Hasbro Reports Revenue, Operating Profit and Net Earnings Growth for Full-Year 2015
Board of Directors Increases Quarterly Dividend 11%, or $0.05 per
share, to $0.51 per share
-
2015 full-year net revenues increased 13%, absent a negative $394.5
million impact of foreign exchange; Including the impact of foreign
exchange, revenues increased 4% to $4.45 billion; -
2015 revenues grew in all major operating segments and regions,
absent the impact of foreign exchange; Including the impact of foreign
exchange, the U.S. and Canada segment revenues increased 10%,
International segment revenues declined 3% and Entertainment and
Licensing segment revenues increased 11%; -
Boys, Preschool and Games category revenues increased both as
reported and absent the impact of foreign exchange; Franchise Brand
revenues increased 7% absent the impact of foreign exchange, but
declined 2% including the impact of foreign exchange; -
2015 operating profit increased 9% and net earnings increased 9% to
$451.8 million or $3.57 per diluted share; Adjusted net earnings
increased to $445.0 million or $3.51 per diluted share, excluding the
sale of manufacturing operations; -
In 2015 Hasbro returned $310.7 million of cash to shareholders;
Generated $552.4 million in operating cash flow for the year.
PAWTUCKET, R.I.–(BUSINESS WIRE)–Hasbro,
Inc. (NASDAQ: HAS) today reported financial results for the
full-year and fourth quarter 2015. Net revenues for the full-year 2015
increased 4% to $4.45 billion compared to $4.28 billion in 2014.
Excluding a negative $394.5 million impact from foreign exchange, 2015
revenues increased 13%.
As reported net earnings for the full-year 2015 increased 9% to $451.8
million, or $3.57 per diluted share, compared to $415.9 million, or
$3.20 per diluted share, in 2014. Adjusted net earnings for the
full-year 2015 were $445.0 million, or $3.51 per diluted share,
excluding a pre-tax gain of $9.6 million from the sale of the Company’s
manufacturing operations in East Longmeadow, MA and Waterford, Ireland.
This compares to adjusted net earnings for the full-year 2014 of $408.7
million, or $3.15 per diluted share. 2014 adjusted net earnings exclude
pre-tax charges of $28.3 million associated with restructuring of the
Company’s joint venture television network and $5.2 million associated
with other restructuring activities which were more than offset by a
pre-tax benefit of $36.0 million from the sale of licensed rights for
intellectual property and $6.6 million in favorable tax adjustments
related to tax exam settlements.
“Hasbro’s global teams delivered another year of revenue, operating
profit and earnings growth supported by our diversified brand portfolio,
story-led initiatives and strong global execution,” said Brian Goldner,
Hasbro’s Chairman, President and Chief Executive Officer. “On a constant
currency basis, our growth accelerated in 2015 and we began 2016 with
positive momentum and good visibility to growth drivers for this year
and beyond. In 2015, we overcame an unprecedented impact from foreign
exchange translation, both on the top and bottom line, while driving
strong consumer demand and engagement as well as gaining share in
markets around the world.”
“In 2015, the benefits of our Brand Blueprint strategy were evident in
the strength of our financial results,” said Deborah Thomas, Hasbro’s
Chief Financial Officer. “As we continue investing in differentiating
capabilities, we are seeing new, higher levels of sustainable gross and
operating margins. Consumers are recognizing and embracing the
innovation our global teams are delivering while we are also improving
the efficiency of our organization. Margin improvement and the
associated cash flow are delivering enhanced shareholder value as we
continue investing in the future potential of Hasbro.”
Fourth Quarter 2015 Financial Results
Fourth quarter 2015 net revenues increased 13% to $1.47 billion compared
to $1.30 billion in 2014. Excluding a negative $128.1 million impact
from foreign exchange, fourth quarter 2015 revenues increased 23%.
As reported net earnings for the fourth quarter 2015 were $175.8
million, or $1.39 per diluted share, compared to $169.9 million, or
$1.34 per diluted share in 2014. Adjusted net earnings for the fourth
quarter 2014 were $154.9 million, or $1.22 per diluted share. Fourth
quarter 2014 adjusted net earnings exclude pre-tax charges of $16.8
million associated with restructuring of the Company’s joint venture
television network and $5.2 million associated with other restructuring
activities which were more than offset by a pre-tax benefit of $36.0
million from the sale of licensed rights for intellectual property and
$6.9 million in favorable tax adjustments related to tax exam
settlements.
Full-Year 2015 Major Segment Performance
Net Revenues ($ Millions) | Operating Profit ($ Millions) | |||||||||||
FY 2015 | FY 2014 | % Change | FY 2015 | FY 2014 | % Change | |||||||
U.S. and Canada | $2,225.5 | $2,022.4 | +10% | $430.7 | $334.7 | +29% | ||||||
International | $1,971.9 | $2,023.0 | -3% | $255.4 | $270.5 | -6% | ||||||
Entertainment and Licensing | $244.7 | $219.5 | +11% | $76.9 | $60.6 | +27% | ||||||
Note: The impact on the fourth quarter and full-year 2015 and
2014 segment operating profit from the sale of manufacturing operations,
restructuring of equity method investment and other restructuring
activities is outlined in the attached schedule “Net Earnings
Attributable to Hasbro, Inc. and Net Earnings per Share Attributable to
Hasbro, Inc., as Adjusted and Excluded Charges by Segment.”
Full-year 2015 U.S. and Canada segment net revenues increased 10% to
$2.23 billion compared to $2.02 billion in 2014. Growth in the Boys,
Games and Preschool categories offset a decline in the Girls category.
The U.S. and Canada segment reported operating profit growth of 29% to
$430.7 million, or 19.4% of net revenues, compared to $334.7 million, or
16.5% of net revenues, in 2014.
International Segment net revenues were $1.97 billion compared to $2.02
billion in 2014. Growth in the Boys and Preschool categories were more
than offset by declines in the Games and Girls categories. On a regional
basis, the negative impact of foreign currency resulted in revenue
declines in Europe and Latin America, offsetting a 2% increase in Asia
Pacific. Emerging markets revenues declined 9% in the year. Excluding an
unfavorable $379.4 million impact of foreign exchange, net revenues in
the International Segment grew 16%, increasing 18% in Europe, 15% in
Latin America and 11% in Asia Pacific. Emerging markets increased
approximately 15% absent the impact of foreign exchange. Foreign
exchange also negatively impacted operating profit. As reported,
International Segment operating profit of $255.4 million was down 6% to
13.0% of net revenues, compared to $270.5 million, or 13.4% of net
revenues, in 2014. Excluding the negative impact of foreign exchange,
the International segment operating profit was $302.1 million, or 12.8%
of net revenues, an increase of 12% versus 2014.
Entertainment and Licensing segment net revenues increased 11% to $244.7
million compared to $219.5 million in 2014. The segment benefited from a
multi-year digital streaming deal for Hasbro Studios television
programming signed during the first quarter 2015 and growth in consumer
product licensing revenues. The Entertainment and Licensing segment
reported 27% operating profit growth to $76.9 million, or 31.4% of
revenues, compared to $60.6 million, or 27.6% of revenues, in 2014.
Fourth Quarter and Full-Year 2015 Product
Category Performance
Net Revenues ($ Millions) | ||||||||||||
Q4 2015 | Q4 2014 | % Change | FY 2015 | FY 2014 | % Change | |||||||
Boys | $569.8 | $421.9 | +35% | $1,775.9 | $1,484.0 | +20% | ||||||
Games | $465.8 | $418.3 | +11% | $1,276.5 | $1,259.8 | +1% | ||||||
Girls | $258.8 | $312.4 | -17% | $798.2 | $1,022.6 | -22% | ||||||
Preschool | $170.9 | $146.0 | +17% | $596.8 | $510.8 | +17% | ||||||
Full-year 2015 Boys category revenues increased 20% to $1.78 billion.
Franchise Brand NERF revenues increased along with STAR WARS, JURASSIC
WORLD and MARVEL. This growth more than offset the decline in
TRANSFORMERS, which faced difficult comparisons versus 2014’s theatrical
release of TRANSFORMERS: AGE OF EXTINCTION. The Boys category
grew 30% absent the impact of foreign exchange.
Games category revenues increased 1% for the year to $1.28 billion.
Franchise Brands MAGIC: THE GATHERING and MONOPOLY, as well as PIE FACE
and several other games brands contributed to growth for the year. The
Games category grew 8% absent the impact of foreign exchange.
Girls category revenues declined 22% in 2015 to $798.2 million. As was
the case throughout 2015, FURBY represented the largest revenue decline.
Core MY LITTLE PONY revenues increased, but were offset by declines in
EQUESTRIA GIRLS. Revenue growth in PLAY-DOH DOHVINCI as well as the
introduction of DISNEY’S DESCENDANTS partially offset category revenue
declines. Modest initial shipments for DISNEY PRINCESS and DISNEY’S
FROZEN commenced during the fourth quarter. The bulk of initial
shipments are occurring in the first quarter 2016 with product now
available in the U.S. and rolling out internationally. The Girls
category declined 13% absent the impact of foreign exchange.
Preschool category revenues increased 17% to $596.8 million for the
full-year 2015. Franchise Brand PLAY-DOH contributed the greatest
revenue growth, further supported by gains in JURASSIC WORLD, STAR WARS
and the launch of PLAYSKOOL FRIENDS MY LITTLE PONY. The Preschool
category grew 28% absent the impact of foreign exchange.
Dividend and Share Repurchase
In 2015, Hasbro returned $310.7 million to shareholders including $225.8
million in cash dividends. Hasbro’s Board of Directors has declared a
quarterly cash dividend of $0.51 per common share. This represents an
increase of $0.05 per share, or 11%, from the previous quarterly
dividend of $0.46 per common share. The dividend will be payable on May
16, 2016 to shareholders of record at the close of business on May 2,
2016.
In 2015, Hasbro repurchased 1.25 million shares at a total cost of $84.9
million and an average price of $68.01 per share. At year end, $479.3
million remained available in the current share repurchase authorization.
Conference Call Webcast
Hasbro will webcast its fourth quarter and full-year 2015 earnings
conference call at 8:30 a.m. Eastern Time today. To listen to the live
webcast and access the accompanying presentation slides, please go to http://investor.hasbro.com.
The replay of the call will be available on Hasbro’s web site
approximately 2 hours following completion of the call.
About Hasbro: Hasbro (NASDAQ: HAS) is a global company committed to
Creating the World’s Best Play Experiences, by leveraging its beloved
brands, including LITTLEST PET SHOP, MAGIC: THE GATHERING, MONOPOLY, MY
LITTLE PONY, NERF, PLAY-DOH and TRANSFORMERS, and premier partner
brands. From toys and games, television programming, motion pictures,
digital gaming and consumer product licensing, Hasbro fulfills the
fundamental need for play and connection with children and families
around the world. The Company’s Hasbro Studios and its film label,
ALLSPARK PICTURES, create entertainment brand-driven storytelling across
mediums, including television, film, digital and more. Through the
Company’s commitment to corporate social responsibility, including
philanthropy, Hasbro is helping to build a safe and sustainable world
and to positively impact the lives of millions of children and families.
Learn more at www.hasbro.com,
and follow us on Twitter (@Hasbro & @HasbroNews) and Instagram (@Hasbro).
© 2016 Hasbro, Inc. All Rights Reserved.
Certain statements in this release contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements include expectations concerning the Company’s
potential performance in the future, including with respect to
anticipated future benefits from investments in the Company’s business
and strategic efforts to grow the Company’s brand portfolio and content
delivery over the longer-term, and the Company’s ability to achieve its
other financial and business goals and may be identified by the use of
forward-looking words or phrases. The Company’s actual actions or
results may differ materially from those expected or anticipated in the
forward-looking statements due to both known and unknown risks and
uncertainties. Specific factors that might cause such a difference
include, but are not limited to: (i) the Company’s ability to design,
develop, produce, manufacture, source and ship products on a timely and
cost-effective basis, as well as interest in and purchase of those
products by retail customers and consumers in quantities and at prices
that will be sufficient to profitably recover the Company’s costs; (ii)
downturns in economic conditions affecting the Company’s markets which
can negatively impact the Company’s retail customers and consumers, and
which can result in lower employment levels, lower consumer disposable
income and spending, including lower spending on purchases of the
Company’s products; (iii) other factors which can lower discretionary
consumer spending, such as higher costs for fuel and food, drops in the
value of homes or other consumer assets, and high levels of consumer
debt; (iv) potential difficulties or delays the Company may experience
in implementing cost savings and efficiency enhancing initiatives; (v)
other economic and public health conditions or regulatory changes in the
markets in which the Company and its customers and suppliers operate
which could create delays or increase the Company’s costs, such as
higher commodity prices, labor costs or transportation costs, or
outbreaks of disease; (vi) currency fluctuations, including movements in
foreign exchange rates, which can lower the Company’s net revenues and
earnings, and significantly impact the Company’s costs; (vii) the
concentration of the Company’s customers, potentially increasing the
negative impact to the Company of difficulties experienced by any of the
Company’s customers or changes in their purchasing or selling patterns;
(viii) consumer interest in and acceptance of the Discovery Family
Channel, and programming created by Hasbro Studios, and other factors
impacting the financial performance of the network and Hasbro Studios;
(ix) the inventory policies of the Company’s retail customers, including
retailers’ potential decisions to lower their inventories, even if it
results in lost sales, as well as the concentration of the Company’s
revenues in the second half and fourth quarter of the year, which
coupled with reliance by retailers on quick response inventory
management techniques increases the risk of underproduction of popular
items, overproduction of less popular items and failure to achieve
compressed shipping schedules; (x) delays, increased costs or
difficulties associated with any of our or our partners’ planned digital
applications or media initiatives; (xi) work disruptions, which may
impact the Company’s ability to manufacture or deliver product in a
timely and cost-effective manner; (xii) the bankruptcy or other lack of
success of one of the Company’s significant retailers which could
negatively impact the Company’s revenues or bad debt exposure; (xiii)
the impact of competition on revenues, margins and other aspects of the
Company’s business, including the ability to offer Company products
which consumers choose to buy instead of competitive products, the
ability to secure, maintain and renew popular licenses and the ability
to attract and retain talented employees; (xiv) concentration of
manufacturing for many of the Company’s products in the People’s
Republic of China and the associated impact to the Company of social,
economic or public health conditions and other factors affecting China,
the movement of products into and out of China, the cost of producing
products in China and exporting them to other countries; (xv) the risk
of product recalls or product liability suits and costs associated with
product safety regulations; (xvi) the impact of other market conditions,
third party actions or approvals and competition which could reduce
demand for the Company’s products or delay or increase the cost of
implementation of the Company’s programs or alter the Company’s actions
and reduce actual results; (xvii) the impact of litigation or
arbitration decisions or settlement actions; and (xviii) other risks and
uncertainties as may be detailed from time to time in the Company’s
public announcements and Securities and Exchange Commission (“SEC”)
filings. The Company undertakes no obligation to make any revisions to
the forward-looking statements contained in this release or to update
them to reflect events or circumstances occurring after the date of this
release.
This press release includes a non-GAAP financial measure as defined
under SEC rules, specifically EBITDA. EBITDA represents net earnings
attributable to Hasbro, Inc. excluding net loss attributable to
noncontrolling interests, interest expense, income taxes, depreciation
and amortization. As required by SEC rules, we have provided
reconciliation on the attached schedule of this measure to the most
directly comparable GAAP measure. Management believes that EBITDA is one
of the appropriate measures for evaluating the operating performance of
the Company because it reflects the resources available for strategic
opportunities including, among others, to invest in the business,
strengthen the balance sheet, and make strategic acquisitions.
The press release also includes the Company’s 2015 cost and expenses,
operating profit, earnings before income taxes, net earnings, and
diluted earnings per share excluding the impact of the sale of the
Company’s manufacturing operations in East Longmeadow, MA and Waterford,
Ireland as well as the Company’s 2014 cost and expenses, operating
profit, earnings before income taxes, net earnings, and diluted earnings
per share excluding the impact of the 2014 restructuring charges related
to the Company’s investment in its joint television network and other
restructuring charges as well as the impact of 2014 benefits related to
the sale of intellectual property license rights and certain favorable
tax adjustments. Management believes that presenting this data excluding
these impacts assists investors in understanding the performance of the
Company’s underlying business and the results of operations. In
addition, this press release includes the Company’s Consolidated,
International segment and product category net revenues, as well as
International segment operating profit excluding the impact of changes
in exchange rates. Management believes that the presentation excluding
the impact of exchange rate changes provides information that is helpful
to an investor’s understanding of the underlying business performance
absent exchange rate fluctuations which are beyond the Company’s
control. These measures should be considered in addition to, not as a
substitute for, or superior to, net earnings or other measures of
financial performance prepared in accordance with GAAP as more fully
discussed in the Company’s financial statements and filings with the
SEC. As used herein, “GAAP” refers to accounting principles generally
accepted in the United States of America.
HAS-E
HASBRO, INC. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Unaudited) | ||||||
(Thousands of Dollars) | ||||||
Dec. 27, 2015 | Dec. 28, 2014 | |||||
ASSETS | ||||||
Cash and Cash Equivalents | $ | 976,750 | $ | 893,167 | ||
Accounts Receivable, Net | 1,217,850 | 1,094,673 | ||||
Inventories | 384,492 | 339,572 | ||||
Other Current Assets | 286,506 | 316,093 | ||||
Total Current Assets | 2,865,598 | 2,643,505 | ||||
Property, Plant and Equipment, Net | 237,527 | 237,489 | ||||
Other Assets | 1,617,592 | 1,637,106 | ||||
Total Assets | $ | 4,720,717 | $ | 4,518,100 | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND |
||||||
Short-term Borrowings | $ | 164,563 | $ | 252,481 | ||
Payables and Accrued Liabilities | 900,084 | 819,203 | ||||
Total Current Liabilities | 1,064,647 | 1,071,684 | ||||
Long-term Debt | 1,547,115 | 1,545,853 | ||||
Other Liabilities | 404,883 | 392,169 | ||||
Total Liabilities | 3,016,645 | 3,009,706 | ||||
Redeemable Noncontrolling Interests | 40,170 | 42,730 | ||||
Total Shareholders’ Equity | 1,663,902 | 1,465,664 | ||||
Total Liabilities, Redeemable Noncontrolling Interests and |
$ | 4,720,717 | $ | 4,518,100 | ||
HASBRO, INC. | ||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) |
Dec. 27, |
% Net |
Dec. 28, |
% Net |
Dec. 27, |
% Net |
Dec. 28, |
% Net |
||||||||||||||||||||
Net Revenues | $ | 1,465,354 | 100.0 | % | $ | 1,298,593 | 100.0 | % | $ | 4,447,509 | 100.0 | % | $ | 4,277,207 | 100.0 | % | ||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||
Cost of Sales | 554,750 | 37.9 | % | 516,725 | 39.8 | % | 1,677,033 | 37.7 | % | 1,698,372 | 39.7 | % | ||||||||||||||||
Royalties | 149,137 | 10.2 | % | 90,851 | 7.0 | % | 379,245 | 8.5 | % | 305,317 | 7.1 | % | ||||||||||||||||
Product Development | 68,645 | 4.7 | % | 65,372 | 5.0 | % | 242,944 | 5.5 | % | 222,556 | 5.2 | % | ||||||||||||||||
Advertising | 121,252 | 8.3 | % | 123,812 | 9.5 | % | 409,388 | 9.2 | % | 420,256 | 9.8 | % | ||||||||||||||||
Amortization of Intangibles | 8,392 | 0.6 | % | 14,605 | 1.1 | % | 43,722 | 1.0 | % | 52,708 | 1.2 | % | ||||||||||||||||
Program Production Cost Amortization | 12,637 | 0.9 | % | 11,344 | 0.9 | % | 42,449 | 1.0 | % | 47,086 | 1.1 | % | ||||||||||||||||
Selling, Distribution and Administration | 291,840 | 19.9 | % | 252,335 | 19.4 | % | 960,795 | 21.6 | % | 895,537 | 20.9 | % | ||||||||||||||||
Operating Profit | 258,701 | 17.7 | % | 223,549 | 17.2 | % | 691,933 | 15.6 | % | 635,375 | 14.9 | % | ||||||||||||||||
Interest Expense | 24,306 | 1.7 | % | 23,158 | 1.8 | % | 97,122 | 2.2 | % | 93,098 | 2.2 | % | ||||||||||||||||
Other (Income) Expense, Net | 3,058 | 0.2 | % | (5,031 | ) | -0.4 | % | (9,104 | ) | -0.2 | % | 2,289 | 0.1 | % | ||||||||||||||
Earnings before Income Taxes | 231,337 | 15.8 | % | 205,422 | 15.8 | % | 603,915 | 13.6 | % | 539,988 | 12.6 | % | ||||||||||||||||
Income Taxes | 56,943 | 3.9 | % | 36,601 | 2.8 | % | 157,043 | 3.5 | % | 126,678 | 3.0 | % | ||||||||||||||||
Net Earnings | 174,394 | 11.9 | % | 168,821 | 13.0 | % | 446,872 | 10.0 | % | 413,310 | 9.7 | % | ||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | (1,369 | ) | -0.1 | % | (1,090 | ) | -0.1 | % | (4,966 | ) | -0.1 | % | (2,620 | ) | -0.1 | % | ||||||||||||
Net Earnings Attributable to Hasbro, Inc. | $ | 175,763 | 12.0 | % | $ | 169,911 | 13.1 | % | $ | 451,838 | 10.2 | % | $ | 415,930 | 9.7 | % | ||||||||||||
Per Common Share | ||||||||||||||||||||||||||||
Net Earnings Attributable to Hasbro, Inc. | ||||||||||||||||||||||||||||
Basic | $ | 1.41 | $ | 1.35 | $ | 3.61 | $ | 3.24 | ||||||||||||||||||||
Diluted | $ | 1.39 | $ | 1.34 | $ | 3.57 | $ | 3.20 | ||||||||||||||||||||
Cash Dividends Declared | $ | 0.46 | $ | 0.43 | $ | 1.84 | $ | 1.72 | ||||||||||||||||||||
Weighted Average Number of Shares | ||||||||||||||||||||||||||||
Basic | 124,976 | 125,738 | 125,006 | 128,411 | ||||||||||||||||||||||||
Diluted | 126,686 | 127,180 | 126,688 | 129,886 | ||||||||||||||||||||||||
HASBRO, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
(Thousands of Dollars) | ||||||||
Year Ended | ||||||||
Dec. 27, 2015 | Dec. 28, 2014 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net Earnings | $ | 446,872 | $ | 413,310 | ||||
Non-cash Adjustments | 232,702 | 204,555 | ||||||
Changes in Operating Assets and Liabilities | (127,129 | ) | (163,454 | ) | ||||
Net Cash Provided by Operating Activities | 552,445 | 454,411 | ||||||
Cash Flows from Investing Activities: | ||||||||
Additions to Property, Plant and Equipment | (142,022 | ) | (113,388 | ) | ||||
Cash Proceeds from Dispositions | 18,632 | 64,400 | ||||||
Other | 19,743 | 48,503 | ||||||
Net Cash Utilized by Investing Activities | (103,647 | ) | (485 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from Borrowings with Maturity Greater Than 3 Months | – | 559,986 | ||||||
Repayments of Borrowings with Maturity Greater Than 3 Months | – | (425,000 | ) | |||||
Net Proceeds from (Repayments of) Short-term Borrowings | (87,310 | ) | 246,054 | |||||
Purchases of Common Stock | (87,224 | ) | (459,564 | ) | ||||
Stock-based Compensation Transactions | 57,550 | 71,433 | ||||||
Dividends Paid | (225,797 | ) | (216,855 | ) | ||||
Other | (3,676 | ) | (7,010 | ) | ||||
Net Cash Utilized by Financing Activities | (346,457 | ) | (230,956 | ) | ||||
Effect of Exchange Rate Changes on Cash | (18,758 | ) | (12,252 | ) | ||||
Cash and Cash Equivalents at Beginning of Year | 893,167 | 682,449 | ||||||
Cash and Cash Equivalents at End of Year | $ | 976,750 | $ | 893,167 | ||||
HASBRO, INC. | ||||||||||||||||||||||
SUPPLEMENTAL FINANCIAL DATA | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(Thousands of Dollars) | Quarter Ended | Year Ended | ||||||||||||||||||||
Dec. 27, 2015 | Dec. 28, 2014 |
% |
Dec. 27, 2015 | Dec. 28, 2014 |
% |
|||||||||||||||||
Major Segment Results |
||||||||||||||||||||||
U.S. and Canada Segment: |
||||||||||||||||||||||
External Net Revenues | $ | 690,821 | $ | 537,475 | 29 | % | $ | 2,225,518 | $ | 2,022,443 | 10 | % | ||||||||||
Operating Profit | 155,085 | 82,161 | 89 | % | 430,707 | 334,702 | 29 | % | ||||||||||||||
Operating Margin | 22.4 | % | 15.3 | % | 19.4 | % | 16.5 | % | ||||||||||||||
International Segment: |
||||||||||||||||||||||
External Net Revenues | 690,757 | 671,389 | 3 | % | 1,971,875 | 2,022,997 | -3 | % | ||||||||||||||
Operating Profit | 113,895 | 122,408 | -7 | % | 255,365 | 270,505 | -6 | % | ||||||||||||||
Operating Margin | 16.5 | % | 18.2 | % | 13.0 | % | 13.4 | % | ||||||||||||||
Entertainment and Licensing Segment: |
||||||||||||||||||||||
External Net Revenues | 84,275 | 83,550 | 1 | % | 244,685 | 219,465 | 11 | % | ||||||||||||||
Operating Profit | 36,778 | 39,430 | -7 | % | 76,868 | 60,550 | 27 | % | ||||||||||||||
Operating Margin | 43.6 | % | 47.2 | % | 31.4 | % | 27.6 | % | ||||||||||||||
International Segment Net Revenues by |
||||||||||||||||||||||
Europe | $ | 466,291 | $ | 430,666 | 8 | % | $ | 1,236,846 | $ | 1,258,078 | -2 | % | ||||||||||
Latin America | 128,232 | 150,046 | -15 | % | 426,109 | 463,512 | -8 | % | ||||||||||||||
Asia Pacific | 96,234 | 90,677 | 6 | % | 308,920 | 301,407 | 2 | % | ||||||||||||||
Total | $ | 690,757 | $ | 671,389 | $ | 1,971,875 | $ | 2,022,997 | ||||||||||||||
Net Revenues by Product Category |
||||||||||||||||||||||
Boys | $ | 569,799 | $ | 421,870 | 35 | % | $ | 1,775,917 | $ | 1,483,952 | 20 | % | ||||||||||
Games | 465,784 | 418,333 | 11 | % | 1,276,532 | 1,259,782 | 1 | % | ||||||||||||||
Girls | 258,839 | 312,398 | -17 | % | 798,240 | 1,022,633 | -22 | % | ||||||||||||||
Preschool | 170,932 | 145,992 | 17 | % | 596,820 | 510,840 | 17 | % | ||||||||||||||
Total Net Revenues | $ | 1,465,354 | $ | 1,298,593 | $ | 4,447,509 | $ | 4,277,207 | ||||||||||||||
Reconciliation of EBITDA |
||||||||||||||||||||||
Net Earnings Attributable to Hasbro, Inc. | $ | 175,763 | $ | 169,911 | $ | 451,838 | $ | 415,930 | ||||||||||||||
Net Loss Attributable to Noncontrolling Interests | (1,369 | ) | (1,090 | ) | (4,966 | ) | (2,620 | ) | ||||||||||||||
Interest Expense | 24,306 | 23,158 | 97,122 | 93,098 | ||||||||||||||||||
Income Taxes | 56,943 | 36,601 | 157,043 | 126,678 | ||||||||||||||||||
Depreciation | 25,212 | 22,722 | 111,605 | 105,258 | ||||||||||||||||||
Amortization of Intangibles | 8,392 | 14,605 | 43,722 | 52,708 | ||||||||||||||||||
EBITDA | $ | 289,247 | $ | 265,907 | $ | 856,364 | $ | 791,052 | ||||||||||||||
Contacts
Investor Contact:
Hasbro, Inc.
Debbie Hancock, 401-727-5401
debbie.hancock@hasbro.com
or
Press
Contact:
Hasbro, Inc.
Julie Duffy, 401-727-5931
julie.duffy@hasbro.com