<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


(Mark One)

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 1999

                                       OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission file number 1-8681

                          RUSS BERRIE AND COMPANY, INC.
             (Exact name of registrant as specified in its charter)

          New Jersey                                     22-1815337
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)

  111 Bauer Drive, Oakland, New Jersey                     07436
(Address of principal executive offices)                 (Zip Code)

                                 (201) 337-9000
              (Registrant's telephone number, including area code)

________________________________________________________________________________
   (Former name, former address and former fiscal year, if changed since last
                                     report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

            CLASS                                     OUTSTANDING AT MAY 5, 1999
Common stock, $0.10 stated value                             21,238,089
<PAGE>   2
                          RUSS BERRIE AND COMPANY, INC.

                                      INDEX



                                                                           PAGE
PART I - FINANCIAL INFORMATION                                            NUMBER

     Item 1. Financial Statements
 
             Consolidated Balance Sheet as of March 31, 1999
             and December 31, 1998                                             3

             Consolidated Statement of Income for the three months
             ended March 31, 1999 and 1998                                     4

             Consolidated Statement of Cash Flows for the three
             months ended March 31, 1999 and 1998                              5

             Notes to Interim Consolidated Financial Statements          6 and 7

     Item 2. Management's Discussion and Analysis of Financial
             Condition and Results of Operations                          8 - 12


PART II - OTHER INFORMATION

     Item 6. Exhibits and Reports on Form 8-K                                 13

             Signatures                                                       14


                                        2
<PAGE>   3
PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                 RUSS BERRIE AND COMPANY, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                              (UNAUDITED) 
                                                         MARCH 31,   DECEMBER 31,
ASSETS                                                     1999         1998            
                                                         ---------    ---------
<S>                                                      <C>         <C>
Current assets
  Cash and cash equivalents ..........................   $  57,238    $  73,064
  Marketable securities ..............................     149,971      152,759
  Accounts receivable, trade, less allowances of
     $3,045 in 1999 and $2,722 in 1998 ...............      64,451       54,861
  Inventories - net ..................................      36,548       45,201
  Prepaid expenses and other current assets ..........       2,881        3,006
  Deferred income taxes ..............................       5,421        5,325
                                                         ---------    ---------
           TOTAL CURRENT ASSETS ......................     316,510      334,216

Property, plant and equipment - net ..................      35,943       35,340
Other assets .........................................       8,958        8,900
                                                         ---------    ---------
           TOTAL ASSETS ..............................   $ 361,411    $ 378,456
                                                         =========    =========
LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
  Accounts payable ...................................   $   3,633    $   4,249
  Accrued expenses ...................................      22,312       23,067
  Accrued income taxes ...............................      10,794        7,205
                                                         ---------    ---------
           TOTAL CURRENT LIABILITIES .................      36,739       34,521

Commitments and contingencies
Shareholders' equity
  Common stock: $.10 stated value; authorized
    50,000,000 shares; issued 1999, 25,249,037
    shares; 1998, 25,202,261 shares ..................       2,525        2,520
  Additional paid in capital .........................      59,366       58,553
  Retained earnings ..................................     339,158      331,727
  Accumulated other comprehensive (loss) .............      (1,375)        (511)
  Treasury stock, at cost (4,031,414 shares at
    March 31, 1999 and 2,957,214 shares at
    December 31, 1998) ...............................     (75,002)     (48,354)
                                                         ---------    ---------
           TOTAL SHAREHOLDERS' EQUITY ................     324,672      343,935
                                                         ---------    ---------
           TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY    $ 361,411    $ 378,456
                                                         =========    =========
</TABLE>

    THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE CONSOLIDATED FINANCIAL
                                   STATEMENTS.


                                        3
<PAGE>   4
                 RUSS BERRIE AND COMPANY, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENT OF INCOME
                  (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)


<TABLE>
<CAPTION>
                                                                (UNAUDITED)
                                                             THREE MONTHS ENDED
                                                                 MARCH 31,
                                                             1999         1998  
                                                            -------      -------
<S>                                                         <C>          <C>    
Net sales ............................................      $75,403      $74,636
Cost of sales ........................................       30,277       32,737
                                                            -------      -------
  GROSS PROFIT .......................................       45,126       41,899

Selling, general and administrative expense ..........       28,768       29,859

Investment and other income-net ......................        2,022        3,176
                                                            -------      -------
   INCOME BEFORE TAXES ...............................       18,380       15,216

Provision for income taxes ...........................        6,546        5,283
                                                            -------      -------
NET INCOME ...........................................      $11,834      $ 9,933
                                                            =======      =======
NET INCOME PER SHARE:
      Basic ..........................................      $   .54      $   .45
                                                            =======      =======
      Diluted ........................................      $   .53      $   .44
                                                            =======      =======
</TABLE>

    THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE CONSOLIDATED FINANCIAL
                                   STATEMENTS.


                                        4
<PAGE>   5
                 RUSS BERRIE AND COMPANY, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                     (UNAUDITED)
                                                                  THREE MONTHS ENDED
                                                                      MARCH 31,
                                                                   1999        1998
                                                                 --------    --------
<S>                                                              <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income ...................................................   $ 11,834    $  9,933
Adjustments to reconcile net income to net cash
  provided by operating activities:
    Depreciation .............................................        718         602
    Amortization of intangible assets ........................         30          30
    Provision for accounts receivable reserves ...............        597         595
    Deferred income taxes ....................................        106         109
    Net (gain) loss from sale or disposal of fixed assets ....        163         (26)
    Changes in assets and liabilities:
          Accounts receivable ................................    (10,188)    (11,734)
          Inventories - net ..................................      8,653       8,451
          Prepaid expenses and other current assets ..........        123        (686)
          Other assets .......................................        (87)         31
          Accounts payable ...................................       (616)       (239)
          Accrued expenses ...................................       (754)     (1,211)
          Accrued income taxes ...............................      3,389      (2,708)
                                                                 --------    --------
            Total adjustments ................................      2,134      (6,786)
                                                                 --------    --------
                   Net cash provided by operating activities .     13,968       3,147

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of marketable securities ............................    (11,689)    (71,763)
Proceeds from sale of marketable securities ..................     14,246      49,125
Proceeds from sale of fixed assets ...........................         18         139
Capital expenditures .........................................     (1,652)     (2,305)
Net proceeds from sale of discontinued operations ............         --       1,313
                                                                 --------    --------
                   Net cash provided by (used in)
                     investing activities ....................        923     (23,491)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuance of common stock .......................        818       3,612
Dividends paid to shareholders ...............................     (4,403)     (4,212)
Purchase of treasury stock ...................................    (26,648)       (948)
                                                                 --------    --------
                   Net cash (used in) financing activities ...    (30,233)     (1,548)
Effect of exchange rates .....................................       (484)        468
                                                                 --------    --------

Net (decrease) in cash and cash equivalents ..................    (15,826)    (21,424)
Cash and cash equivalents at beginning of period .............     73,064      93,443
                                                                 --------    --------
Cash and cash equivalents at end of period ...................   $ 57,238    $ 72,019
                                                                 ========    ========
CASH PAID DURING THE PERIOD FOR:

     Interest ................................................   $     35    $     46
     Income taxes ............................................   $  2,671    $  7,992
</TABLE>

    THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE CONSOLIDATED FINANCIAL
                                   STATEMENTS.


                                        5
<PAGE>   6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - INTERIM CONSOLIDATED FINANCIAL STATEMENTS


The accompanying unaudited interim consolidated financial statements have been
prepared by Russ Berrie and Company, Inc. and Subsidiaries (the "Company") in
accordance with generally accepted accounting principles for interim financial
reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.
Accordingly, certain information and footnote disclosures normally included in
financial statements prepared under generally accepted accounting principles
have been condensed or omitted pursuant to such principles and regulations. The
information furnished reflects all adjustments which are, in the opinion of
management, necessary for a fair presentation of the Company's financial
position, results of operations and cash flows for the interim periods
presented. Results for interim periods are not necessarily an indication of
results to be expected for the year.

This report on Form 10-Q for the three months ended March 31, 1999 should be
read in conjunction with the Company's annual report on Form 10-K for its year
ended December 31, 1998. Certain prior year amounts have been reclassified to
conform with current year's presentation.

Investment and other income-net for the three months ended March 31, 1998
includes income of $1,828,000 before tax or $1,152,000 ($0.05 per share) after
tax for the completion of a transitional agreement related to the sale of the
Company's subsidiary Papel/Freelance, Inc.

NOTE 2 - EARNINGS PER SHARE

A reconciliation of weighted average common shares outstanding to weighted
average common shares outstanding assuming dilution is as follows:

<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED MARCH 31,
                                                             1999         1998     
                                                          ----------   ----------
<S>                                                       <C>          <C>       
Average common shares outstanding ....................    22,008,000   22,135,000
Dilutive effect of common shares issuable (1) ........       158,000      273,000
                                                          ----------   ----------
Average common shares outstanding assuming dilution ..    22,166,000   22,408,000
                                                          ==========   ==========
</TABLE>

(1) Issuable under stock option plans.

The Notes to these consolidated financial statements reflect basic earnings per
share unless otherwise stated or indicated.

NOTE 3 - DIVIDENDS

Cash dividends of $4,403,005 ($0.20 per share) were paid on March 15, 1999 to
shareholders of record of the Company's Common Stock on March 1, 1999. Cash
dividends of $4,211,952 ($0.19 per share) were paid in the three month period
ended March 31, 1998.


                                       6
<PAGE>   7
NOTE 4 - COMPREHENSIVE INCOME

Effective January 1, 1998, the Company adopted the provisions of Statement No.
130, Reporting Comprehensive Income, which modifies the financial statement
presentation of comprehensive income and its components.

Comprehensive income, representing all changes in Shareholders' equity during
the period other than changes resulting from issuance or repurchase of the
Company's common stock and payment of dividends, is reconciled to net income for
the three months ended March 31, 1999 and 1998 as follows:

<TABLE>
<CAPTION>
                                                                1999             1998      
                                                             ------------    ------------
<S>                                                          <C>             <C>         
Net income ...............................................   $ 11,834,000    $  9,933,000
Other comprehensive income (loss), net of taxes
      Foreign currency translation adjustments ...........     (1,577,000)       (536,000)
      Net unrealized gain on securities available-for-sale        202,000         186,000
                                                             ------------    ------------
Other comprehensive (loss) ...............................     (1,375,000)       (350,000)
                                                             ------------    ------------

Comprehensive income .....................................   $ 10,459,000    $  9,583,000
                                                             ============    ============
</TABLE>

NOTE 5 - PENDING ACCOUNTING CHANGE

In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities" (SFAS 133) which establishes accounting and reporting
standards requiring that every derivative instrument (including certain
derivative instruments embedded in other contracts) be recorded in the balance
sheet as either an asset or liability measured at its fair value. SFAS 133
requires that changes in the derivative's fair value be recognized currently in
earnings unless specific hedge accounting criteria are met. Special accounting
for qualifying hedges allows a derivative's gains and losses to offset related
results on the hedged item in the income statement, and requires that a company
must formally document, designate, and assess the effectiveness of transactions
that receive hedge accounting.

SFAS 133 is effective for fiscal years beginning after June 15, 1999. A company
may also implement SFAS 133 as of the beginning of any fiscal quarter after
issuance (that is, fiscal quarters beginning June 16, 1998 and thereafter). SFAS
133 cannot be applied retroactively. SFAS 133 must be applied to (a) derivative
instruments and (b) certain derivative instruments embedded in hybrid contracts
that were issued, acquired, or substantively modified after December 31, 1997
(and, at the Company's election, before January 1, 1998).

The Company has not yet quantified the impacts of adopting SFAS 133 on the
financial statements and has not determined the timing of or method of adoption,
however, such adoption could increase volatility in earnings and other
comprehensive income.


                                        7
<PAGE>   8
ITEM 2.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1998

The Company's net sales for the three months ended March 31, 1999 were
$75,403,000 compared to $74,636,000 for the three months ended March 31, 1998.
This represents an increase of $767,000 or 1.0 %. Net sales in the quarter ended
March 31, 1999 reflect the continued positive response of customers to the
Company's product line focusing on coordinated themes of product offerings while
the Company has become more account-driven, selling its products line, in depth,
to fewer customers with a reduced salesforce.

Cost of sales were 40.2% of net sales for the three months ended March 31, 1999
compared to 43.9% for the same period in 1998. This percentage decrease
primarily reflects higher gross profit margins on sales of certain of the
Company's product line concepts and the successful efforts to manage inventory
levels, resulting in a reduced need to effect sales through other than normal
distribution channels and lower provisions required for inventory.

Selling, general and administrative expense was $28,768,000 or 38.2% of net
sales for the three months ended March 31, 1999 compared to $29,859,000 or 40.0%
of net sales for the three months ended March 31, 1998, a decrease of $1,091,000
or 3.7% compared to the prior year. This decrease is due primarily to lower
costs of the reduced salesforce and realization of cost savings from the closing
of its Petaluma, California administrative operations.

Investment and other income of $2,022,000 for the three months ended March 31,
1999 compares to $3,176,000 for the three months ended March 31, 1998. Included
in investment and other income for the three months ended March 31, 1998 is
income of $1,828,000 for the completion of a transitional agreement related to
the sale of the Company's subsidiary, Papel/Freelance, Inc. Excluding the income
from this transitional agreement, investment and other income increased
$674,000. This increase can be primarily related to increased investment income
attributable to the Company's investment portfolio resulting from higher
investment balances.

The provision for income taxes as a percent of income before taxes for the three
months ended March 31, 1999 was 35.6% compared to 34.7% in the same period in
the prior year.

Net income for the three months ended March 31, 1999 of $11,834,000 compares to
net income of $9,933,000 for the same period last year. Included in the results
for the three months ended March 31, 1998 is income of $1,152,000, after tax,
for the completion of a transitional agreement related to the sale of the
Company's subsidiary Papel/Freelance, Inc. Excluding the income from this
transitional agreement, net income from operations increased $3,053,000 or
34.8%. This increase is attributed to the slight increase in net sales, improved
gross profit margins, the decrease in selling, general and administrative
expense and increased investment income.


                                        8
<PAGE>   9
YEAR 2000 COMPLIANCE

The Company is dependent upon Information Technology (IT) systems in many
aspects of its business and relies upon third parties who are also dependent on
IT systems. Many existing IT programs use only two digits to identify a year in
the date field and were designed and developed without considering the impact of
the upcoming Year 2000. If not corrected or replaced, many computer applications
could fail or create inaccurate results by or at the Year 2000 or in
computations utilizing the date field (i.e. read the year 2000 as 1900 or
something else). The Company has a program (Year 2000 Program) underway, more
fully described below, intended to timely identify, mitigate and/or prevent the
adverse effects of the Year 2000 issue through an analysis of its own IT and
non-IT systems, and to pursue the Year 2000 compliance of its critical
third-party relationships.

STATE OF READINESS:

The Company has completed a comprehensive review of its IT systems and is still
analyzing its non-IT systems and critical third-party relationships to identify
those that may be affected by the Year 2000 issue. The Company's current Year
2000 status is as follows:

-     The Company has undertaken a project to implement a new packaged computer
      software system for the global organization. The new enterprise-wide
      system will replace the current custom and packaged software that the
      Company utilizes to operate and manage its business. Improvements in the
      Company's operational efficiency are expected. The new enterprise software
      system is Year 2000 compliant and the Company has obtained Year 2000
      warranties or certifications from the major software suppliers involved
      with its new computer system. The implementation is expected to be
      completed by the end of the second quarter of 1999 for the Company's
      domestic operations and by the end of 1999 for the Canadian and European
      operations. The Company's Far East operations have modified its legacy
      systems and are expected to complete the installation and testing of Year
      2000 Compliance by the end of the second quarter of 1999. Certain of the
      Company's domestic information will continue to be analyzed and certain
      historical information will be maintained using portions of the Company's
      current legacy systems which are being modified and tested to become Year
      2000 compliant.

-     The Company has developed a process for analyzing its non-IT systems and
      critical third-party relationships for Year 2000 compliance and expects to
      complete substantially all of such analysis by the end of the second
      quarter of 1999. The Company has inquired as to the Year 2000 readiness of
      each of such parties determined by management to be critical or important
      to the Company's business and is seeking certifications of Year 2000
      compliance from them. The Company will continue to pursue such Year 2000
      compliance certification from each critical third-party relationship and,
      if necessary, begin its contingency plan of identifying alternative goods
      or service providers that are able to certify Year 2000 compliance.
      Despite the Company's specific efforts with respect to non-IT systems and
      critical third-party relationships, there is no absolute assurance that
      Year 2000 risks from non-IT systems and critical third-party relationships
      will be completely eliminated and will, therefore, not have a material
      adverse effect on the Company's operations and financial condition.


                                        9
<PAGE>   10
COST:

The total cost of the project including hardware, packaged software and project
implementation is expected to be approximately $20,000,000 including the
Company's foreign operations. Hardware, software and certain project costs will
be capitalized as fixed assets and amortized over their useful lives. The
remainder of the costs will be expensed as incurred.

At March 31, 1999, approximately $16,200,000 has been incurred of which
$10,200,000 and $6,000,000 have been capitalized and expensed, respectively. All
historical and future costs have been and will continue to be funded out of
existing cash and cash flows from operations.

RISKS:

The inability of IT and non-IT systems, in general, to accommodate dates after
1999 may cause disruptions throughout the world in the telecommunication,
banking, credit card, transportation, utility, manufacturing, and other
industries, as well as, many governmental services. If such disruptions occur,
it is possible they could have a material adverse effect on businesses in
general and on the Company in particular.

Based upon currently available information, management believes that the Company
will meet its compliance goals with respect to its IT systems and does not
anticipate that the cost of effecting Year 2000 compliance, in excess of that
described above, will have a material impact on the Company's financial
condition, results of operations or liquidity. Nevertheless, achieving Year 2000
compliance is dependent upon many factors, some of which are not completely
within the Company's control. Should either the Company's internal IT or non-IT
systems or the internal systems of one of more of its critical third-party
relationships, or their critical third-party relationships, fail to achieve Year
2000 compliance, there could be a material adverse effect on the Company's
business and its results of operations.

Since the Company has not completed the data gathering phase, with respect to
non-IT systems and critical third parties, of its Year 2000 Program, it cannot
yet quantify the costs, if any, that may be required to remedy those non-IT
systems or incurred in identifying and switching to compliant third parties, if
necessary. The Company does rely heavily on numerous, foreign manufacturers with
approximately 88% of its inventory purchases being produced in the Far East. The
Company is currently assessing the status of such manufacturers and their
dependence upon IT or non-IT systems, which it expects to complete by the end of
the second quarter of 1999. There is no absolute assurance that the Company's
business operations will not be disrupted if certain of these manufacturers are
unable to timely deliver product to the Company in the Year 2000; however,
during 1998 no individual supplier accounted for more than 9% and the five
largest suppliers in the aggregate did not account for more than 32% of the
Company's purchases.

CONTINGENCY PLANS:

The Company has certain contingency options that are available in the event its
Year 2000 Program for internal IT is not successful. If the Company cannot be
assured during the second quarter of 1999, that the worldwide implementation of
its enterprise-wide system, will be completed in the required timeframe, the
Company will make a decision whether to complete the modifications already begun
of its current legacy systems to become compliant. The Company estimates that
the incremental effort to complete further evaluation, make the necessary
modifications of active programs, and test and implement such changes would be
completed by the end of the third quarter of 1999.


                                       10
<PAGE>   11
If the Company determines that either its non-IT systems or critical third-party
relationships will not be compliant, it will either obtain alternative non-IT
systems, or in the case of third parties, switch to other vendors or suppliers
which are Year 2000 compliant, if necessary.

While there are no contingency plans that cover every possible failure, the
Company intends to monitor and update its contingency plans and develop
additional potential solutions throughout the implementation of its Year 2000
Program. The Company is expending a significant amount of effort and resources
towards its Year 2000 Program; however, based upon the risks previously
identified, there is no absolute assurance that Year 2000 risks will not have a
material adverse effect on the Company's operations and financial condition
regardless of the efforts of its Year 2000 Program and various contingency
plans.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 1999, the Company had cash and cash equivalents and marketable
securities of $207,209,000 compared to cash and cash equivalents and marketable
securities of $225,823,000 at December 31, 1998.

Working capital requirements during the three months ended March 31, 1999 were
met entirely through internally generated funds. The Company remains in a highly
liquid position and believes that the resources available from investments,
operations and bank lines of credit are sufficient to meet the foreseeable
requirements of its business.

At March 31, 1999, the Company had marketable securities of $149,971,000. These
investments consist of U.S. government obligations, municipal obligations and
preferred stock. The objective of the investment portfolio is to maximize after
tax returns while minimizing risk.

The Company's portfolio of preferred securities investments are subject to
market fluctuations based largely, but not exclusively, on the securities'
sensitivity to changes in interest rates. By maintaining an economic hedge
consisting of government futures contracts and options, the Company seeks to
reduce interest rate related risk. The portfolio of preferred securities and
futures contracts and options position are intended to produce offsetting
capital gains and losses as interest change.

The Company enters into forward exchange contracts and currency options,
principally to serve as economic hedges of the currency risk associated with the
purchase of inventory and the repayment of intercompany loans by its European
and Canadian operations. Gains and losses, related to contracts accounted for as
hedges, are reported as a component of the related transactions. The Company
does not anticipate any material adverse impact on its results of operations or
financial position from these contracts.

In January 1999, the Board of Directors authorized the Company to repurchase an
additional 1,000,000 shares of common stock for a total authorization of
5,000,000 shares. During the three months ended March 31, 1999, the Company
repurchased 1,074,200 shares for $26,648,000. As of March 31, 1999, 4,025,300
shares have been repurchased since the beginning of the Company's stock
repurchase program in March, 1990.


                                       11
<PAGE>   12
FACTORS THAT MAY AFFECT FUTURE RESULTS AND FINANCIAL CONDITION

This filing of the Form 10-Q contains forward-looking statements. Additional
written and oral forward-looking statements may be made by the Company from time
to time. The Private Securities Litigation Reform Act of 1995 provides a
safe-harbor for forward-looking statements. The Company cautions readers that
results predicted by forward-looking statements, including, without limitation,
those relating to the Company's future business prospects, revenues, working
capital, liquidity, capital needs, interest costs, and income are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those indicated in the forward-looking statements. Specific
risks and uncertainties include, but are not limited to, the Company's ability
to continue to manufacture its products in the Far East, the seasonality of
revenues, the actions of competitors, ability to increase production capacity,
price competition, the effects of government regulation, possible delays in the
introduction of new products, customer acceptance of products, the possible
effects of Year 2000 issues and other factors.


                                       12
<PAGE>   13
PART II - OTHER INFORMATION


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

      a)    Documents filed as part of this Report.

            27.1 Financial Data Schedule.

      b)    During the quarter ended March 31, 1999, no reports on Form 8-K were
            filed.


                                       13
<PAGE>   14
                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15 (d) 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.


                                        RUSS BERRIE AND COMPANY, INC.
                                                (Registrant)



      5/14/99                           By /s/ Eric R. Lohwasser
---------------------                   -------------------------------
       Date                             Eric R. Lohwasser
                                        Vice President - Finance,
                                        Chief Financial Officer


                                       14