Hasbro 4Q Earnings Up 15 Pct. to $108.3M
PROVIDENCE, R.I. (AP) -- Hasbro Inc., the nation's second-largest toy maker, said Friday its fourth-quarter profit climbed 15 percent on growth in core brands such as Star Wars, Playskool and Littlest Pet Shop.
Net income rose to $108.3 million, or 62 cents per share, for the three months that ended Dec. 31 versus $94.3 million, or 48 cents per share, a year ago.
Excluding a 12-cent per share adjustment related to a licensing deal with movie director George Lucas, earnings for the current quarter totaled 74 cents per share.
Analysts polled by Thomson Financial were looking for net income of 67 cents per share. Those estimates typically exclude one-time items.
Revenue rose 5 percent to $1.12 billion from $1.07 billion, topping Wall Street's estimate of $1.1 billion.
Star Wars sales climbed 4.1 percent in the quarter. Although 2006 Star Wars sales fell to $284.9 million, a drop of $209 million from the previous year, it was still the top boys' property in the industry for the second year in a row, Chief Executive Al Verrecchia said.
Looking ahead, Verrecchia said he expected Star Wars to continue to be a strong performer with Lucas planning a video release for this year's 30th anniversary, a Star Wars animated TV show next year and a live-action Star Wars TV show in 2009.
"He and his studio have a lot going on over the next several years to support the franchise," Verrecchia said.
The girls' business was up 21 percent for the year, with strong performance by the Littlest Pet Shop and Furreal Friends, a line of lifelike animatronic animals.
The preschool business was up 21 percent for the year, on strong sales of Playskool and Play-doh. Verrecchia said he expects the business to continue to do well.
"If you take a look at birth rates, it's very favorable going forward," Verrecchia said.
Shares of Hasbro were down 44 cents, or 1.51 percent, to $28.68 in mid-morning trading on the New York Stock Exchange.
Hasbro, based in Pawtucket, is second to Mattel Inc. in the U.S. toy business.
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