Hasbro 2008 Annual Report Download - page 2

(Thousands of Dollars and Shares Except Per Share Data) 2008 2007 2006 2005 2004
FINANCIAL HIGHLIGHTS
FOR THE YEAR
Net revenues $ 4,021,520 3,837,557 3,151,481 3,087,627 2,997,510
Operating profi t $ 494,296 519,350 376,363 310,521 293,012
Net earnings $ 306,766 333,003 230,055 212,075 195,977
EBITDA
Net earnings $ 306,766 333,003 230,055 212,075 195,977
Interest expense $ 47,143 34,618 27,521 30,537 31,698
Income taxes $ 134,289 129,379 111,419 98,838 64,111
Depreciation and amortization $ 166,138 156,520 146,707 180,132 146,180
EBITDA (1) $ 654,336 653,520 515,702 521,582 437,966
Cash provided by operating activities $ 593,185 601,794 320,647 496,624 358,506
Cash utilized by investing activities $ 271,920 112,465 83,604 120,671 84,967
Weighted average number of
common shares outstanding
Basic 140,877 156,054 167,100 178,303 176,540
Diluted 155,230 171,205 181,043 197,436 196,048
PER COMMON SHARE
Net earnings
Basic $ 2.18 2.13 1.38 1.19 1.11
Diluted $ 2.00 1.97 1.29 1.09 0.96
Cash dividends declared $ 0.80 0.64 0.48 0.36 0.24
Shareholders’ equity $ 9.99 9.54 9.57 9.69 9.25
AT YEAR END
Shareholders’ equity $ 1,390,786 1,385,092 1,537,890 1,723,476 1,639,724
Total assets $ 3,168,797 3,237,063 3,096,905 3,301,143 3,240,660
Long-term debt, including
current portions $ 709,723 845,071 494,917 528,389 626,822
(1) EBITDA (earnings before interest, taxes, depreciation and amortization) represents net earnings, excluding interest expense, income taxes, depreciation and
amortization. Management believes that EBITDA is one of the appropriate measures for evaluating the operating performance of the Company because it refl ects
the resources available for strategic opportunities including, among others, to invest in the business, strengthen the balance sheet, and make strategic acquisi-
tions. However, this measure should be considered in addition to, not as a substitute for, or superior to, net earnings or other measures of fi nancial performance
prepared in accordance with GAAP as more fully discussed in the Company’s fi nancial statements and fi lings with the SEC. As used herein, “GAAP” refers to
accounting principles generally accepted in the United States of America. See Management’s Discussion and Analysis of Financial Condition and Results of
Operations in the enclosed annual report for a detailed discussion of the Company’s business.
The discussion set forth in the following letter to our shareholders and in the annual report that follows it contains for-
ward-looking statements concerning our expectations and beliefs, including, without limitation, expectations regarding
our business plans and goals, future product and entertainment plans, and anticipated future fi nancial performance,
including expectations with respect to our revenues, operating margins, earnings and uses of funds. For a discussion
of uncertainties, risks and assumptions associated with these statements, see Item 1A of our enclosed annual report
on Form 10-K, under the heading, “Forward-Looking Information and Risk Factors that May Affect Future Results.”