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): July 25, 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

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits.
	Item 9. Regulation FD Disclosure.
SIGNATURES
Press Release dated July 25, 2003

Item 7. Financial Statements and Exhibits.

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

Exhibit Number	Description
99.1	Press Release dated July 25, 2003.

Item 9. Regulation FD Disclosure.

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

On July 25, 2003, the Registrant issued a press release to report its financial results for the quarter ended June 30, 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: July 25, 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 b47310fyexv99w1.htm PRESS RELEASE DATED JULY 25, 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 SECOND QUARTER SALES AND NET INCOME
—Company Updates Full Year Guidance—

AVON, Massachusetts, July 25, 2003 – The First Years Inc. (Nasdaq:KIDD), a leading marketer of parenting products for infants and toddlers, today reported sales and net income for the quarter ended June 30, 2003. Net sales for the quarter were $33,944,876 versus $34,766,239 for the second quarter of 2002. Net income for the quarter was $2,042,815 compared with $2,188,033 in the previous year. Fully diluted per share earnings were $0.24 for the second quarter compared with $0.26 a year ago based on diluted weighted average shares outstanding of 8,432,462 and 8,397,766, respectively.

Net sales for the first six months of 2003 were $67,831,580 versus $68,077,079 for the first six months of the prior year. Net income for the six month period was $4,334,773 compared with $4,336,813 in the prior year period. Fully diluted earnings per share were $0.52 for the first six months of both 2003 and 2002 based on diluted weighted average shares outstanding of 8,374,815 and 8,419,598, respectively. A gross profit margin improvement in the first six months was offset by an increase in selling, general, and administration expenses largely attributable to increased product development costs, higher insurance premiums, and expenses related to proxy matters.

“In spite of the less than satisfactory financial performance in the first half, we are encouraged by the fact that, in a weak economy, our sales through the register at our top three accounts amongst others show double-digit increases over last year,” commented Ronald J. Sidman, President and Chief Executive Officer of The First Years. “This confirms to us that our basic strategy of launching new product programs that leverage our parenting and child expertise is working. However, this positive result has not yet been reflected in our top line due to a number of factors including retailer inventory reductions, shipment timing, and significant declines at some domestic mid-tier accounts.

THE FIRST YEARS REPORTS SECOND QUARTER RESULTS
Page Two

Based on first half results and the uncertainties surrounding both the economy and future retailer inventory policies, we are revising our guidance downward for the year to about the same sales as last year with a mid single digit earnings increase.

“For The First Years® branded products, sales declined 2% during the second quarter for the reasons noted above. However, we are pleased with the trade and consumer response to our new feeding and health and wellness programs, which exemplify The First Years’ expertise and commitment to developing superior parenting products,” continued Mr. Sidman. The First Years’ Comfort Care line was recently recognized with an Industrial Design Excellence Award (Businessweek, July 7, 2003). “We are building on our foundation of award-winning products, as well as continuing to develop new programs in areas like play, sleep, and breastfeeding. These programs and others received a strong response from the trade at the Juvenile Products Manufacturers Show in May.

“While sales of licensed and specialty products decreased by 2% for the quarter, they are up 6% for the year. The Company continues to experience success with its new versions of licensed products in major retail accounts. For the full year, we expect that while licensed sales will be up, total sales in this category will be down since a major specialty program with a large retailer in 2002 was discontinued.

“In the international market, The First Years posted a 15% sales increase for both the second quarter and year-to-date, driven by strong performance in the Canadian market and growth in European sales. We expect these trends to continue resulting in sales growth in these markets for the year.

“Operationally, we believe we will be able to deliver a profit increase for the year in spite of flat sales primarily through cost containment and gross profit margin improvement,” concluded Mr. Sidman.

Based on current expectations that include the continuation of current business trends, the Company anticipates sales for the full year to be at about the same level as the prior year and net income to increase in the mid-single digit range. The Company’s previously issued guidance called for a mid-single digit increase in net sales and a low-double digit increase in net income.

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.®

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 conflict 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

				(Unaudited)
				June 30,		December 31,
				2003		2002
		ASSETS
CURRENT ASSETS:
	Cash and cash equivalents			$	17,351,922	$	21,989,782
	Accounts receivable, net				24,055,634		21,995,564
	Inventories				17,940,900		16,171,842
	Prepaid expenses and other assets				903,130		1,631,942
	Deferred tax assets				2,315,359		2,196,400
			Total current assets		62,566,945		63,985,530
PROPERTY, PLANT, AND EQUIPMENT, NET					11,249,287		11,766,370
TOTAL ASSETS				$	73,816,232	$	75,751,900
		LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
	Accounts payable and accrued expenses			$	10,488,095	$	15,259,792
	Accrued royalty expenses				1,271,763		1,361,836
	Accrued selling expenses				1,912,199		3,251,482
			Total current liabilities		13,672,057		19,873,110
DEFERRED TAX LIABILITY					1,277,573		1,262,200
STOCKHOLDERS’ EQUITY					58,866,602		54,616,590
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY				$	73,816,232	$	75,751,900

THE FIRST YEARS INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30,				JUNE 30,
	2003		2002		2003		2002
Net Sales	$	33,944,876	$	34,766,239	$	67,831,580	$	68,077,079
Cost of Sales		21,844,748		22,395,526		43,517,698		44,077,657
Gross Profit		12,100,128		12,370,713		24,313,882		23,999,422
Selling, General, and Administrative Expenses		8,977,173		8,680,585		17,359,010		16,690,441
Operating Income		3,122,955		3,690,128		6,954,872		7,308,981
Interest Income		40,860		18,305		93,601		41,532
Income before Income Taxes		3,163,815		3,708,433		7,048,473		7,350,513
Provision for Income Taxes		1,121,000		1,520,400		2,713,700		3,013,700
Net Income	$	2,042,815	$	2,188,033	$	4,334,773	$	4,336,813
Basic Earnings Per Share	$	0.25	$	0.27	$	0.53	$	0.53
Basic Weighted Average Number of Shares Outstanding		8,242,217		8,198,118		8,230,856		8,187,866
Diluted Earnings Per Share	$	0.24	$	0.26	$	0.52	$	0.52
Diluted Weighted Average Number of Shares Outstanding		8,432,462		8,397,766		8,374,815		8,419,598

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EX-99.1

Press Release dated July 25, 2003