Boyds Collection posts $3.16 million operating income for quarter ended Sept. 30

By Caroline Salls

Pittsburgh, June 8 - The Boyds Collection Ltd. reported a $3.16 million operating income for the quarter ended Sept. 30, 2005 on $26.53 million in net sales, according to a 10-Q filing with the Securities and Exchange Commission.

In the quarter ended Sept. 30, 2004, the company had a $131,000 operating income on net sales of $32.84 million.

According to the filing, sales of Boyds' plush products decreased $4.8 million, or 25%, resin product sales decreased $2.0 million, or 25%, and other product sales increased $0.4 million, or 8%, in the quarter ended Sept. 30, 2005.

Boyds also attributes its decline in operating income to the decreased net sales.

The net income for the 2005 quarter was $1.53 million, down from a net income of $4.47 million the year before.

Cash and cash equivalents on Sept. 30, 2005 were $3.91 million, compared with $354,000 at Dec. 31, 2004.

For the nine months ended Sept. 30, 2005, the company posted a $3.9 million operating loss, down from a $16.41 million operating income for the nine months ended Sept. 30, 2004.

The net loss for the 2005 nine-month period was $177.12 million, a significant drop from a $7.79 million net income the year before.

Boyds, a Gettysburg, Pa., maker of gifts and collectibles, filed for Chapter 11 on Oct. 16, 2005. Its case number is 05-43863.

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