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April 24, 2006

Hasbro posts wider first quarter loss

PAWTUCKET -- Hasbro Inc., the nation's second biggest toy maker, today reported a wider loss for the first quarter as foreign currency fluctuations and new accounting rules for stock options hurt results.

The loss totaled $4.9 million, or 3 cents per share, for the three months ended April 2 compared with a loss of $3.7 million, or 2 cents per share, a year ago. Expenses related to stock-based compensation reduced results by 2 cents per share in the latest quarter. If similar expenses had been included a year ago, the loss for that period would have been 4 cents per share.

Revenue rose to $468.2 million from $454.9 million. Currency fluctuations reduced revenue by about $9 million in the 2006 quarter.

Analysts surveyed by Thomson Financial were expecting a loss of 1 cent per share, including stock-options expenses, on revenue of $430 million.

Hasbro's North American operations posted a 7 percent increase in revenue, to $310.3 million, driven by board games and toy lines such as Nerf, Supersoaker and Little Pet Shop. Operating profit at the division rose by $200,000. Hasbro said it saw an expected decline in sales of Star Wars merchandise during the quarter.

Because of the changes in some foreign currencies versus the dollar, Hasbro's international segment saw revenue decline by 5 percent and its operating loss widen by about $400,000. On a constant-currency basis, international revenue rose 2 percent.

-- The Associated Press

Posted by Jack Perry at 7:45 AM | Permalink

April 24, 2006

Hasbro posts wider first quarter loss

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