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Hasbro revenue drops in 1Q

BLOOMBERG FILE PHOTO/ MICHAEL SPRINGER
REVENUE FOR Hasbro Inc. fell 3 percent to $648.9 million in the first quarter of 2012 compared to $672 million for the same period 2011.
Posted 4/23/12

PAWTUCKET – Revenues for Hasbro Inc. fell 3 percent to $648.9 million in the first quarter of 2012 compared to $672 million for the same period 2011.

First quarter 2012 net revenues include a negative $8.5 million impact of foreign exchange. The net loss for the first quarter was $2.6 million, or $0.02 per diluted share, versus net earnings of $17.2 million, or $0.12 per diluted share, at the same time last year.

First quarter 2012 net earnings were $5.1 million, or $0.04 per diluted share, excluding $11.1 million of severance costs. The company noted that the first quarter 2012 was a 14-week period versus the first quarter 2011 which was a 13-week period.

“We continue to experience good momentum in our international business and positive point-of-sale trends in the U.S. and international markets,” said Brian Goldner, Hasbro’s president and CEO. “We have launched several new initiatives for 2012 which are generating good early results.”

“In partnership with our retailers and supported by a strong line of new fall initiatives, our expectation remains that a higher percentage of full year revenues will be in the second half of the year versus past years,” added Goldner. “This shift in the timing of our business has a similar impact on profitability,” Goldner said.

U.S. and Canada segment net revenues dropped to $329 million, a decrease of $62.2 million or 16 percent when compared to 2011 numbers. The segment reported an operating profit of $14.4 million, compared to $41.0 million in 2011.

International segment net revenues grew $35.4 million or 14 percent to $289.7 million, compared to $254.3 million in the first quarter of 2011.

Net revenues in the segment grew 17 percent, absent the negative $8.2 million impact of foreign exchange. The segment reported an operating loss of $5.1 million, compared to an operating loss of $1.7 million in 2011.

Entertainment and Licensing segment net revenues increased 19 percent to $29.3 million, compared to $24.6 million in 2011. The segment reported an operating profit of $7.7 million compared to $5.4 million in 2011.

Hasbro’s biggest competitor, El Segundo, Calif.-based Mattel Inc., saw its shares slide 9.1 percent – the biggest drop since July 16, 2010.

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