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News Breaks
July 21, 2014
10:19 EDTMAT, LF, HAS, JAKKHasbro tumbles after lower games performance weighs on sales
Shares of toy maker Hasbro (HAS) are falling after the company's second quarter revenue missed analysts' consensus forecast and its Games division reported a significant decline in sales. WHAT'S NEW: Hasbro's Q2 adjusted EPS matched analysts' consensus view of 36c. The company's Q2 revenue came in at $829.26M, falling short of analysts' consensus forecast of $838.97M. The toy maker's Q2 U.S. and Canada sales were down 2%, while its international sales were up 17%. Hasbro reported that sales in its Boys segment were up 32% and sales in its Girls segment sales were up 10%, though its Preschool segment sales were down 4% and its Games segment sales were down 12% compared to the prior year's same quarter. During the company's conference call, Hasbro reaffirmed its FY15 cost savings goal of $100M. The company said that it is focused on growing its Games business in the long-term across all platforms. The company said its Q2 performance positions it well to "successfully execute" plans for the rest of the year and beyond and that its inventories are "well positioned" for the second half and the upcoming holiday season. The firm plans to launch "major" game initiatives in Q3 and Q4 and feels "very good" about its Girls business momentum heading into the back half of the year, it added. WHAT'S NOTABLE: Shapeways announced on its website that it has teamed up with Hasbro to launch SuperFanArt, which is a website that enables fans inspired by Hasbro brands to showcase their artwork and sell their 3D printed designs there and on Shapeways. SuperFanArt grants the license to create new art and product offerings. The first license was granted to a select number of 3D artists to create artwork based on Hasbro's My Little Pony brand. PRICE ACTION: Shares of Hasbro are down $1.70, or 3.2%, to $51.51 in morning trading. OTHERS TO WATCH: Hasbro peer Mattel (MAT), which reported its own quarterly earnings on July 17, is down 1.5%. Some other, smaller game and toy makers are rising, with JAKKS Pacific (JAKK) up 1.5% and LeapFrog (LF) up 0.3%.
News For HAS;MAT;JAKK;LF From The Last 14 Days
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September 30, 2015
09:52 EDTMATMattel volatility at 52-week high as shares trend to six-year low
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September 29, 2015
13:24 EDTJAKKJAKKS Pacific announces cooperation agreement with Oasis Management
Jakks Pacific said in a regulatory filing, "On September 25, we entered into a Cooperation Agreement with Oasis Management Company Ltd. and, solely for purposes of Section 8(b) thereunder, Alexander Azim Shoghi, which provides, among other things, that we will nominate Mr. Shoghi, an employee of entities associated with Oasis, for election to our Board of Directors at our 2015 Annual Meeting, recommend that our stockholders vote to elect Mr. Shoghi at our 2015 Annual Meeting and use our reasonable best efforts to obtain the election of Mr. Shoghi at our 2015 Annual Meeting. Under the terms of the Cooperation Agreement, Oasis agreed to vote in favor of management's slate of nominees at such meeting. We also agreed not to increase the size of our Board of Directors above seven directors until our 2016 Annual Meeting. In addition, Oasis and Mr. Shoghi agreed that, if elected as a director, Mr. Shoghi will submit his resignation in the event that, during the Cooperation Period, Oasis' beneficial ownership of shares of our common stock decreases below 1,251,606 shares -- representing 5% of the 25,032,131 shares of our common stock outstanding as of the date of the Cooperation Agreement -- or if Oasis engages in any short sales of our shares. Oasis also agreed to abide by certain customary standstill restrictions during the Cooperation Period."
September 22, 2015
10:59 EDTLFLeapFrog management to meet with Sterne Agee CRT
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September 21, 2015
11:36 EDTMATMattel appoints Richard Gros to Chief Human Resources Officer
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