Hasbro 1st-quarter profit drops 71 percent

[April 14, 2011]  PAWTUCKET, R.I. (AP) -- Hasbro says its first-quarter profit tumbled 71 percent as weakness persisted in games, puzzles and several other product categories and the company spent money to develop new products and staff its joint-venture TV station.

The toy maker says net income fell 71 percent to $17.2 million, or 12 cents per share, in the January-March period while revenue was flat at $672 million.

Analysts expected earnings of 17 cents per share on revenue of $659.1 million.

Hasbro Inc. says the net income decline reflects investments in product development, emerging markets and its joint venture television network The Hub.

Toy revenue from boys' products rose 25 percent but games and puzzles revenue fell 12 percent. Revenue from toys for girls and preschoolers fell.

International revenue rose 15 percent.

[Associated Press]

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