Hasbro, Inc. (NASDAQ: HAS) today reported financial results for the second quarter 2013. Net revenues for the quarter were $766.3 million, a 6% decline compared to $811.5 million in 2012. Second quarter 2013 net revenues include a favorable $1.0 million impact of foreign exchange.
As adjusted, net earnings for the second quarter 2013 were $38.3 million, or $0.29 per diluted share, compared to $43.4 million, or $0.33 per diluted share in 2012. This excludes pre-tax partial pension settlement charges of $2.5 million, or $0.01 per diluted share, associated with previously disclosed restructuring actions. Second quarter 2013 net earnings were $36.5 million, or $0.28 per diluted share, as reported.
“Through our global brand building efforts, we are taking steps to drive long-term profitable growth across our brand portfolio,” said Brian Goldner, Hasbro’s President and Chief Executive Officer. “In the second quarter, this resulted in growth in our Girls, Games, and Preschool categories. This growth, however, did not offset the decline in our Boys revenues, which faced difficult comparisons due to major motion pictures in 2012. As we enter the second half of the year, we have innovative brand initiatives across categories and geographies, including NERF REBELLE, FURBY BOOM, MY LITTLE PONY EQUESTRIA GIRLS, TELEPODS for ANGRY BIRDS STAR WARS II and TRANSFORMERS CONSTRUCT-BOTS.”
“Across our business, we are increasing our focus on our most important initiatives while right sizing our cost base,” continued Goldner. “We have expanded our digital gaming capabilities with the acquisition of 70% of Backflip Studios, a profitable mobile game studio. Importantly, we are developing comprehensive and innovative lines for both film and television entertainment in the coming years, including TRANSFORMERS 4 in 2014 as well as MARVEL and STAR WARS entertainment from Disney in 2014, 2015 and beyond.”Second Quarter 2013 Major Segment Performance
|Net Revenues ($ Millions)||Operating Profit ($ Millions)|
|Q2 2013||Q2 2012||% Change||Q2 2013||Q2 2012||% Change|
|U.S. and Canada||$389.2||$406.6||-4%||$59.0||$60.9||-3%|
|Entertainment and Licensing||$35.3||$43.2||-18%||$3.7||$8.2||-55%|