SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number O-25030
PLAY CO. TOYS & ENTERTAINMENT CORP.
(Exact name of registrant as specified in its charter)
Delaware 95-3024222
(State or Jurisdiction of
Incorporation or Organization) (I.R.S. Employer Identification
No.)
550 Rancheros Drive, San Marcos, California 92069
(Address of principal executive offices)
(760) 471-4505
(Registrant's telephone number, including area code)
N/A
(Former name, former address, and former fiscal year, if changed since last
report)
Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares of each of the issuer's classes of common equity
outstanding as of the latest practicable date: Common Stock, $.01 par value:
4,103,519 shares outstanding as of February 2, 1998.
Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]
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PLAY CO. TOYS & ENTERTAINMENT CORP.
(A SUBSIDIARY OF UNITED TOYS & TEXTILES CORP.)
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS
(unaudited)
December 31, March 31, 1997
1997
Current
<S> <C> <C>
Cash ................................................................................ $ 2,827,735 $ 177,722
Accounts receivable ................................................................. 317,121 60,206
Merchandise inventories ............................................................. 6,612,013 6,092,930
Other current assets ................................................................ 163,424 247,313
------------ ------------
Total current assets ............................... 9,920,293 6,578,171
Property and Equipment, net of accumulated
depreciation and amortization of $3,268,948
and $2,828,913, respectively ........................................................ 2,888,687 2,475,650
Deposits and other assets ...................................................................... 178,662 324,797
------------ ------------
$ 12,987,642 $ 9,378,618
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
December 31, March 31, 1997
1997
Current
Borrowings under financing agreement .................................................. $ 4,746,307 $ 4,438,875
Accounts payable ...................................................................... 3,439,489 3,259,176
Accrued expenses and other liabilities ................................................ 757,259 308,940
Current portion of notes payable ...................................................... 100,000 141,666
------------ ------------
Total current liabilities ..................................................... 9,043,055 8,148,657
Notes payable, net of current portion ........................................................... 25,000 100,000
Deferred rent liability ......................................................................... 155,998 126,925
Stockholders' equity:
Series E preferred stock, $.01 par, 10,000,000 shares authorized;
4,200,570 and 2,500,570 shares outstanding .......................................... 5,966,549 2,500,570
Common stock, $.01 par value, 40,000,000 shares
authorized; 4,103,519 and 4,083,519 shares outstanding .............................. 41,035 40,835
Additional paid-in-capital ............................................................ 6,675,398 6,512,107
Accumulated deficit ................................................................... (8,919,393) (8,050,476)
Total stockholders' equity .......................... 3,763,589 1,003,036
------------ ------------
$ 12,987,642 $ 9,378,618
</TABLE>
See accompanying notes to condensed financial statements
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized, this 17th day of February 1998.
PLAY CO. TOYS & ENTERTAINMENT CORP.
By: /s/ Richard L. Brady
Richard L. Brady
President and Chief Executive Officer
By: /s/ James B. Frakes
James B. Frakes
Chief Financial Officer
