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Highest net earnings ever for Hasbro - ToyNews

Highest net earnings ever for Hasbro

Hasbro has reported the highest net earnings in its history for its full year 2006 buoyed by the growth of its core brands.
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The company recorded net earnings of $230.1 million, making 2006 Hasbro's sixth consecutive year of earnings growth. Net revenues also rose, up 2.1 per cent - or $63.9 million - to $3.2 billion.

Strong performances from Transformers - which will receive a further boost with the release of the movie in May - Monopoly, Playskool and Littlest Pet Shop helped drive up the earnings. And, despite there being no new film, Star Wars continued to perform well, contributing a massive $284.9 million in revenue for the year.

"2006 was another good year for Hasbro, we achieved the highest net earnings in the history of the company," said Alfred J Verrecchia, president and CEO. "Our performance for both the quarter and the year is a solid indication of the success we have had in growing our core brands.

"Given the exceptional performance of Star Wars in 2005, it is particularly meaningful to have grown revenue 2.1 per cent for the year and 4.1 per cent for the quarter.

"As we look ahead, we have momentum in our core brands and commitment to continued innovation," Verrecchia continued. "With the richest and most diversified toy and game product line in the industry, including product tied to upcoming releases of the Transformers and Spiderman 3 movies, we're very excited about the opportunities for 2007."

International segment revenues for the year were $959.3 million compared to $988.6 million a year ago. Operating profit was $90.9 million for the year compared to $106.4m in 2005, as adjusted to include the impact of stock-based compensation expense.

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