Current Report Filing (8-k)
October 17 2016 - 8:02AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported):
October 17, 2016
Hasbro, Inc.
(Exact
name of registrant as specified in its charter)
Rhode Island
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1-6682
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05-0155090
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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1027 Newport Ave., Pawtucket, Rhode Island
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02861
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
(401)
431-8697
______________________________________________
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02
Results of Operations and Financial Condition.
On
October 17, 2016, Hasbro, Inc. ("Hasbro" or "we") announced
our financial results for the fiscal quarter ended September 25, 2016, and
certain other financial information. The press release, attached as Exhibit
99.1, includes certain financial measures considered non-GAAP financial measures
as defined under Securities and Exchange Commission ("SEC") rules.
Generally, a non-GAAP financial measure is a numerical measure of a company's
performance, financial position, or cash flows that either excludes or includes
amounts that are not normally excluded or included in the most directly
comparable measure calculated and presented in accordance with GAAP. Other
companies may calculate these measures differently. These measures include Earnings
before Interest, Taxes, Depreciation and Amortization ("EBITDA"). Management
believes that EBITDA is one of the appropriate measures for evaluating our
operating performance, because it reflects the resources available for
strategic opportunities including, among others, to invest in the business,
strengthen the balance sheet and make strategic acquisitions. The EBITDA
measures included in the press release have been reconciled to the most
directly comparable GAAP measures as is required under SEC rules regarding the
use of non-GAAP financial measures.
The
press release also includes certain of the Company’s 2015 cost and expenses,
income tax expense, net earnings, and diluted earnings per share excluding the
impact of the sale of the Company’s manufacturing operations in East
Longmeadow, MA and Waterford, Ireland. Management believes that the
presentation excluding the impact of the sale better reflects the results of
the underlying operations of the Company. In addition, the press release
includes the increases in the Company’s International segment and certain
region net revenues excluding the impact of changes in exchange rates. The
impact of changes in exchange rates is calculated by translating the 2016 local
currency revenues at 2015 actual rates and comparing this amount to the 2016
reported revenues. Management believes that the presentation excluding the
impact of exchange rate changes provides information that is helpful to an
investor’s understanding of the underlying business performance absent exchange
rate fluctuations which are beyond the Company’s control.
These
measures should be considered in addition to, not as a substitute for, or
superior to, net earnings or other measures of financial performance prepared
in accordance with GAAP as more fully discussed in the Company's financial
statements and filings with the SEC. As used herein, "GAAP" refers to
accounting principles generally accepted in the United States of America.
The
information furnished in Item 2.02, including the Exhibit attached
hereto, shall not be deemed "filed" for any purpose, and shall
not be deemed incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Securities Exchange Act of 1934, as amended,
regardless of any general incorporation language in any such filing.
Item 9.01
Financial
Statements and Exhibits.
(d)
Exhibits
99.1
Hasbro, Inc. Press Release, dated October 17, 2016.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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HASBRO, INC.
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By:
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/s/ Deborah Thomas
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Name:
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Deborah Thomas
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Title:
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Executive Vice President and
Chief Financial Officer
(Duly Authorized Officer and
Principal Financial Officer)
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Date: October 17, 2016
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EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Hasbro, Inc. Press Release,
dated October 17, 2016.
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