Hasbro profits fall in 2Q

Toy and game maker Hasbro Inc. posted net income of $36.5 million, or 28 cents per diluted share, during the second quarter of 2013, a 16 percent drop from the $43.4 million, or 33 cents per diluted share, reported during the second quarter of 2012. More

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Hasbro profits fall in 2Q

BLOOMBERG FILE PHOTO/ MICHAEL SPRINGER
HASBRO INC. SAW its bottom line fall 16 percent during the second quarter of 2013 to $36.5 million, or 28 cents per diluted share.
Posted 7/22/13

PAWTUCKET – Toy and game maker Hasbro Inc. posted a net income of $36.5 million, or 28 cents per diluted share, during the second quarter of 2013, a 16 percent drop from the $43.4 million, or 33 cents per diluted share, reported during the second quarter of 2012.

As its bottom line fell, Hasbro also saw revenue drop 5.6 percent to $766.3 million during the three months ended June 30. During the second quarter of 2012, the company reported revenue of $811.5 million.

In product categories for the second quarter, Hasbro saw net revenue drop 34.8 percent in the boys segment to $253.7 million. During the quarter, the company’s girls, games and preschool segment rose 43.4 percent, 18.9 percent and 3.8 percent, respectively.

The drop in revenue from the boys segment was attributed to “difficult comparisons due to major motion pictures in 2012,” by Hasbro President and CEO Brian Goldner.

“Across our business, we are increasing our focus on our most important initiatives while right sizing our cost base,” said Goldner, adding that the company has expanded its digital gaming capabilities with the recent acquisition of 70 percent of Backflip Studios. Goldner also noted that Hasbro is developing “comprehensive and innovative lines” for Transformers, Marvel and Star Wars in 2014, 2015 “and beyond.”

In a separate release, Hasbro announced that it expanded its global rights to Marvel characters for an additional two years, running through 2020.

“We are delighted to expand our agreements with Disney, Marvel and Lucasfilm and continue building on our extensive and successful long-term relationships,” said Goldner, “Disney’s entertainment slate provides extensive content for both companies to build upon for years to come.”

For the first six months of 2013, Hasbro’s net income fell 27 percent to $29.8 million, or 23 cents per diluted share, from $40.8 million, or 31 cents per diluted share. The company’s revenue fell 2.1 percent to $1.4 billion during the same period.

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