September 29, 1998 |
Toy maker Hasbro Inc. said Monday that it is buying Galoob Toys Inc. for $220 million, locking in one of Hollywood's most profitable franchises, which includes the marketing draw of "Star Wars." But it also warned of weaker third-quarter results. Hasbro--which makes Tonka toys, Parker Bros. and Milton Bradley games as well as Teletubbies--said a restructuring by retailer Toys R Us would reduce its third-quarter sales by $200 million and lead to weaker earnings.
August 13, 1998
Hasbro Inc. said it will buy software maker MicroProse Inc. of Alameda for about $70 million in cash, debt and preferred stock as the No. 2 toy maker expands its computer software production. The Pawtucket, R.I.-based maker of Parker Bros. games and Tiger electronic toys said it will pay $6 a share, or $34.5 million, for all of MicroProse's 5.75 million outstanding shares.
July 17, 1998 |
Mattel Inc. and Hasbro Inc., the world's two largest toy makers, said Thursday that second-quarter earnings fell as their biggest customer, Toys R Us Inc., bought less merchandise. El Segundo-based Mattel, the industry leader with brands such as Barbie, Hot Wheels and Fisher-Price, said net income dropped 20%. At Hasbro, the maker of G.I. Joe, Tonka trucks and Milton Bradley games, profit tumbled 58%.
May 27, 1998 |
Hasbro Inc. obtained the rights from Japan's Nintendo Co. to make and sell toys based on characters from "Pokemon," an animated TV series that is wildly popular in Japan. The No. 2 U.S. toy maker will make a variety of Pokemon toys for sale in the U.S. and other countries outside Asia and expects to begin shipments in the fourth quarter. Nintendo merchandise based on Pokemon, which is short for "Pocket Monsters," has generated $4 billion in retail sales in Japan in the last 18 months.
March 26, 1998 |
A boy narrator for the first Nerf commercial in 1974 acted out his fantasy of playing in a real football game. "They hike it, and I'm off," he said, mimicking the movements of a receiver. " . . . The QB lets it go. Beautiful spiral. The crowds go nuts. The girls are screaming my name, 'Billy, Billy.' I go for it. It's dropping in my hands, and then I notice--it's not a Nerf. Forget it, I quit."
March 25, 1998 |
Mattel Inc. and Hasbro Inc., the two biggest toy makers in the U.S., warned Tuesday that first-quarter sales will be below expectations due to a dip in orders from Toys R Us Inc., their largest customer. El Segundo-based Mattel said it expects sales to be relatively flat, compared with the same period a year ago. Hasbro warned sales will fall 15%. The shortfalls come as Toys R Us reduces its inventory selection to make room for better-selling merchandise.
March 17, 1998 |
Hasbro Inc. expanded its offerings of video games, acquiring more than 75 Atari properties--including the classics Centipede, Missile Command, Pong, Breakout and Tempest--from San Jose-based JTS Corp. The purchase price was not disclosed. The toy maker's Hasbro Interactive unit said it will produce the games for use on personal computers and the Sony PlayStation video game console.
February 10, 1998 |
Hasbro Inc. said it will buy Tiger Electronics Inc., the maker of Giga Pets and Laser Tag, for $335 million in cash to boost its share of the growing market for electronic toys. The world's No. 2 toy maker said it will pay an additional sum for tooling, equipment, inventory and certain prepaid assets of Tiger, a closely held company based in Vernon Hills, Ill. The amount wasn't disclosed. The move comes as Pawtucket, R.I.-based Hasbro seeks to increase sales and earnings to catch up to No.
February 6, 1998 |
G.I. Joe jilted Barbie, yet it's Joe who's still trying to get over it. Two years after rejecting a $5.2-billion buyout offer from toy industry leader Mattel Inc., No. 2 Hasbro Inc. lags far behind its rival in stock performance and is struggling to justify its decision to stay independent.
December 10, 1997 |
Philip Morris Cos. and toy maker Hasbro Inc. delivered bleak Christmas tidings to their work forces on Tuesday with layoff announcements. Philip Morris said it will slash 2,500 jobs to restructure its international food business, hoping to make the sluggish division as profitable as the company's North American tobacco and food businesses. Hasbro said it also plans to cut about 2,500 positions, or 20% of its work force.