8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2003

The First Years Inc.

(Exact name of registrant as specified in its charter)

Massachusetts	0-7024	04-2149581
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Kiddie Drive
Avon, Massachusetts 02322-1171

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (508) 588-1220

Item 7. Financial Statements and Exhibits.

(c) The following exhibits are furnished with this report:

Exhibit Number	Description
99.1	Press Release dated May 1, 2003.

Item 9. Regulation FD Disclosure.

The following information is furnished pursuant to Item 12, “Disclosure of Results of Operations and Financial Condition.”

On May 1, 2003, the Registrant issued a press release to report its financial results for the quarter ended March 31, 2003. A copy of the press release is attached to this current report on Form 8-K as Exhibit 99.1.

In accordance with the procedural guidance in SEC Release No. 33-8216, the information in this Form 8-K and the Exhibit attached to this Form 8-K are being furnished under “Item 9. Regulation FD Disclosure” in satisfaction of the requirements of “Item 12. Disclosure of Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	The First Years Inc. (Registrant)
Date: May 1, 2003	By	/s/ John R. Beals
		John R. Beals, Treasurer and Senior Vice-President- Finance (Chief Financial Officer and Chief Accounting Officer)

EX-99.1 3 b46520fyexv99w1.htm EX-99.1 PRESS RELEASE DATED MAY 1, 2003

Exhibit 99.1

The First Years Inc.
Corporate Headquarters
One Kiddie Drive
Avon, MA 02322-1711
Tel: 508-588-1220
Fax: 508-583-9067
www.thefirstyears.com

Contact: John Beals
Senior Vice President, Finance and Treasurer
(508) 588-1220

THE FIRST YEARS REPORTS INCREASED FIRST QUARTER SALES AND NET INCOME

AVON, Massachusetts, May 1, 2003 – The First Years Inc. (Nasdaq:KIDD), a leading marketer of products for infants and toddlers, today reported sales and net income for the quarter ended March 31, 2003.

Net sales for the quarter increased 2% to $33,886,704 versus $33,310,840 for the first quarter of 2002. Net income for the quarter increased 7% to $2,291,958 compared with $2,148,780 in the previous year. Fully diluted per share earnings increased 12% to $0.28 for the first quarter compared with $0.25 a year ago based on fully diluted weighted average shares outstanding of 8,317,042 and 8,441,380, respectively.

Ronald J. Sidman, President and Chief Executive Officer, commented, “Despite a very difficult economic climate and weakness at retail, the Company increased sales modestly for the first quarter over the prior year. Moreover, we managed to deliver solid growth in net income and earnings per share as a result of significant gross profit improvement, sound cost management, and operational enhancements made to the business. In spite of the modest first quarter sales growth, we still believe that full year results will be in line with our previous guidance.”

“The First Years® brand product sales decreased 4% from the first quarter of 2002, primarily impacted by inventory management issues experienced by several customers. Our new product introductions were strong for the period, highlighted by the launch of a premium healthcare program with enhanced products that retail at higher price points. Also, new items in our strong selling ‘Take & Toss®’ line and the introduction of the new ‘Swing Tray Booster Seat’ and

—more—

‘Dual Receiver Monitor’ have given us the opportunity to expand distribution. We remain optimistic that The First Years brand product sales will improve as the year unfolds due to a number of scheduled new program introductions and promotions,” continued Mr. Sidman.

“Licensed and specialty product sales increased 15% over the first quarter of 2002, benefiting from increased distribution as well as new product introductions, such as the ‘Bouncing Tigger Seat’ and ‘Days of Hunny Front Carrier.’ We have established exclusive graphics for products with our major customers and have been able to expand this business by developing exciting new products which, in many cases, carry higher retail price points.

“Our domestic business was flat for the quarter and reflected the overall weakness at retail in the period. We believe that we are well-positioned within the marketplace to capture increased market share as many of our new program introductions and promotions are launched and the economy improves. International sales increased 15%, reflecting the success we have had in implementing our category management techniques outside of the U.S. While our growth in Europe was modest, we saw significant increases in sales in Canada due to the expansion of a major account and in Japan through the addition of a new customer. We are encouraged by our business overseas and continue to see opportunities to expand distribution within key markets.

“Growing our business in this economic environment remains challenging. However, our plan is to continue to focus on initiatives that will enable us to accelerate our growth and gain a larger share of the market. We will achieve this goal by leveraging the strength of The First Years brand, continuing to develop innovative new products, and improving the sales of our existing products through product improvements and new distribution,” concluded Mr. Sidman.

The Company’s full year guidance remains unchanged with sales expected to increase in the mid-single digit range and a low double-digit increase in net earnings.

About The First Years

The First Years Inc. is a leading international marketer of feeding, soothing, play and care products for infants and toddlers. The Company’s distinctive brands include: “The First Years®,” licenses from The Walt Disney Company and “Sesame Street®,” licensed from the Sesame Workshop.

—more—

Included in this release are certain “forward-looking” statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s financial performance. Such statements are based on management’s current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, which include, but are not limited to, sales of The First Years® brand, trends in sales of The First Years brand and licensed products, continued success of new Disney character refreshed graphics, continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, the success of new enhancements to the Company’s brand image, growth in domestic and international sales, ability to attract and retain key personnel, sales and earnings results, and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism and the war with Iraq. Information with respect to important factors that should be considered is contained in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

—tables to follow—

THE FIRST YEARS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS
			(Unaudited)
			March 31,		December 31,
			2003		2002
CURRENT ASSETS:
	Cash and cash equivalents		$	19,839,828	$	21,989,782
	Accounts receivable, net			22,976,045		21,995,564
	Inventories			15,721,718		16,171,842
	Prepaid expenses and other assets			880,162		1,631,942
	Deferred tax assets			2,251,758		2,196,400
		Total current assets		61,669,511		63,985,530
PROPERTY, PLANT, AND EQUIPMENT, NET				11,460,964		11,766,370
TOTAL ASSETS			$	73,130,475	$	75,751,900
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
	Accounts payable and accrued expenses		$	13,122,255	$	15,259,792
	Accrued royalty expenses			405,559		1,361,836
	Accrued selling expenses			1,464,578		3,251,482
		Total current liabilities		14,992,392		19,873,110
DEFERRED TAX LIABILITY				1,262,200		1,262,200
STOCKHOLDERS’ EQUITY				56,875,883		54,616,590
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			$	73,130,475	$	75,751,900

THE FIRST YEARS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 2003 and 2002

	2003		2002
Net Sales	$	33,886,704	$	33,310,840
Cost of Products Sold		21,672,950		21,682,131
Gross Profit		12,213,754		11,628,709
Selling, General, and Administrative Expenses		8,381,837		8,009,856
Operating Income		3,831,917		3,618,853
Interest Income		52,741		23,227
Income Before Income Taxes		3,884,658		3,642,080
Provision for Income Taxes		1,592,700		1,493,300
Net Income	$	2,291,958	$	2,148,780
Basic Earnings Per Share	$	0.28	$	0.26
Basic Weighted Average Number of Shares Outstanding		8,219,370		8,177,564
Diluted Earnings Per Share	$	0.28	$	0.25
Diluted Weighted Average Number of Shares Outstanding		8,317,042		8,441,380

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EX-99.1

Ex-99.1 Press Release dated May 1, 2003