Hasbro, Inc. (NASDAQ: HAS) today reported financial results for first quarter 2012. Net revenues for the quarter were $648.9 million, a decrease of 3%, compared to $672.0 million in 2011. First quarter 2012 net revenues include a negative $8.5 million impact of foreign exchange. Net loss for the first quarter 2012 was $2.6 million, or ($0.02) per diluted share, versus net earnings of $17.2 million, or $0.12 per diluted share, in 2011. First quarter 2012 net earnings were $5.1 million, or $0.04 per diluted share, excluding $11.1 million, or $0.06 per diluted share, of severance costs. The first quarter 2012 was a 14-week period versus the first quarter 2011 which was a 13-week period.
“Our first quarter 2012 results are consistent with the plan we previously communicated for the year,” said Brian Goldner, President and Chief Executive Officer. “We continue to experience good momentum in our international business and positive point-of-sale trends in the U.S. and international markets. We have launched several new initiatives for 2012 which are generating good early results. We are looking forward to the four major motion pictures coming to global audiences in the next few months as well as the launch of our all important fall and holiday initiatives in the second half of the year.”
“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. This shift in the timing of our business has a similar impact on profitability,” continued Goldner. “For the full year 2012, we continue to believe, absent the impact of foreign exchange, we will again grow revenues and earnings per share.”
“As we previously outlined for you, we planned 2012 with the belief that our business would develop later in the year, more closely aligned with the timing of consumer demand and our international business,” said Deborah Thomas, Chief Financial Officer. “Importantly, in the U.S. and Canada segment, we are executing our plan to return the segment to historical operating profit levels. This includes steps we have taken to right-size the organization, for which we have incurred the costs, and a planned higher level of spending in consumer-facing marketing and advertising. In the first quarter 2012, operating profit was impacted by the lower revenue base in addition to $11.1 million in severance costs across the global organization and approximately $6 million associated with an extra week of expenses.”
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