Hasbro nets $32.9M profit as 1Q sales surge 34%
Marvel licensed toys help revenues rise 34%
Full Story: Hasbro nets $32.9M profit as 1Q sales surge 34% Source: Providence Business News, April 23rd, 2007 Added on June 14th, 2007 at 5:22 pm, by Judy He
[Pawtucket-base] Hasbro Inc. today posted a first-quarter profit of $32.9 million or 19 cents per diluted share, compared with a loss of $4.9 million or 3 cents per diluted share in the first quarter of 2006, on its largest sales gain in nearly eight years.
“All major product categories were up significantly,” the company said, “with growth driven by shipments of the Marvel [Entertainment Inc.] product line as well as core brands, including Littlest Pet Shop, Nerf, Play-Doh, My Little Pony, Playskool, Transformers and board games.”
During the quarter, the board of directors increased next month’s quarterly dividend by 4 cents to 16 cents per share, the highest in company history. The company continued its buyback program, repurchasing about 2.5 million shares of common stock at a cost of $74 million.
Rival Mattel Inc., the world’s largest toymaker, last week posted an unexpected first-quarter profit on its largest sales gain in more than eight years, Bloomberg said.