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 28, 1999
THE BOYDS COLLECTION, LTD.
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(Exact name of registrant as specified in its charter)
Maryland 001-14843 521418730
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
Incorporation) Number)
350 South Street, McSherrystown, Pennsylvania 17344
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(Address of principal executive offices) (Zip Code)
(717) 633-9898
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(Registrant's telephone number, including area code)
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Item 5. Other Events
On May 28, 1999, The Boyds Collection, Ltd. (the "Company") announced
that its Board of Directors had approved the repurchase of up to 3 million
shares of the Company's common stock. A press release of the Company
regarding this share repurchase program is attached hereto as Exhibit 99 and
is incorporated herein by reference.
Item 7. Exhibits
The following exhibits are filed as part of this report.
99 Press release dated May 28, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on their
behalf by the undersigned hereunto duly authorized.
THE BOYDS COLLECTION, LTD.
By: /s/ Peter H. Frost
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Name: Peter H. Frost
Title: Vice President--Finance
Dated: June 21, 1999
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<PAGE>
EXHIBIT INDEX
Exhibits
99 Press release dated May 28, 1999.
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<PAGE>
Exhibit 99
The Boyds Collection to Initiate Share Repurchase Program of Up to Three
Million Shares
McSHERRYSTOWN, Pa--(BUSINESS WIRE)--May 28, 1999--The Boyds Collection, Ltd.
(NYSE: FOB) announced today that its Board of Directors has approved the
repurchase of up to 3 million shares of the Company's common stock.
Boyds plans to make such purchases from time to time in the open market or in
private transactions. The timing, extent and terms of the repurchases will
depend on prevailing market conditions. Boyds has approximately 61.8 million
shares outstanding.
"We believe the repurchase of shares represents an attractive investment
opportunity for Boyds, in light of our consistently strong revenue and
earnings growth, including in the most recent quarter ended March 31, 1999,"
said Bob Coccoluto, President of The Boyds Collection. "We will continue to
monitor our capital structure going forward with a focus on maximizing
shareholder value and returns," Mr. Coccoluto added. Last month, Boyds
reported first quarter 1999 revenue and earnings growth of 16% and 30%,
respectively, as compared to the same period a year ago.
Boyds is a designer, importer and distributor of premier branded, high-
quality, hand-crafted collectibles which it sells through a network of
approximately 20,000 retail accounts, including independent gift and
collectibles retailers, high-end department stores and selected retail
catalogues. Founded in 1979, Boyds has developed a strong market niche and
brand identity in the collectibles market through its reputation for creating
folksy and slightly off-center collectibles, which include plush animals,
resin figurines, porcelain dolls, clothing and accessories.
With regard to open market purchases, Donaldson, Lufkin & Jenrette will be
coordinating the share repurchase program. Please contact the DLJ Corporate
Trading Desk at (212) 892-3763 for more information.
CONTACT: The Boyds Collection, Ltd.
Peter H. Frost
Vice President--Finance
(717) 633-9898 (x2151)
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