1989,
expired and prior to May 31, 1997, removes certain compliance requirements and
reducesthis date most had been exercised. Under terms of the
commitment rate and margin, makingwarrants, upon exercise the facility more economicalCompany had the option of either issuing shares of
its stock or paying the exercising warrantholder an equivalent amount in cash.
For all but a small number of warrants exercised prior to mid-1993, the Company
elected to pay the equivalent cash amounts, approximating $16,000, rather than
diluting its equity.
On July 18, 1994, in response to a public offer to acquire shares in J.W. Spear
& Sons PLC at a price of 11.50 pounds sterling per share, the Company tendered
all of its approximately 1,400,000 shares. These shares were purchased by the
Company in 1990 at a cost of approximately $9,000.
On July 29, 1994, the Company exchanged its investment in approximately
1,500,000 shares of Virgin Interactive Entertainment Plc (VIE) for
approximately 1,300,000 shares of Blockbuster Entertainment Corporation
(Blockbuster). The Company acquired the Company.VIE shares in September 1993 at a cost
of approximately $25,000 while the value of the Blockbuster shares on July 29,
1994 was approximately $34,000.
PART II. Other Information
Item 1. Legal Proceedings.
None.
Item 2. Changes in Securities.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
NoneAt the Company's Annual Meeting of Shareholders held on May
11, 1994, the Company's Shareholders, by a vote of 75,077,738
for, 2,419,162 against, 431,516 abstentions and no broker
nonvotes, approved the Stock Option Plan for Non-employee
Directors of the Company.
They also, by a vote of 68,186,493 for, 9,252,726 against,
489,197 abstentions and no broker nonvotes, approved the
Senior Management Annual Performance Plan for the Company.
In addition, the Company's Shareholders reelected the
following persons to the Board of Directors of the Company:
Alan G. Hassenfeld (77,265,949 votes for, 662,367 votes
withheld); George R. Ditomassi, Jr. (77,422,923 votes for,
505,393 votes withheld); Harold P. Gordon (76,401,225 votes
for, 1,527,091 votes withheld); Alex Grass (77,414,385 votes
for, 513,931 votes withheld); and Preston Robert Tisch
(74,237,060 votes for, 3,691,256 votes withheld). There were
no votes against any nominee and no broker nonvotes.
Finally, the Company's Shareholders ratified the selection of
KPMG Peat Marwick as the independent public accountants for
the Company for the 1994 fiscal year by a vote of 77,558,979
for, 28,733 against, 340,704 abstentions and no broker
nonvotes.
Item 5. Other Information.Information
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
4 Amendment No. 1 to Revolving Credit Agreement, dated
as11.1 Computation of April 1,Earnings Per Common Share - Twenty-Six
Weeks Ended June 26, 1994 among the Company, certain banks
(the "Banks") and The First National Bank of Boston,
as agent for the Banks.
11June 27,1993.
11.2 Computation of Earnings Per Common Share - Thirteen
Weeks Ended March 27,June 26, 1994 and March,28,1993.June 27,1993.
12 Computation of Ratio of Earnings to Fixed Charges -
ThirteenTwenty-Six Weeks Ended March 27,June 26, 1994.
(b) Reports on Form 8-K
A current Report on Form 8-K dated April 13,June 16, 1994 was filed
by the Company and included the Press Release dated April
13,June
16, 1994 announcing the Company's revenue and earnings
expectations for the second quarter and full year 1994.
A current Report on Form 8-K dated July 14, 1994 was filed
by the Company and included the Press Release dated July
14, 1994 announcing the Company's results for the current
quarter. Consolidated Statements of Earnings (without notes)
for the quarters ended March 27,June 26, 1994 and March 28,June 27, 1993 and
Consolidated Condensed Balance Sheets (without notes) as of
said dates were also filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HASBRO, INC.
------------
(Registrant)
Date: May 11,August 4, 1994 By: /s/ John T. O'Neill
---------------------
John T. O'Neill
Executive Vice President and
Chief Financial Officer
(Duly Authorized Officer and
Principal Financial Officer)
HASBRO, INC. AND SUBSIDIARIES
Quarterly Report on Form 10-Q
For the Period Ended March 27,June 26, 1994
Exhibit Index
Exhibit
No. Exhibits
- - ------- --------
4 Amendment No. 1 to Revolving Credit Agreement
1111.1 Statement re computation of per share earnings -
twenty-six weeks ended June 26, 1994 and
June 27, 1993
11.2 Statement re computation of per share earnings -
thirteen weeks ended June 26, 1994 and
June 27, 1993
12 Statement re computation of ratios