Hasbro 2010 Annual Report Download - page 2

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Financial Highlights
(Thousands of Dollars and Shares Except Per Share Data) 2010 2009 2008 2007 2006
For the Year
Net revenues $4,002,161 4,067,947 4,021,520 3,837,557 3,151,481
Operating profi t $587,859 588,598 494,296 519,350 376,363
Net earnings $397,752 374,930 306,766 333,003 230,055
EBITDA
Net earnings $397,752 374,930 306,766 333,003 230,055
Interest expense $82,112 61,603 47,143 34,618 27,521
Income taxes $109,968 154,767 134,289 129,379 111,419
Depreciation and amortization $146,330 180,963 166,138 156,520 146,707
EBITDA (1) $736,162 772,263 654,336 653,520 515,702
Cash provided by operating activites $367,981 265,623 593,185 601,794 320,647
Cash utilized by investing activities $104,188 497,509 271,920 112,465 83,604
Weighted average number of common
shares outstanding
Basic 139,079 139,487 140,877 156,054 167,100
Diluted 145,670 152,780 155,230 171,205 181,043
Per Common Share
Net Earnings
Basic $2.86 2.69 2.18 2.13 1.38
Diluted $2.74 2.48 2.00 1.97 1.29
Cash dividends declared $1.00 0.80 0.80 0.64 0.48
Shareholders’ equity $11.76 11.63 9.99 9.54 9.57
At Year-End
Shareholders’ equity $1,615,420 1,594,772 1,390,786 1,385,092 1,537,890
Total assets $4,093,226 3,896,892 3,168,797 3,237,063 3,096,905
Long-term debt, including current portions $1,397,681 1,131,998 709,723 845,071 494,917
(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 acquisitions. 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 forward-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 A ect Future Results.”