Business
Hasbro Reports First Quarter 2020 Financial Results
Provides Business Update Related to COVID-19 Completed acquisition of Entertainment One Ltd. (eOne) in early fiscal 2020 First quarter 2020 revenues for the
About this update from Hasbro, Inc.
[{"type":"text","content":"\nProvides Business Update Related to COVID-19\n\n\n\nCompleted acquisition of Entertainment One Ltd. (eOne) in early fiscal 2020\n\n\nFirst quarter 2020 revenues for the combined company were $1.11 billion \n\n\nStrong demand for Hasbro products, notably in gaming\n\n\nLater delivery timing for eOne content in 2020 versus 2019\n\n\n\n\nSupply chain positioned to meet full-year product demand requirements leveraging growing retailer channels, including ecomm and omni-channel\n\n\nSubstantial liquidity and access to cash, including quarter ending cash of $1.2 billion; operating cash flow of $291.6 million; and availability of $1.5 billion under revolving credit facility \n\n\nNet loss of $69.6 million or $0.51 per diluted share; Excluding eOne acquisition-related expenses and purchased intangible amortization, adjusted net earnings were $77.7 million, or $0.57 per diluted share\n\n\nHasbro supporting community efforts to obtain and supply personal protective equipment, toy and game donations, books, learning and nutritious meals for children and families in need as well as a global campaign, Bring Home the Fun, to provide resources to keep kids occupied and engaged around the world\n\n\n PAWTUCKET, R.I.--(BUSINESS WIRE)--\nHasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today reported financial results for the first quarter 2020 and provided a business update on COVID-19 related matters. Hasbro completed its acquisition of Entertainment One Ltd. (eOne) at the beginning of the first quarter. 2020 results are those of the combined company, and 2019 results referenced herein reflect the pro forma combined results. See the financial tables accompanying this press release for a reconciliation of as reported to pro forma and adjusted results.\n\n\nNet revenues for the first quarter 2020 were $1.11 billion versus $1.20 billion pro forma revenues in 2019. Foreign exchange had an $11.7 million negative impact on first quarter 2020 revenues.\n\n\nNet loss for the first quarter 2020 was $69.6 million, or $0.51 per diluted share, versus pro forma net earnings of $76.4 million, or $0.56 per diluted share in 2019. First quarter 2020 net loss included $127.5 million after tax of acquisition-related expenses and $19.9 million after tax of purchased intangible amortization associated with the eOne acquisition. Excluding these...