Business
Hasbro Reports Second Quarter 2020 Financial Results
Provides Business Update Related to COVID-19 Second quarter 2020 revenues were $860.3 million, down 29% on a pro forma basis Strong consumer demand for
About this update from Hasbro, Inc.
[{"type":"text","content":"\nProvides Business Update Related to COVID-19\n\n\n\nSecond quarter 2020 revenues were $860.3 million, down 29% on a pro forma basis\n\n\nStrong consumer demand for Hasbro products hampered by temporary store closures, product shortages in fast growing categories and lower retail inventory\n\n\nHigh-single digit global point of sale growth in Q2, remains strong entering Q3 and broadening across the portfolio\n\n\nHasbro Gaming revenues up 11%\n\n\neOne entertainment revenue negatively impacted by live action production shutdowns\n\n\n\n\n\n\nFactories and warehouses now open in nearly all markets and positioned to meet full-year product demand requirements \n\n\nDigital-first orientation delivering significant revenue and point of sale ecomm growth \n\n\nNet loss of $33.9 million or $0.25 per diluted share; excluding eOne acquisition-related expenses, severance and purchased intangible amortization, adjusted net earnings were $2.7 million, or $0.02 per diluted share\n\n\nSubstantial liquidity and access to cash, including quarter ending cash of $1.0 billion; operating cash flow of $258.3 million; and availability of $1.5 billion under revolving credit facility\n\n\n PAWTUCKET, R.I.--(BUSINESS WIRE)--\nHasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today reported financial results for the second 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. 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 second quarter 2020 were $860.3 million versus $1.2 billion pro forma revenues in 2019, a decline of 29%. Foreign exchange had a $15.8 million negative impact on second quarter 2020 revenues.\n\n\nNet loss for the second quarter 2020 was $33.9 million, or $0.25 per diluted share, versus pro forma net loss of $42.6 million, or $0.31 per diluted share, in 2019. Second quarter 2020 net loss included $8.5 million after tax of acquisition-related expenses, $10.1 million after tax of severance charges associated with cost-savings initiatives within the Company's commerci...