At present, the site features Boyds's Fall 1999 product introductions as well as a "Newz" section, a store locator service, and registration for an e-mail newsletter service. In mid-December, the Company will add special pages for its 125,000 member collectors' club; "The Loyal Order of the Friends of Boyds;" a gift-giving and decorating with Boyds products section; and, information about Boyds's Home Office. In addition, "Loyal F.o.B." club members and Boyds retailers will have special access to restricted areas of the site, and interested collectors will be able to sign-up for online club membership. GO NOW

RESEARCH ALERT - Merrill Lynch cuts Boyds

NEW YORK, Oct 29 (Reuters) - Merrill Lynch said Friday it cut Boyds Collection Ltd. , which designs and distributes collectibles, to near-term accumulate from long-term buy.

-- "We are lowering our intermediate-term rating to accumulate from buy based on the uncertain outlook for the collectibles industry for the next few quarters," Merrill Lynch said in a research report.

-- Merrill Lynch said it is cutting its sales forecasts for the fourth quarter of 1999 and fiscal year 2000. It said it is cutting its fourth quarter earnings per share estimate by four cents to $0.29 and fiscal year 2000 estimate by 15 cents to $1.20.

-- Merrill Lynch said, however, that: "Boyds' powerful business model, premier brand and strong dealer relationships position it well for long-term growth."

-- Merrill Lynch said Boyds reported solid third-quarter 1999 results on Friday. The company reported earnings per share of $0.31 and revenue of $59.3 million.

-- Shares of Boyds closed at 12-1/4 on the New York Stock Exchange on Thursday.

GETTYSBURG, Pa.--(BUSINESS WIRE)--Oct. 28, 1999--
E.P.S. Rises 29.2% for the Quarter; 37.3% for the Nine Month Period

The Boyds Collection (NYSE:FOB) reported today that net sales for the third quarter 1999 rose 13.6% to $59.3 million compared to $52.2  million for the same period last year. Pro forma earnings per share,  before extraordinary items and assuming dilution, for the third  quarter 1999 rose 29.2% to $0.31 compared to $0.24 for the same period last year.
QUOTES from Boyds' President Bob Coccoluto:
"While we are seeing some softness in the collectibles industry we continue to be pleased with   our results overall for the third quarter and first nine months of fiscal 1999. We continue to use our strong free cash flow to reduce  long-term debt, a further $18.0 million having been repaid since we  went public, and build on our already solid financial position. In  May of this year, we announced the repurchase of up to 3.0 million shares of stock, of which 0.7 million have been purchased to date."
AND
"Also going forward, we are continuing to build the size and depth of our management team. We recently hired  an Executive Vice President, who brings us extensive depth and an  excellent track record in marketing, merchandising and consumer  goods. We are also pleased to announce that in early November we  will be launching our consumer web site at boydscollectibles.com."
Note from Sally - be sure to visit the site, and sign up for the e-mail list. GO NOW

THE BOYDS COLLECTION, LTD. AUG 11, TWO stories regarding The Boyds Collection LTD were on The Business Wire:

August 11, 1999--The Boyds Collection, Ltd. today announced the appointment of Diane J. Combes, a highly experienced consumer products sales and merchandising executive, as Executive Vice President. In this capacity, Ms. Combes will manage all sales, marketing and merchandising functions for Boyds. Ms. Combes will assume this newly created position in early September.

Prior to this appointment, Ms. Combes spent six years with The Disney Store, Inc., a division of the Walt Disney Company, serving as Vice President and General Merchandise Manager. Prior to joining Disney, Ms. Combes was with The Victoria's Secret Company for 10 years.

QUOTED IN PART from THE BUSINESS WIRE STORY

The Boyds Collection Announces Creation of United Kingdom Sales Subsidiary; New Operation Instrumental in Boyds' European Growth Initiatives
Aug. 11, 1999--The Boyds Collection, Ltd.  today announced that it has created its first overseas sales subsidiary, The Boyds Collection, Ltd. U.K., which will directly manage the sale and distribution of Boyds' products in the United Kingdom. The subsidiary will focus on the expansion of Boyds' existing business in the U.K. as well as serve as a platform for the ongoing development of Boyds' product sales throughout the European market.

Located in Dunkeswell, in the county of Devon, The Boyds Collection Ltd., U.K., will begin its operations on September 5th at the Autumn Gift Fair in Birmingham, U.K. Prior to the creation of the U.K. subsidiary, the U.K. distribution of Boyds' products was managed by an independent U.K. distributor.

QUOTED IN PART from THE BUSINESS WIRE STORY

July 22, 1999 two Boyds related stories hit the business wire today.

Second Quarter Results
Original article can be found on the Business Wire.
Rather a dull story, but the meat of it was the following. The  story is on the Business Wire for those who wish to digest the complete report:
A financial story today states that The Boyds Collection, Ltd. Reports 1999 Second Quarter Results  E.P.S. Rises 66.7% for the Quarter; 42.9% for the Six Month Period.
For the first six months of 1999, net sales rose 15.0% to $100.9 million, compared to $87.7 million for the same period last year.

July 22, 1999 The Boyds Collection Names Richard Wuerthele Vice President of Sales Development and National Accounts
Original article can be found on the Business Wire.

A new VP of Sales Development and National Accounts was announced by The Boyds Collection, Ltd. today as Richard Wuerthele.  In this capacity, Mr. Wuerthele is responsible for the ongoing development of sales of Boyds' products through the expansion of its network of retail accounts, including gift and collectibles retailers, department stores and other electronic and retail channels.
Prior to joining Boyds, Mr. Wuerthele spent 12 years at the Black & Decker Corporation, serving in a variety of sales and marketing positions, including Vice President of Sales for Wholesale Products. In his most recent role at Black & Decker, Mr. Wuerthele spent two years as the Vice President of Marketing for the Professional Products Group, during which time he oversaw the launch of 55 new products.

USA TODAY Friday, May 28, 1999
Bad News for Boyds Stockholders CLICK HERE TO SEE USA TODAY COLUMN.
*USE YOUR BACK BUTTON TO RETURN

5- 28-99 12:52 MDT
this just in from the BUSINESS WIRE

The Boyds Collection to Initiate Share Repurchase Program of Up to Three Million Shares

McSHERRYSTOWN, Pa.--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 x 2151

The Boyds Collection, Ltd. Reports 1999 First Quarter Results

GETTYSBURG, Pa., April 22   The Boyds Collection (NYSE: FOB)
reported today that net sales for the first quarter 1999 rose 15.9% to $57.2 million compared to $49.3 million for the same period last year. Pro forma net income, before an extraordinary item, for the first quarter 1999 rose 32.0% to $18.6 million compared to $14.1 million for the same period last year. The pro forma net income for 1999 assumes that the initial public offering occurred on January 1, 1999, and the pro forma net income for 1998 assumes that the recapitalization and the subsequent initial public offering occurred on January 1, 1998. Pro forma earnings per share, before an
extraordinary item and assuming dilution, for the first quarter 1999 rose 30.4% to $0.30 compared to $0.23 for the same period last year.

Boyds' President, Bob Coccoluto, stated, "We are pleased with our first quarter results which exceeded the Company's growth targets in sales and net income for the first quarter of 1999. Sales of both of our major product categories, plush animals and resin figurines, increased compared to the same period last year. For fiscal 1999 we are focusing our efforts on expanding the most successful new product lines introduced over the last eighteen months and managing our business for consistent long-term growth. To that end, we are increasing the size and depth of our senior management team and have also broken ground on a new warehouse facility adjacent to our existing
distribution center, which should be completed in mid-year 1999. With the successful completion of our initial public offering in March of this year, and, consequently, the reduction in long-term debt, we have and will continue to build on our already strong financial position."

The Boyds Collection, Ltd. is a leading domestic designer, importer and distributor of branded, high-quality, hand-crafted collectibles and other specialty giftware products. The company sells its products through a large and diverse network comprised of independent gift and collectibles retailers, premier department stores, selected catalogue retailers and other electronic and retail channels. Founded in 1979, it has successfully developed a strong niche and brand identity in its markets because of its affordably priced, high quality, "Folksy With Attitude(SM)" collectibles.

Any conclusions or expectations drawn from the statements in this press release concerning matters that are not historical corporate financial results are "forward-looking statements" that involve risks and uncertainties. Sales patterns have historically varied in number, mix and timing, and there can be no assurance that the sales trend experience year-to-date will continue. Other factors, including retail inventory levels, consumer demand, product development efforts, completion of third party product manufacturing, dealer reorders and order cancellations, control of operating expenses, corporate cash flow application, and industry, general economic, regulatory and international trade conditions, can significantly impact the Company's sales and earnings. Actual results may vary materially from forward-looking statements and the assumptions on which they are based. The Company undertakes no obligation to update or publish in the future any forward-looking statements

NOTE FROM SALLY/Webspresso: FIGURE Table WILL BE ADDED LATER, please check back.

Subj:    The Boyds Collection Appoints Two Executives
Date:    3/30/99 9:49:34 AM Mountain Standard Time
The Boyds Collection Appoints Two Executives

McSHERRYSTOWN, Pa.--(BUSINESS WIRE)--March 30, 1999--The Boyds Collection, Ltd. (NYSE: FOB) today announced the appointments of Peter H. Frost as Vice President - Finance and David Miller as Vice President - Marketing.

Mr. Frost will be responsible for managing the Company's financial functions and assisting with the development of its international operations. For the last seven years, Mr. Frost was Corporate Controller for Enesco Corporation, the nation's leading collectible giftware wholesaler, with operations in North America, Europe and the Far East. Prior to that, Mr. Frost spent 12 years with Enesco's parent company as a Director of Business Development and Internal Auditing.

Mr. Miller comes to The Boyds Collection from PRIMEDIA. Prior to joining Boyds, Mr. Miller was group publisher of PRIMEDIA's collectible publications, including such internationally distributed publications as Doll Reader and Teddy Bear and Friends. In addition, Mr. Miller is the founding publisher and editor of Figurines & Collectibles, a publication aimed at collectors of contemporary collectibles. Recently, Mr. Miller has traveled the country representing PRIMEDIA's collectibles magazines and speaking at major collector events about current trends in the collectibles market, addressing artists and dealers on successful marketing methods, and working with manufacturers on custom marketing programs.

"We are very excited about having Peter and David join the management team of Boyds," said Bob Coccoluto, President of The Boyds Collection. "Peter and David bring a wealth of industry experience and advance us significantly toward our goal of expanding our management team to support the anticipated growth of our business."

Boyds is a designer, importer and distributor of premier branded, high-quality, hand-crafted collectibles which it sells through a network of approximately 19,950 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 through its reputation for creating folksy and slightly off-center collectibles, which include plush animals, resin figurines, porcelain dolls, clothing and accessories.

~INTERESTING LINK~
IPO CENTRAL

The Boyds Collection Begins Trading on NYSE

MCSHERRYSTOWN, Pa., March 5 /PRNewswire/ -- The Boyds Collection, Ltd. announced an initial public offering of 16,000,000 shares of its common stock today at $18 per share. Of the shares being offered, 9,250,000 are being sold by the Company and 6,750,000 are being sold by certain selling shareholders. These selling shareholders have granted the underwriters of the offering the option to purchase an additional 2,400,000 shares, at the initial public offering price, less the underwriting fees, to cover over-allotments. Following the offering, Boyds will have approximately 61.8 million shares outstanding.

Boyds Common Stock will be traded on the New York Stock Exchange under the symbol "FOB." The Company will use the net proceeds from the offering received by it, estimated to be $162.7 million, to redeem part of its outstanding notes and to repay part of its bank indebtedness.

The offering is being made through an underwriting group led by Donaldson, Lufkin & Jenrette with co-manager Merrill Lynch & Co.

Boyds is a designer, importer and distributor of premier branded, high-quality, hand-crafted collectibles which it sells through a network of approximately 19,950 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.

Copies of the prospectus related to the offering may be obtained from Donaldson, Lufkin & Jenrette Securities Corporation, 277 Park Avenue, New York, NY 10172; phone: 212-892-3000, or from Merrill Lynch & Co., World Financial Center, North Tower, 250 Vesey Street, New York, NY, 10281; phone: 212-449-1000.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the common stock of Boyds nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

The Boyds Collection, Ltd. is headquartered at 350 South Street, McSherrystown, Pennsylvania, 17344. Phone: 717-633-9898

SOURCE The Boyds Collection, Ltd.

CO: Boyds Collection, Ltd.

ST: Pennsylvania

IN: HOU

IPO FILINGS - Summary of Companies Registering for an IPO
Thanks, John, for sending the following in:
PrimeZone Media Network - December 29, 1998 00:35

LOS ANGELES, Dec 29 (IPO Monitor) -- The following companies recently
filed a registration statement with the SEC for an Initial Public Offering:

Boyds Collection LTD -- Mcsherrystown, PA (NYSE: FOB)
Designs, imports and distributes specialty giftware products
Shares Offered: N/A
Filing Price: N/A
Max. Amount Allowed: $250,000,000 (maximum offering allowed by filing)
Lead Underwriter(s): Donaldson Lufkin & Jenrette; Merrill Lynch John Rieb

Submited by -  jlrieb@earthlink.net  

The Boyds Collection Announces Initial Public Offering

NEW YORK--(BUSINESS WIRE)--Dec. 22, 1998--The Boyds Collection, Ltd. ("Boyds") announced today that it has filed a registration statement with the Securities and Exchange Commission for an initial public offering of $250 million of its common stock. Boyds and existing stockholders will both sell shares in the contemplated offering. The net proceeds from the shares sold by Boyds in the offering will be used to repay bank debt and to redeem a portion of Boyds' senior subordinated notes.

The lead managing underwriter for the offering is Donaldson, Lufkin & Jenrette and the co-managing underwriter for the offering is Merrill Lynch & Co.

Boyds is a leading domestic designer, importer and distributor of branded, high-quality, hand-crafted collectibles which it sells through a network of approximately 19,350 retail accounts, including independent gift and collectibles retailers, high-end department stores, selected retail catalogues and other electronic and retail channels.

A registration statement relating to the common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
CONTACT:  Donaldson, Lufkin & Jenrette
George Peinado
(212) 892-3249

NOTE from Sally: Just as one must buy Boyds items through a retailer (not Boyds directly), one must purchase stock through a broker or brokerage firm (not the company directly). For some basic information on how this works, try this link .

What started out as a panic on April 2, 1998 has begun to appear as very good news for Boyds and Collectors alike! The good news is: financial backing for the company, with The Head Bean Hisself still in control! Congrats to Boyds! Thanks to Diane, who first brought the story to our attention on the Contest Lady Message Board, and to Cindy and Karen for their great job at finding the stories and sharing them with the rest of us.


Here is the news as it unfolded :
First Story to appear
April 2 /PRNewswire
April 3 Harrisburg Patriot News
Sally's Opinion 1 (hey's it's my web site -I can do that!)
Sally's Opinion 2
4-5-98 BREAKING NEWS!! - the Head Bean Comments on the hubbub!!
4-14-98 More Boyds News!

The Patriot-News in Harrisburg PA Thursday April 2, 1998 quoted:
Thanks to diane@heavenlyyours.com (Diane Yeager) for sharing this.
Sale of area collectible-bear firm expected
Kohlberg Kravis Roberts & Co. is expected to buy closely held Boyds Collection Ltd. for more than $600 million, according to people familiar with the discussions. For New York-based buyout firm KKR the purchase is an opportunity to capitalize on the wide profit margins in the business of selling collectible teddy bears and dolls, the people said.
Boyds Collection, based in Gettysburg, is run by Gary Lowenthal. The company designs and distributes stuffed and resin characters from bears to Santa Claus. As of December, the collection included more than 600 stuffed animals and 300 resin figures.   KKR is one of the oldest buyout firms in New York and manages the world's largest leverage buyout fund of $6 billion.  "This is truly a license to print money," said Chris Byrne, editor of Playthings MarketWatch, a weekly newsletter that follows the toy industry.  Byrne said price mark-ups in the collectible business can exceed five times the production cost of a product. He said the market for collectibles in the United States is about $14 billion.  Officials at KKR declined to comment yesterday, and calls to Boyds were not returned.
Sally-above is the article-word for word as it appeared in the paper.

 My two cents worth
by Sally April 2
I called the Boyds Company and they would not confirm or deny the rumor. They said they knew nothing about the story.
I am going to remain calm, as I think within a day or two there will be some official confirmation or denial of the story.
I've been thinking - - it does make sense if you stop to think about it.... Gary has been the chief cook and bottle washer of Boyds since day one. It's no secret that Boyds has had many troubles in the past few years keeping up with the demand. The collectors are demanding (yes, we CAN be! LOL), the retailers, club members, I'm sure he gets it from everyone! It makes sense that Boyds may have just reached the point of sink or swim in regards to the future of the company.
Also, I cannot imagine Gary walking away from Boyds. It's his baby, and I would be surprised if he were no longer interested in its direction and creative elements. I would think the company would retain him as an artist and official spokesperson.
I really feel there is more than meets the eye here. Hopefully we will find out soon.

One last thought - could YOU walk away from or turn down $600 MILLION for something which you created and slaved over for many years? Maybe I'm weak or shallow, but I'd take it in a heartbeat!!
Keeping my fingers crossed, too!
sally ContestLady@webspresso.com

From the AOL BOYDS BOARD:
Cnorthup55@aol.com (Cindy) posted  this story, from the AOL NEWS FILES:

NEW YORK, and McSHERRYSTOWN, Pa., April 2 /PRNewswire/ -- Kohlberg Kravis Roberts & Co. (KKR) and The Boyds Collection, Ltd. ("Boyds") today announced a definitive agreement under which KKR will make an equity investment in Boyds. Gary Lowenthal, the company's co-founder, CEO and President, will remain in place and will continue to have a significant ownership stake in the company. Terms of the transaction were not disclosed.

Boyds is a leading domestic designer, importer and distributor of high-quality, hand-crafted collectibles which it sells through a network of approximately 17,350 retail accounts, including independent gift and collectibles retailers, high-end department stores, selected retail catalogues and other channels.

"Over the past 20 years, Boyds has built a strong market position with a premier brand name, distinctive products and an attractive business model," said Scott Stuart, a KKR executive. "We believe the company is extremely well-positioned to capitalize on the collectibles industry's very attractive fundamentals. We have a lot of respect for the job Gary Lowenthal and his management team have done over the years and we are very excited to be making
this investment alongside them."

"I am very pleased to welcome KKR as our partners in Boyds," said Mr. Lowenthal. "We believe the combination of KKR's financial and business expertise and Boyds' creativity will create a strong platform on which we can continue to build on Boyds history of successful growth and excellence. Furthermore, we think they're the greatest thing since sliced bread."

Founded in 1979, Boyds is headquartered in McSherrystown, Pennsylvania and 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 figures, dolls, clothing and accessories.

KKR is a private investment firm headquartered in Menlo Park, CA and New York, NY.
SOURCE Kohlberg Kravis Roberts & Co.
CO: Kohlberg Kravis Roberts & Co.; Boyds Collection, Ltd.
ST: Pennsylvania, New York, California

Thanks to Contest Lady Message Board Contributor Karen (klc@paonline.com)
From April 3 Harrisburg Patriot News
"Investment firm hooks up with Boyds" - from Wire Reports
Kohlberg Kravis Roberts & Co. said yesterday it will invest in The Boyds Collection Ltd., a privately held designer, importer and distributor of hand-crafted collectible teddy bears, dolls and other toys. Gary Lowenthal, Boyds co-founder, chief executive officer and president, will remain in place and continue to have a significant ownership stake in the company.
KKR did not disclose terms of the agreement, but people familiar with the company said the investment values Boyds at about $600 million.
Boyds, based in McSherrystown, Adams County, sells its products through a network of about 17,350 retail outlets, including independent gift retailers, high-end department stores, catalogs and on the QVC home-shopping television network.
"Over the past 20 years, Boyds has built a strong market position with a premier brand name, distinctive products and an attractive business model," said Scott Stuart, a KKR executive. "We believe the company is extremely well-positioned to capitalize on the collectibles industry's very attractive fundamentals.
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 figures, dolls, clothing and accessories.
"I am very pleased to welcome KKR as our partners in Boyds," said Lowenthal. "We believe the combination of KKR's financial and business expertise and Boyds' creativity will create a strong platform on which we can continue to build on Boyds history of successful growth and excellence."
KKR is a private investment firm with offices in Menlo Park, Calif., and New York. It manages the world's largest leveraged buyout fund of $6 billion.

Sally's two more cents worth! April 3

HI everyone! Thanks for using my board to voice your thoughts! I have been on the phone with many folks regarding this story. Now that the dust has settled, I'll like to add another 2 cents worth (that make 4 cents so far!).

1) If you go back and look at the first story that broke yesterday, it appears to be poorly written and full of speculation.
"K K R & Co. is expected to buy closely held Boyds Collection Ltd. for more than $600 million". Key words EXPECTED TO BUY.
2) We now know that Boyds was not purchased by anyone. Gary was not handed 600 million dollars for his personal pleasure! We do have confirmation of a "definitive agreement under which KKR will make an equity investment in Boyds." It doesn't even say how much of an investment was made.
3) I think this will be great for everyone! More cash flow for Boyds, to ship, employ workers, buy supplies, etc, etc, etc! Gary has always said that he would not go public. This deal allows Boyd to expand, puts a financial "shot in the arm" to the company. It's a calculated risk for KKR, and it's not taking the life savings of Boyds Collectors who might be willing to buy stock, which is always risky (even though today it seems like it would be a great investment - could change tomorrow!).
4) This kind of deal goes down everyday in corporate America. And had that initial report not been so poorly written, and just downright inaccurate, this deal may have gone by unnoticed by most of us.
Well, time will tell, but I really feel with Gary still in control, we can pretty much rest easy. That's my (never to be humble) opinion.

   THE HEAD BEAN HISSELF SPEAKS!! From The Boyds Forum Board
Name:gml        
E-mail: Location:gburg, pa USA
Host/Time:204.183.206.89 -
Sun Apr 5 16:36:21 1998
ok so here's the deal... reason..1.it's simply gotten too big for little ol me the biology major to run...to much dealing with banks, shippin delays, disappointed customers etc Tina and I just needed some HEEELLLPPP! 2. KKR has a history of helping companies when and where they request it and BUTTING OUT (like in how many dealerships, quality of goods , type of product and price of product etc) where they are not wanted...Tina and I checked out about 6 -8 of their companies very carefully and they all said that was true. 3-Tina and I still own an emoungous chunk of Boyds and will still be President Ceo head Bean etc for as long as I wish to be...KKR would like it to be 50 years or more but I will have to retire before I am 100. I would like to look for a President and have asked KKr to help me, to take over all the drudge stuff...legal,operational,sales, taxes and stuff I hate to do and am bad at...this wll leave me a shedload more time to do the things I like to do and am good at..ie. product development, personal apperances and torturing Mary Beth....although she has gotten her 'licks in lately. Anywho...as far as I AND Henry Kravis and Scott Stuart from KKR are concerned "If it ain't broke ...don't fix it" and obviously henry and scott don't think any thing is really broke otherwise they wouldn't have come near us with a ten foot pole.. So...no price changes, no additional merch flooding the stores, no 50,000 dealerships no changes at all in fact. Maybe some better shipping and some more dealerships in Japan thas about it. If I could I'd lie to ya I would but I haven't yet( well that sheep thing just couldn't be explained any other way so that doesn'T count!!!} and don't think I'll start yet. but if you see some changes in the next year ya don't like you know where to reach me...I ain't goin anywhere... reason4...i could use the money (and no the papers got the figures wrong...again} anyway hang in there and thanks for your continued support. best thb
P>S> you e- mail wonks could you plse post this on the contest ladys board I really don't want to write this up again.
Sign Time: April 05 1998 at 16:58:19

This from the AOL business news ( the bolded text for emphasis by me)
The Boyds Collection Subordinated Notes Rated B- Bank Ln B+ by S&P (thanks to the folks who first brought this to our attention on the various bulletin boards)

NEW YORK, April 14 /PRNewswire/ -- Standard & Poor's today assigned its single-'B'-minus rating to The Boyds Collection, Ltd.'s $175 million senior subordinated notes due 2008 and its single-'B'-plus rating to the company's $365 million of bank facilities. A single-'B'-plus corporate credit rating also was assigned. Proceeds from the notes and the bank facilities will be used to fund the recapitalization and acquisition of 80% of the company by a subsidiary of Kohlberg Kravis Roberts & Co. L.P.

The rating is based on the highly leveraged financial condition of the company following the acquisition, offset by Boyds' established niche position in the highly fragmented collectibles industry and strong cash flows. The company markets and distributes a number of collectible items, primarily consisting of resin figurines and plush animals. Within the resin figurine segment, Boyds markets different lines that appeal to different consumer tastes and preferences, such as "Bearstones," "Folkstones," and "Dollstones." Sales of Boyds' collectibles have grown rapidly in the past few years, indicating continued consumer support. Still, sustained consumer interest in the Boyds product lines remains a key rating concern. In particular, Boyds has benefited from the services of its founder and it is unclear if his impact will be the same in his new role at the company.

Boyds relies heavily on foreign manufacturing, with about 95% of products sourced from the People's Republic of China. Risk of delivery disruption is somewhat mitigated for this company given the absence of holiday-oriented products. Although payments are denominated in U.S. dollars, costs fluctuate with the value of the Chinese currency. While posing some foreign exchange risk, Boyds to date has enjoyed pricing flexibility due to the popularity of the product line and the company's broad distribution, with over 17,650 retail accounts.

Boyds will be highly leveraged at inception, with earnings before interest, taxes, depreciation, and amortization (EBITDA) to interest, pro forma for the transaction, of 1.9 times (x) for fiscal 1997; this is expected to improve to over 2x in fiscal 1998. EBITDA to debt is about 6.3x, but is also expected to improve with debt repayment. The company generates impressive levels of free cash flow due to high profitability, low use of working capital despite its growth, and offshore sourcing for its products, providing solid coverage of required term loan payments. Additional financial flexibility is ample with an unused, $40 million revolving credit. The company experiences little seasonality and has minimal seasonal working capital buildups.

The bank loan rating is single-'B'-plus, the same as the corporate credit rating. Based on Standard & Poor's simulated default scenario, it is not clear that a distressed enterprise value would be sufficient to cover the entire loan facility.

OUTLOOK: POSITIVE

Despite the company's rapid growth over the last three years, Standard & Poor's views the company's market strength as a strong niche position in the collectibles industry. To offset a fairly high degree of business risk, the company's credit statistics will need to be stronger than the rating. Still, given the company's strong cash flow and the likelihood that Boyds will delever rapidly, an upgrade would be considered as the company improves its credit profile over the medium term. -- CreditWire

SOURCE Standard & Poor's CreditWire

CO: Boyds Collection Ltd.

ST:

IN: REA FIN

SU: RTG

04/14/98 18:09 EDT http://www.prnewswire.com