This excerpt taken from the HAS 10-K filed Mar 9, 2005.
Declaration of dividends is at the discretion of the Company's Board of Directors and will depend upon the earnings and financial condition of the Company and such other factors as the Board of Directors deems appropriate. Payment of dividends is further subject to restrictions contained in agreements relating to the Company's outstanding short-term and long-term debt. Under the most restrictive agreement, dividend payments are restricted to the greater of $50 million per annum or 50% of prior fiscal year consolidated net income.
On December 6, 1999, the Board of Directors authorized a common share repurchase program for up to $500 million in common stock. No repurchases were made under this program in the fourth quarter of 2004. At December 26, 2004, $204.5 million remained under this authorization.
In November 2004, the Company repurchased 34,910 shares at an average price of $18.57. These shares were repurchased upon option exercises and were delivered by the award recipients to pay for the exercise price of such options. All shares were repurchased at the market price on the date of repurchase.
(Thousands of Dollars and Shares Except per share Data and Ratios)
The following discussion should be read in conjunction with the audited consolidated financial statements of the Company included elsewhere in this document.
This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements concerning the Company's expectations and beliefs. See "BusinessForward-Looking Information and Risk Factors That May Affect Future Results" for a discussion of other uncertainties, risks and assumptions associated with these statements.
(Thousands of Dollars and Shares Except Per Share Data)