Hasbro guards cash, liquidity before holiday surge in working capital

By Devika Patel

Knoxville, Tenn., July 27 – Hasbro, Inc. said it is focused on managing cash and liquidity, ending the last quarter with $1,038,016,000 of cash, compared to $1,151,042,000 as of the same time last year, and $1.5 billion of availability under its revolving credit facility.

The company generates most of its working capital in October and November.

“We continue to focus our organization around demand, supply, liquidity and community,” executive vice president and chief financial officer Deborah M. Thomas said on the company’s earnings conference call on Monday for the second quarter ended June 28.

“We have substantial liquidity, ending the quarter with over $1 billion of cash on the balance sheet and $1.5 billion available through our revolving credit facility.

“We are well within our financial covenants.

“Our peak working capital period remains ahead coming in the October, November timeframe.

“Since last quarter, we’ve reduced our expenses and we’re closely managing our cash,” she said.

Long-term debt was $4,802,509,000 as of June 28, compared to $1,695,833,000 as of June 30, 2019.

The toy and game company is based in Pawtucket, R.I.

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