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The Force is with Hasbro
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July 15, 1999: 10:14 a.m. ET
Higher-than-expected shipments of Star Wars toys help 2Q net surge
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NEW YORK (CNNfn) - The "Phantom Menace" of the new "Star Wars" film had a very real impact on Hasbro Inc.'s bottom line as the nation's second-largest toy maker reported a nearly 600 percent increase in second quarter earnings Thursday.
Aided by higher-than-expected shipments of Star Wars toys and the popular interactive Furby, the Pawtucket, R.I.-based Hasbro posted earnings of $32.3 million, or 16 cents per diluted share.
That easily beat the company's net of $5.5 million, or 3 cents per share, posted a year earlier, as well as analysts' expectations of 10 cents per share profit.
Revenue grew 53 percent to $874.6 million.
Company officials said sales of Star Wars toys, released in May in advance of "The Phantom Menace" debut, exceeded expectations during the quarter, while Tiger Electronics' Furby sales remained brisk, particularly overseas. The company did not provide sales figures for either toy line.
A Jedi boost
Still, Hasbro officials said they remain optimistic for a strong second half of the year, which will include the debut of Furby Babies during the third quarter and the expanded release of toys related to Pokemon, the Japanese video game and animation series.
For the first half of 1999, Hasbro grew revenue 46 percent to $1.54 billion while boosting earnings more than 300 percent to $46.1 million, or 22 cents per share.
Hasbro's (HAS) stock rose 1-9/16 to 27-3/4 shortly after the opening bell.
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Hasbro Inc.
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