SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
Check one:
|_| Form 10-K |_| Form 11-K |_| Form 20-F |X| Form 10-Q |_| Form N-SAR
For Period Ended: APRIL 30, 1999
|_| Transition Report on Form 10-K |_| Transition Report on Form 20-F
|_| Transition Report on Form 11-K |_| Transition Report on Form 10-Q
|_| Transition Report on Form N-SAR
For the Transition Period Ended: ________________________
READ ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the information relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
________________________________________________________________________________
PART I. REGISTRANT INFORMATION
Full name of registrant: PLAY BY PLAY TOYS & NOVELTIES, INC.
Former name if applicable: N/A
Address of principal executive office (STREET AND NUMBER): 4400 TEJASCO
City, State and Zip Code: SAN ANTONTO, TEXAS 78218
<PAGE>
PART II. RULE 12B-25 (B) AND (C)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check appropriate box.)
|X|(a)The reasons described in reasonable detail in Part III of this form could
not be eliminated without unreasonable effort or expense;
|X|(b)The subject annual report, semi-annual report, transition report on Form
10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed on or before
the 15th calendar day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q, or portion thereof will be
filed on or before the fifth calendar day following the prescribed due date; and
|_|(c)The accountant's statement or other exhibit required by Rule 12b-25(c) has
been attached if applicable.
PART III. NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q,
N-SAR or the transition portion thereof could not be filed within the prescribed
time period. (Attach extra sheets if necessary.)
Due to late developments regarding material events, the Company was unable to
timely provide accurate and complete disclosures. The resolution of these
matters require a consensus from a large number of people which could not be
timely obtained without unreasonable effort or expense.
Net sales for the third quarter of fiscal 1999 decreased 4.2% to $35.7 million,
from $37.3 million reported for the third quarter of fiscal 1998. Net loss for
the third quarter of 1999 was $3.6 million, or $0.49 per share, compared with
net income of $1.7 million, or $0.22 per diluted share, for the comparable
period last year. This loss includes the write-off of $3.3 million of accounts
receivable following the commencement of insolvency proceedings by the Company's
Mexico distributor and approximately $362,000 of severance pay related to
restructuring initiatives and personnel reductions, all of which are included in
selling, general and administrative expenses. Excluding the one-time charge for
bad debt expense and severance payments, the Company's net loss would have been
$1.2 million, or $0.17 per share, for the third quarter of 1999.
<PAGE>
PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
JOE M. GUERRA (210) 804-4726
(Name) (Area code) (Telephone number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or such shorter period that the
registrant was required to file such report(s) been filed? If the answer is
no, identify report(s).
|X| Yes |_| No
(3) Is it anticipated that any significant change in results of operations for
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof?
|X| Yes |_| No
If so: attach an explanation of the anticipated change, both narratively and
quantitively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made. * See attached Exhibit A.
PLAY BY PLAY TOYS & NOVELTIES, INC.
(Name of registrant as specified in its charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
By: /s/ JOE M. GUERRA Date: JUNE 15, 1999
CHIEF FINANCIAL OFFICER
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