Business Excellence Awards
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By Kimberley Donoghue
PBN Web Editor
PAWTUCKET – Hasbro Inc. said its second-quarter profit increased to $58.05 million, or 42 cents per diluted share, up from $43.63 million, or 29 cents per share, in 2010.
Revenue grew 23 percent to $908.45 million in the quarter, up from $737.79 million a year earlier.
The company also reported on Monday a $20.5 million, or 15 cents per diluted share, favorable tax adjustment and a pre-tax expense of $13.1 million, or 6 cents per share, on costs related to establishing a Center of Excellence for Games in Rhode Island.
The R.I. Economic Development Corporation granted the company in April an up to $1.63 million tax break if it creates 281 new full-time jobs over the next three years.
Hasbro said its second-quarter entertainment and licensing revenue declined 11 percent to $27.2 million, from $30.5 million in 2010.
Revenue from the “Transformers: Dark of the Moon” movie, based on the manufacturer’s robotic toys, will begin to be recorded in the third quarter. The Transformers movie had the largest-ever opening during the July 4 weekend, collecting $115.9 million in ticket sales the in U.S. and Canada.
The company’s revenue in the boys product category jumped 96 percent to $460.4 million, the games and puzzles category decreased 12 percent to $231.3 million, the girls category declined 11 percent to $119.1 million, and the preschool category was down 10 percent to $97.6 million.