Hasbro’s Restructuring Contributes To Decline In Q1 Entertainment Profit

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Rights Battle On ‘Dungeons & Dragons’: Warner Bros and Universal/Hasbro Tangle
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Rights Battle On ‘Dungeons & Dragons’: Warner Bros and Universal/Hasbro Tangle

This morning’s earnings release says little about the specific charges in the restructuring, but the overall numbers are largely in line with expectations. The company reported a net loss of $6.7M, up from a $2.6M loss in the period last year, on revenues of $663.7M, +2.3%. The top line beat the $638.8M that analysts anticipated. Without the $28.9M in restructuring charges, Hasbro would have generated 4 cents in earnings per share — matching the Street’s consensus forecast. Entertainment and Licensing accounted for about $1.7M in the restructuring cost leaving the unit with a $5.3M operating profit, -31.2%, on revenues of $20.8M, +5.1%. Hasbro says that the operation, which includes The Hub — its cable partnership with Discovery — “primarily benefited from the sale of television programming.” CEO Brian Goldner says that the company is “creating innovative consumer experiences across our brand blueprint globally while improving efficiencies and focus throughout our business.”

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