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Hasbro, Inc. today reported 2011 first quarter results. The Company reported net revenues of $672.0 million compared to $672.4 million in the first quarter 2010. The Company reported net earnings for the first quarter 2011 of $17.2 million versus $58.9 million in 2010. "2011 is the first year in our multi-year strategic plan in which we will have significant initiatives across all elements of our brand blueprint - in television, in movies, in digital gaming, in licensing and, most importantly, across our broad portfolio of toys and games," said Brian Goldner, President and Chief Executive Officer. "We began the year by delivering a quarter consistent with our plan, including growth in many brands and across many countries. Importantly, we are building momentum leading up to the theatrical release of Transformers: Dark of the Moon on July 1 and two new Marvel films, Thor and Captain America: the First Avenger, this summer; multiple new innovative product launches; and the airing of Hasbro Studios television programs in territories around the world. The stage has been set for a strong year, and we continue to believe that we will grow revenues and earnings per share for the full-year 2011." In the first quarter, worldwide net revenues in the Boys product category increased 25% to $290.2 million; the Games and Puzzles category decreased 12% to $200.4 million; the Girls category declined 13% to $113.2 million; and the Preschool category was down 18% to $68.2 million. U.S. and Canada segment net revenues were $391.2 million, a decrease of $33.6 million or 8%, compared to $424.7 million in 2010. The results reflect growth in the Boys category offset by declines in the other major product categories. The U.S. and Canada segment reported an operating profit of $41.0 million, compared to $61.1 million in 2010. International segment net revenues were $254.3 million, an increase of $32.6 million or 15%, compared to $221.7 million in 2010. Revenue in the International segment reflects growth in the Boys category slightly offset by declines in the other major product categories. The International segment reported an operating loss of $1.7 million, compared to an operating loss of $2.4 million in 2010. Entertainment and Licensing segment net revenues declined 2% to $24.6 million, compared to $25.1 million in 2010. Revenue in the Entertainment and Licensing segment reflects lower licensing revenue primarily associated with the 2009 movie, Transformers: Revenge of the Fallen, mostly offset by increases in other brands' licensing revenue as well as movie and television related revenues. The Entertainment and Licensing segment reported an operating profit of $5.4 million compared to $9.4 million in 2010. |
