01 per diluted share, compared to a
net loss of $661,742 or $0.
"At the end of 2004, we wrote-off the deferred income tax benefit
related to net operating loss carryforwards that were recognized for
financial reporting purposes in years prior to 2004 in our consumer
products segment due to uncertainties regarding the realization of
such assets in the near term.

The Middleton Doll Company operates in two segments, consumer
products and financial services. A number of factors, many of which are beyond the
ability of the Company to control or predict, could cause actual
results to differ materially from those in its forward-looking
statements .
While My Twinn already offers the widest selection of matching clothing
and accessories for dolls and girls, the 2005 Holiday Catalog features
nineteen new apparel collections, including a fashion-forward faux-suede
Sherpa coat with matching hat and shoulder bag, and a sparkly kitten outfit
that features a purple t-shirt, coordinating black knit pants and a matching
kerchief and shoulder bag set, all with a kitten applique.
The catalog also highlights girls' favorite pastimes with thirteen
activity-themed outfits for My Twinn dolls, like skating, gymnastics,
cheerleading, soccer , camping, ballet dancing and horseback riding. The 23" dolls have
vinyl heads, arms and legs and soft, fully poseable bodies allowing them to
move in any way a child can imagine.mytwinn. The privately held company is based in
Denver.

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And three new
furniture collections with 24 doll-sized trunks , beds, tables and chairs give
dolls their own place to relax after a long day of play.

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The Middleton Doll Company Reports Fourth Quarter and 2004 Results

18 per diluted share in 2003. Schonath, president and chief executive officer of The
Middleton Doll Company. In addition, we introduced six
new Breath of Life Babies(TM) at the American International Toy Fair
in February, and in April, we plan to introduce three new distinctive
doll faces created by artist Reva Schick to further expand our line of
Artist Studio Collection(TM) dolls," said Schonath. "We also look
forward to the continued expansion of our Newborn Nursery boutiques
within Saks Department Store Group locations, with 15 boutiques in
development for spring 2005.com.etoys.

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Full contest rules and regulations are
available on both sites. The company's consumer products
segment is comprised of Lee Middleton Original Dolls , Inc.

The Middleton Doll Company news releases
are available on-line 24 hours a day at:
http://www.18)

Average shares
outstanding -
Basic 3,727,589 3,727,589 3,727,589 3,727,589
Average shares
outstanding -
Diluted 3,727,589 3,731,484 3,727,589 3,731,484

reborn clothesline

Later this fall , a grand prize winner will be selected from
the group of finalists to receive an all expense trip for two to Arcola,
Illinois, home of the official Johnny Gruelle Raggedy Ann + Andy Museum,
during the Annual Arcola Raggedy Ann + Andy Festival in May 2006 and one
hundred dollars worth of Raggedy products.theofficialraggedyann.18 per diluted share in
2003.

moldmaking reborn

"Raggedy Ann's 90th Birthday Contest is a
perfect opportunity for Raggedy enthusiasts to tell us their most heart
warming stories, expressing what the doll truly means to them, while giving
them a chance to win some great Raggedy prizes that they will cherish for
years to come.69 million or $0.64 per diluted share for the fourth
quarter of 2004, compared to a net loss of $561,616 or $0.

About eToys Direct
eToys Direct offers thousands of toys, custom dolls, video games and baby
products to online and catalog shoppers through its popular web sites and its
strategic retail partnerships.com) and the
My Twinn doll company (http://www.com
(http://www.

freakish pillowcase

15 per
diluted share for the fourth quarter of 2003.

18)
Income (Loss)
Per Share -
Diluted $ (0.mytwinn.

hairstyle twinn

Additionally, all
statements in this document, including forward-looking statements,
speak only as of the date they are made, and the Company undertakes no
obligation to update any statement in light of new information or
future events. The artisans
choose the doll's face and style each doll's hair based on customer-provided
photos.

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----The Middleton Doll
Company (OTCBB:DOLL) today reported income before income tax expense
and preferred stock dividends of $633,138 or $0.
Forward-looking statements, which may be based upon beliefs,
expectations and assumptions of the Company's management and on
information currently available to management, are generally
identifiable by the use of words such as "believe," "expect ,"
"anticipate," "plan," "intend," "estimate," "may," "will," "would,"
"could," "should," or other similar expressions.

This category lists the sites of individual craftspeople who create dolls by hand and sell them to the public.

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The consumer products segment had income before income tax expense of
$176,568 for the fourth quarter of 2004, compared to a loss before
income tax expense of $513,859 for the fourth quarter of 2003," said
George R.

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Business Editors

PEWAUKEE , Wis. Significant risks and uncertainties include, but are not
limited to, (i) the continuing effect of adverse economic conditions,
(ii) the effect of increasing competition in the collectible doll
market and (iii) the effect of not reaching the Company's goal to
expand to 100 boutiques over a three-year period., debuted its 2005 Holiday Catalog and new Web site (http://www.

porcelains unawares

Gruelle, creator of Raggedy Ann.com and
http://www.01 per diluted
share in 2004, compared to a loss before income tax expense and
preferred stock dividends of $675,338 or $0., a designer and marketer of clocks and home decor
products that are sold to major national retailers.64) $ (0.mytwinn. eToys Direct also
provides a toy and video game solution to its online and catalog partners,
supplying category management, full-featured content, inventory control, order
fulfillment and customer support.

In order to be listed in this category, the site must represent an individual craftperson and his or her products.

victoriana cernit

15) $ (1. The artisans will also
hand-paint special features like freckles and birthmarks .

dolls pillowcase

raggedyann-museum. The consumer
products segment reported a net loss of $4,463,641 and the financial
services segment reported net income of $703,165 in 2004.

freakish pillowcase

"

JOIN IN THE FUN!
Raggedy Ann's 90th Birthday Essay Contest

To help celebrate Raggedy Ann's 90th Birthday, the nationwide Raggedy
Ann's 90th Birthday Essay Contest kick offs on February 14, which asks
participants to write in their most "heartfelt" Raggedy stories in the form of
a 500-600 word essay. After the charge , the company reported
a net loss of $2,369,720 or $0.
For the full year, the company reported a loss before income tax
expense and preferred stock dividends of $41,780 or $0. After the non-cash charge taken in the fourth quarter, the net
loss for 2004 was $3,760,476 or $1. Artisans Create 'Just-Like-Me' Dolls Based on Customer-Provided Photos

DENVER, My Twinn, a division of eToys Direct,
Inc. The company's twelfth annual My Twinn holiday catalog features a new
look and dozens of new outfits, accessories and furniture for girls and their
dolls, all of which are also featured on the updated site.

clothesline twinn

Raggedy Ann's 90th Birthday
Essay Contest kicks off on Valentine's Day, February 14, 2005, which is a
favorite holiday for Raggedy lovers.W. We believe this business has good
long -term growth potential and are focusing on expanding our Newborn
Nursery(R) boutiques, introducing distinctive new dolls and further
reducing operating expenses," said Schonath. The company owns eToys (http://www.kbtoys.com) under a long-term licensing agreement.

berenguer cernit

In the fourth quarter of 2004 , the
company took a non-cash charge of $2. If this segment becomes profitable, the
existing net operating loss carryforwards will be available to be
utilized against future taxable income over the next 12 to 20 years.

sandie clothesline

Raggedy Ann Celebrates Her 90th Birthday in 2005

(Photo: NewsCom: http://www.com

The Middleton Doll Company
(OTCBB:DOLL)
(Unaudited)

Three months ended Year ended
December 31, December 31,
2004 2003 2004 2003
------- ------ ------------- ------------- -------------
STATEMENTS OF
OPERATIONS BY SEGMENT
----- -----------------
Consumer
Products:
Net sales $ 5,151,300 $ 6,016,512 $ 16,002,777 $ 17,604,836
Cost of goods
sold 3,141,014 3,716,870 10,573,295 11,449 ,356
------------- ------------- ------------- -------------
Gross profit 2 ,010,286 2,299,642 5,429,482 6,155,480
Other expenses
(income):
Operating
expenses 1,643,322 2,623,387 6,556,919 8,646,985
Interest/rental
expense to
parent 195,411 88,364 769,319 747,524
Management fees
to parent - 107,267 - 449,267
Other expense
(income ) 4,241 (2,479) (89,553) (12,566)
Minority
interest in
earnings of
subsidiary (9,256) (3,038) (28,786) (22,857)
----- -------- ------------- ------------- -------------
Total other
expenses 1,833,718 2,813,501 7,207,899 9,808,353
------------- ------------- ------------ - -------------
Income (loss)
before income
tax expense
(benefit) 176,568 (513,859) (1,778,417) (3,652,873)
Income tax
expense
(benefit) 2,685,224 (207,881) 2,685,224 (1,368,698)
------------- ------------- ----------- -- -------------
Net income
(loss) $ (2,508,656) $ (305,978) $ (4,463,641) $ (2,284,175 )
============= ============= ============= =============

Financial
Services:
Net rental/
interest income:
Interest on
loans $ 516,674 $ 679,247 $ 2,244,411 $ 3,258,164
Rental income 718,395 573,246 3,004,701 3,074,479
Interest/rental
income from
subsidiary 195,411 88,364 769,319 747 ,524
Interest expense (548,902) (631,018) (2,113,731) (2,869,363)
--- ---------- ------------- ------------- -------------
Total net
rental/interest
income 881,578 709,839 3,904,700 4,210,804
Other income:
Other income 7,546 53,086 70,608 178,950
Management fees
from subsidiary - 107,267 - 449,267
Gain on sale of
swap contract - - - 484,304
Gain on sale of
property 228,428 - 309,718 518,967
------------- ------------- ------------- ----------- --
Total other
income 235,974 160,353 380,326 1,631,488
Other expenses:
Depreciation
expense on
leased
properties 137,682 188,477 649,693 771,451
Other operating
expenses 523,300 711,078 1,898 ,696 2,093,306
------------- ------------- ------------- -------------
Total other
expenses 660,982 899,555 2,548,389 2,864,757
Income (loss)
before income
tax expense and
preferred stock
dividends 456,570 (29,363) 1,736,637 2,977,535
Income tax
expense 91,359 - 128,371 183,695
Preferred stock
dividends 226,275 226,275 905,101 1 ,171,407
------------- ------------- ------------- -------------
Net income
(loss) $ 138,936 $ (255,638) $ 703,165 $ 1,622,433
============= ============= ============= =============

STATEMENTS OF
OPERATIONS - COMBINED
------- ---------------
Net income
(loss):
Consumer
Products $ (2,508,656) $ (305,978) $ (4,463,641) $ (2,284,175)
Financial
Services 138,936 (255,638) 703,165 1,622,433
------------- ------------- ------------- -------------
Net income (loss)
available to
common
shareholders $ (2,369,720) $ (561,616) $ (3,760,476) $ (661,742)

Income (Loss)
Per Share -
Basic $ (0. A dozen
new doll-sized pretend play settings let girls and their dolls say "happy
birthday," enjoy a tea party or spend an afternoon baking.
My Twinn also offers parents, grandparents, aunts and uncles new ways to
help their favorite girl celebrate her individuality."
Specially trained My Twinn artisans handcraft each doll to be a cuddly
companion today, and a cherished keepsake in the years to come .

freakish repaints

Join the Fun! Nationwide Essay Contest Kicks Off Anniversary Year

ARCOLA, Ill.com/cgi -bin/prnh/20050214/NYM010 )
"Over the years, my family has heard countless stories from fans
describing the joy and companionship that Raggedy Ann and her brother Andy
have brought to them," says Joni Gruelle Wannamaker, granddaughter of Johnny B.

United Media (UM) is a worldwide licensing and syndication company that
focuses on building brand equity around a wide range of creative content . The company's
financial services subsidiary is a real estate investment trust
(REIT).15) $ (1.
For more information, visit http://www.

handsculpted moldmaking

newscom.
Raggedy Ann + Andy is licensed by United Media on behalf of Simon +
Schuster's Children's Publishing and Hasbro, Inc . For the fourth quarter
of 2004, the company's consumer products segment reported a net loss
of $2,508,656 and the financial services segment reported net income
of $138,936.

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 with
respect to the financial condition, results of operations, plans,
objectives , future performance and business of the Company.com)
today.

cernit repaints

Additional
information concerning the Company and its business, including factors
that could materially affect the Company's financial results, is
included in the Company's filings with the Securities and Exchange
Commission.middletondollcompany .64) $ (0.

elona porcelains

, Raggedy Ann is turning the ripe old
age of 90 in 2005, and to help commemorate the redhead doll's birthday, a call
has gone out to her fans asking them to submit their most "heartfelt " Raggedy
stories in a nationwide essay writing contest. Prizes include 2005 special edition
Raggedy Ann dolls and a grand prize of an all expense-paid trip for two to the
Annual Arcola Raggedy Ann + Andy Festival in Arcola, Illinois, which is also
home of the official Johnny Gruelle Raggedy Ann + Andy Museum.
Ten finalists will be selected by July 4, 2005 and awarded special edition
Raggedy dolls.17 per diluted share
for the fourth quarter of 2004, compared to a loss before income tax
expense and preferred stock dividends of $543,222 or $0.15 per diluted
share for the same period in 2003 .72 per diluted
share to income tax expense to write-off deferred income tax assets in
the consumer products segment., a designer
and marketer of lifelike collectible and play dolls, and License
Products , Inc.com) and operates KBtoys.

shakeshaft handsculpted

"The performance of our consumer products segment has steadily
improved over the past year.
"We introduced 23 new dolls in January 2005 at the Atlanta Gift
Show and the International Doll Expo."
Schonath said net income for the financial services segment
decreased as loans outstanding and leased properties declined as part
of the plan announced in June 2004 to liquidate and convert assets to
cash and reduce outstanding debt to enable the company to redeem its
preferred stock at maturity on July 1, 2008.01) $ (0.

2005 My Twinn Holiday Catalog Debuts With Trendy New Apparel Accessories and Furniture

"They're available separately, or as part of a
beautifully designed custom doll gift package gift-givers can order for the
girl who wants to create her own doll.

freakish pillowcase

Learn more about how to participate in Raggedy's 90th Birthday Essay
Contest by logging on to http://www.org.
United Media is a wholly owned subsidiary of E. My Twinn dolls ,
the perfect "big gift" for birthdays and the holidays, are one-of-a-kind dolls
created by artisans to look like individual girls ages 3-12. "This year, we're
debuting matching girl and doll bracelets with collectible, themed charms
based on the popular activities featured in our catalog," said Craig Currie,
vice president of My Twinn. They also personalize each doll with the customer's choice of skin
tone, eye color, hair color and hair length.

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Scripps Company.01) $ (0.