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Hasbro Reports Record Net Earnings and Seventh Consecutive

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OptionMonster   Monday, 02/25/08 08:49:30 PM
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Hasbro Reports Record Net Earnings and Seventh Consecutive Year of E.P.S. Growth
Hasbro, Inc. (NYSE: HAS)

Fourth Quarter Highlights

Net earnings of $133.7 million, an increase of 24%;
Earnings per diluted share of $0.84, up 35%;
Net revenues of $1.3 billion, up 16% from a year ago.
Full-Year Highlights

Net earnings of $333.0 million, an increase of over $100 million compared to last year’s record net earnings of $230.1 million;
Operating profit improved 38% to $519.4 million or 13.5% of net revenues;
Earnings per diluted share of $1.97, a 53% increase from the prior year;
Net revenues of $3.8 billion, up 22% from a year ago;
North American segment net revenues were up 15% and International segment net revenues were up 33%;
Strength in the business was broad based both in terms of geography and product categories;
During the year, the Company repurchased 20.8 million shares of common stock at a total cost of $587.0 million.
Hasbro, Inc. (NYSE: HAS) today reported 2007 fourth quarter and full-year results. For the fourth quarter the Company reported net revenues of $1.3 billion, an increase of $181.4 million or 16%, compared to $1.1 billion a year ago. The Company reported net earnings for the quarter of $133.7 million or $0.84 per diluted share, compared to $108.3 million or $0.62 per diluted share in 2006.

For the year, the Company reported record net earnings of $333.0 million, or $1.97 per diluted share, compared to $230.1 million or $1.29 per diluted share in 2006. The 2007 results include a favorable tax adjustment of $29.6 million or $0.17 per diluted share that was taken in the third quarter. In addition, the 2007 and 2006 full-year results included expenses of $0.23 per diluted share or $44.4 million, and $0.14 per diluted share or $31.8 million, respectively, related to the Lucas warrants mark to market. The Company exercised the right to purchase the warrants in the second quarter of 2007. For the year, worldwide net revenues were $3.8 billion, an increase of $686.1 million or 22%, compared to $3.2 billion a year ago.

“2007 was another strong year for Hasbro. We achieved net earnings of $333.0 million, an increase of over $100 million compared to last year’s record net earnings of $230.1 million. In addition, it was the third consecutive year of record net earnings and our seventh consecutive year of earnings per share growth,” said Alfred J. Verrecchia, President and Chief Executive Officer.

“Revenues were up 22% for the year and 16% for the quarter, as the business continued to be strong both in terms of category and geographic performance, providing us with momentum going into 2008,” Verrecchia concluded.

North American segment net revenues were $2.5 billion, an increase of $329.7 million or 15%, compared to $2.1 billion in 2006. The growth in revenue is attributable, in part, to the success of TRANSFORMERS, MARVEL product lines, FURREAL FRIENDS, LITTLEST PET SHOP, BABY ALIVE, MY LITTLE PONY, TOOTHTUNES, NERF, OPERATION and SORRY. STAR WARS also remained very strong. The North American segment reported an operating profit of $318.7 million compared to $276.0 million in 2006.

International segment net revenues were $1.3 billion, an increase of $319.3 million or 33%, compared to $959.3 million in 2006, or an increase of 24%, net of the favorable foreign exchange impact of $88.5 million. The growth in revenue is attributable, in part, to the success of TRANSFORMERS, MARVEL product lines, LITTLEST PET SHOP, MY LITTLE PONY, PLAYSKOOL, FURREAL FRIENDS, MONOPOLY, OPERATION and THE GAME OF LIFE. STAR WARS also remained very strong. The International segment reported an operating profit of $158.8 million compared to $90.9 million in 2006.

“I’m especially pleased that when you combine the robust revenue growth we achieved in 2007, with the cost structure improvements and share count reductions we have achieved in recent years, the result is a 53% increase in reported earnings per share,” said David Hargreaves, Executive Vice President and Chief Financial Officer. “In addition, we generated $601.8 million in operating cash flow during 2007,” Hargreaves concluded.

The Company repurchased a total of 20.8 million shares of common stock during 2007, at a total cost of $587.0 million, leaving $109.6 million in the share repurchase authorization as of year end. Since the inception of its buyback program in June 2005, the Company has repurchased 45.9 million shares at a total cost of $1.1 billion, at an average price of $23.73 per share. Additionally, last week the Board of Directors increased the share buy-back program by a further $500 million and increased the quarterly dividend by $0.04 per share to $0.20 per share; this is the fifth consecutive year the dividend was increased.

The Company will web cast its earnings conference call at 8:30 a.m. Eastern Standard Time today. Investors and the media are invited to listen at http://www.hasbro.com (select "Corporate Info" from the home page, click on "Investor Information," and then click on the web cast microphone).

Hasbro is a worldwide leader in children's and family leisure time entertainment products and services, including the design, manufacture and marketing of games and toys ranging from traditional to high-tech. Both internationally and in the U.S., its PLAYSKOOL, TONKA, MILTON BRADLEY, PARKER BROTHERS, TIGER, and WIZARDS OF THE COAST brands and products provide the highest quality and most recognizable play experiences in the world.





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