Hasbro Inc. (NYSE: HAS) reported Thursday that its first-quarter net profit dropped 71% to $17.2 million, or 12 cents a share, from $58.9 million, or 40 cents a share, in the year-ago quarter. On an adjusted basis, the company earned 12 cents a share. Net revenue for the quarter was flat at $672 million. Analysts, on average, expected the company to report earnings of 17 cents per share on revenue of $663.99 million.
"2011 is the first year in our multi-year strategic plan in which we will have significant initiatives across all elements of our brand blueprint -- in television, in movies, in digital gaming, in licensing and, most importantly, across our broad portfolio of toys and games," said Brian Goldner, President and Chief Executive Officer. "We began the year by delivering a quarter consistent with our plan, including growth in many brands and across many countries. Importantly, we are building momentum leading up to the theatrical release of Transformers: Dark of the Moon on July 1 and two new Marvel films, Thor and Captain America: the First Avenger, this summer; multiple new innovative product launches; and the airing of Hasbro Studios television programs in territories around the world. The stage has been set for a strong year, and we continue to believe that we will grow revenues and earnings per share for the full-year 2011. Hasbro's financial position remains strong," said Deborah Thomas, Chief Financial Officer.
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