-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MTd039sAUzeTqbme8nmRSKSHYUg9FrVTPxFdInE56GQq8RA/7hXye9WRxYC7vjvn 2SwxaH3k4p0eng5kV+1w0w== 0001171520-04-000158.txt : 20040507 0001171520-04-000158.hdr.sgml : 20040507 20040507125551 ACCESSION NUMBER: 0001171520-04-000158 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040507 ITEM INFORMATION: FILED AS OF DATE: 20040507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST YEARS INC CENTRAL INDEX KEY: 0000055698 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PLASTIC PRODUCTS [3080] IRS NUMBER: 042149581 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07024 FILM NUMBER: 04787948 BUSINESS ADDRESS: STREET 1: ONE KIDDIE DR CITY: AVON STATE: MA ZIP: 02322-1171 BUSINESS PHONE: 5085881220 MAIL ADDRESS: STREET 1: ONE KIDDIE DR CITY: AVON STATE: MA ZIP: 02322-1171 FORMER COMPANY: FORMER CONFORMED NAME: KIDDIE PRODUCTS INC DATE OF NAME CHANGE: 19920703 8-K 1 eps1447.txt THE FIRST YEARS INC. UNITED STATES 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 7, 2004 THE FIRST YEARS INC. (Exact Name of Registrant as Specified in Charter) Massachusetts 0-7024 04-2149581 (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) One Kiddie Drive, Avon, Massachusetts 02322-1171 --------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (508) 588-1220 ---------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. The following exhibit is furnished with this report: Exhibit No. Description ----------- ----------- 99.1 Press release issued by The First Years Inc. on May 7, 2004 Item 12. Results of Operations and Financial Condition. On May 7, 2004, The First Years Inc. issued a press release to announce its financial results for the quarter ended March 31, 2004. A copy of the press release is attached to this current report on Form 8-K as Exhibit 99.1. The information in this current report on Form 8-K and the exhibit attached hereto 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, regardless of any general incorporation language in such 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. Dated: May 7, 2004 By: /s/ JOHN R. BEALS -------------------------------------- John R. Beals Senior Vice President - Finance, Chief Financial Officer and Treasurer EX-99.1 2 ex99-1.txt EXHIBIT 99.1 [LETTERHEAD OF THE FIRST YEARS INC.] Contact: John Beals Senior Vice President, Finance and Treasurer (508) 588-1220 THE FIRST YEARS REPORTS QUARTERLY RESULTS AND ANNOUNCES DIVIDEND -- Record Quarterly Sales; Net Income Increases by 12%; Quarterly Dividend of $.06 -- AVON, Massachusetts, May 7, 2004 - The First Years Inc. (Nasdaq:KIDD), a leading marketer of parenting products for infants and toddlers, today reported sales and net income for the first quarter ended March 31, 2004. Net sales for the quarter increased 10% to $37,133,250 versus $33,886,704 for the first quarter of 2003. Net income for the quarter increased 12% to $2,568,480 or $0.29 per diluted share compared with $2,291,958 or $0.28 per diluted share a year ago based on diluted weighted average shares outstanding of 8,720,921 and 8,317,042, respectively. "I am pleased to report that increased demand for The First Years brand products in U.S., Canadian, and European markets contributed to record quarterly sales," said Ronald J. Sidman, President and Chief Executive Officer of The First Years. Separately, the Company announced its quarterly dividend of $0.06 per share on the common stock of the Company. The dividend is payable Tuesday, June 15, 2004 to shareholders of record as of May 28, 2004. 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(R)," 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(R) 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 in 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. THE FIRST YEARS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2004 2003 ---- ---- ASSETS Current assets: Cash and cash equivalents $25,742,856 $24,730,265 Accounts receivable, net 25,403,231 25,891,057 Inventories 19,715,939 20,298,164 Prepaid expenses and other assets 2,164,470 801,566 Deferred tax assets 2,157,200 2,157,200 ----------- ----------- Total current assets 75,183,696 73,878,252 ----------- ----------- Property, plant, and equipment, net 10,565,706 10,786,503 ----------- ----------- Total Assets $85,749,402 $84,664,755 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $15,874,978 $14,788,716 Accrued royalty expenses 1,195,132 1,431,051 Accrued selling expenses 1,250,924 3,107,430 ----------- ----------- Total current liabilities 18,321,034 19,327,197 ----------- ----------- Deferred tax liability 1,391,900 1,391,900 ----------- ----------- Stockholders' equity 66,036,468 63,945,658 ----------- ----------- Total Liabilities and Stockholders' Equity $85,749,402 $84,664,755 =========== =========== THE FIRST YEARS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME THREE MONTHS ENDED MARCH 31, 2004 AND 2003 2004 2003 ---- ---- Net Sales $37,133,250 $33,886,704 Cost of Products Sold 23,617,740 21,672,950 ----------- ----------- Gross Profit 13,515,510 12,213,754 Selling, General, and Administrative Expenses 9,389,651 8,381,837 ----------- ----------- Operating Income 4,125,859 3,831,917 Interest Income 50,521 52,741 ----------- ----------- Income before Income Taxes 4,176,380 3,884,658 Provision for Income Taxes 1,607,900 1,592,700 ----------- ----------- Net Income $ 2,568,480 $ 2,291,958 =========== =========== Basic Earnings Per Share $ 0.31 $ 0.28 =========== =========== Basic Weighted Average Number of Shares Outstanding 8,337,909 8,219,370 =========== =========== Diluted Earnings Per Share $ 0.29 $ 0.28 =========== =========== Diluted Weighted Average Number of Shares Outstanding 8,720,921 8,317,042 =========== =========== -----END PRIVACY-ENHANCED MESSAGE-----