================================================================================
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 the earliest event reported) February 17, 1999
PLAY BY PLAY TOYS & NOVELTIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Texas 0-26374 74-2623760
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
4400 Tejasco
San Antonio, Texas 78218
(Address of principal executive offices and zip code)
(210) 829-4666
(Registrant's telephone number, including area code)
================================================================================
<PAGE>
ITEM 5. OTHER EVENTS
On February 17, 1999, Play by Play Toys & Novelties, Inc.'s (the
"Company") announced that Raymond Braun, who joined the Company in 1997 as
Chief Financial Officer, was promoted to President and Chief Operating Officer.
Mr. Braun fills a position previously held by Mark Gawlik, who has left the
Company to pursue other interests. Mr. Gawlik is expected to resign as a member
of the Company's Board of Directors.
ITEM 7. EXHIBITS
99 Press Release
2
<PAGE>
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, thereunto duly authorized, this 23rd day of February 1999.
PLAY BY PLAY TOYS & NOVELTIES, INC.
By: /s/ JOE M. GUERRA
Joe M. Guerra
CHIEF FINANCIAL OFFICER
3
EXHIBIT 99
<TABLE>
<CAPTION>
<S> <C> <C>
FOR: PLAY-BY-PLAY TOYS & NOVELTIES, INC.
COMPANY CONTACT: SAUL GAMORAN
EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL
FOR IMMEDIATE RELEASE PLAY-BY-PLAY TOYS & NOVELTIES, INC.
(206) 464-4200
INVESTOR RELATIONS: DONNA STEIN, CINDY REID, JILL MELESKI
MORGEN-WALKE ASSOCIATES, INC.
(212) 850-5600
MEDIA CONTACT: JEFF SIEGEL
MORGEN-WALKE ASSOCIATES, INC.
(212) 850-5600
</TABLE>
RAYMOND BRAUN NAMED PRESIDENT AND CHIEF OPERATING OFFICER OF
PLAY-BY-PLAY TOYS & NOVELTIES, INC.
-SEVERAL SENIOR EXECUTIVES PROMOTED-
SAN ANTONIO, TX, FEBRUARY 17, 1999 -- PLAY-BY-PLAY TOYS & NOVELTIES, INC.
(NASDAQ: PBYP) announced today that Raymond Braun, 42, who joined the Company in
1997 as Chief Financial Officer, has been promoted to President and Chief
Operating Officer, reporting to Arturo G. Torres, Chairman and Chief Executive
Officer. Mr. Braun fills a position previously held by Mark Gawlik, who has left
the Company to pursue other interests.
Mr. Braun has worked with Play-By-Play since its inception in 1992 as the
Company's financial advisor employed by Coopers & Lybrand L.L.P. During his
sixteen year tenure with Coopers & Lybrand L.L.P., Mr. Braun was a partner in
their Business Assurance group, directly involved with financial advisory
services including mergers and acquisitions, corporate financing and debt
restructuring. Mr. Braun, a Certified Public Accountant, earned his Bachelor of
Business Administration degree from the University of Texas in 1980.
Mr. Torres commented, "We thank Mark for his years of service to Play-By-Play
and we wish him well in his future endeavors. The Board of Directors and I
believe that Raymond is ideally suited to take on the responsibilities of
President and Chief Operating Officer given his vast business experience in both
the public and private sectors, and his knowledge of our industry. I know that
his leadership will be instrumental in the Company's future growth."
- more -
<PAGE>
Play-By-Play also announced three senior management promotions. Joe Guerra, 37,
who joined the Company one year ago as Controller, has been promoted to Chief
Financial Officer. James Weisfield, 32, who joined the Company three years ago
as Vice President, Premiums and Promotions, has been promoted to Senior Vice
President, Retail, Premiums, and Merchandise. Mark Haug, 43, Vice President,
Merchandise, who has been with the Company for three years, has been promoted to
Senior Vice President, Fundraising, Direct Mail, and Merchandise. All
aforementioned individuals will be reporting to Mr. Braun.
Mr. Torres continued, "These promotions are in recognition of the solid
contributions that these individuals have made in their respective positions to
the Company. We believe that we have a very strong management team to continue
to pursue numerous opportunities in all sectors of our business--retail,
amusement and Internet. Play-By-Play made a strong showing at Toy Fair last
week, and we look forward to reporting our progress in the weeks ahead."
Play-By-Play Toys & Novelties, Inc. designs, develops, markets and distributes
stuffed toys, novelties and its Play-Faces line of sculpted toy pillows based on
its licenses for popular children's entertainment characters, professional
sports team logos and corporate trademarks. The Company also designs, develops
and distributes electronic toys and non-licensed stuffed toys, and markets and
distributes a broad line of non-licensed novelty items. Play-By-Play has license
agreements with major corporations engaged in the children's entertainment
character business, including Warner Bros., The Walt Disney Company, Paws, and
many others, for properties such as Looney Tunes(TM), Winnie the Pooh,
Batman(TM),Superman(TM), Mickey Mouse and Garfield.
EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS DISCUSSED IN
THIS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES
THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, INCLUDING, WITHOUT
LIMITATION, RISKS ASSOCIATED WITH THE COMPANY'S RELATIONSHIPS WITH LICENSORS,
COMPETITIVE AND ECONOMIC FACTORS, PRICE CHANGES BY COMPETITORS, ABILITY TO
MANAGE GROWTH, ABILITY TO SOURCE PRODUCTS, INTERNATIONAL TRADE RELATIONS,
MANAGEMENT OF QUARTER TO QUARTER RESULTS, INCREASE IN COSTS OF RAW MATERIALS,
TIMING OF TECHNOLOGICAL ADVANCES BY THE COMPANY AND ITS COMPETITORS, LACK OF
ACCEPTANCE BY CONSUMERS OF NEW PRODUCTS, AND THE OTHER FACTORS DISCUSSED IN THE
"RISK FACTORS" SECTION OF THE COMPANY'S FORM 10-K DATED JULY 31, 1997. UPDATED
INFORMATION WILL BE PERIODICALLY PROVIDED BY THE COMPANY AS REQUIRED BY THE
SECURITIES EXCHANGE ACT OF 1934.
# # #
