On Tuesday, LeapFrog Enterprises Inc. announced its financial results for the first quarter of fiscal year 2016. The company’s fiscal year covers the twelve-month period ending March 31 of next year.
For the quarter ended June 30 compared to the quarter ended June 30 of last year, consolidated net sales were $38.7 million, down 18 percent compared to $47 million last year, and included a 2 percent negative impact from changes in currency exchange rates. In the U.S. segment, net sales were $28 million, down 9 percent compared to $30.7 million last year. In the International segment, net sales were $10.6 million, down 35 percent compared to $16.3 million last year, and included a 7 percent negative impact from changes in currency exchange rates.
Operating expenses for the first fiscal quarter were $34.3 million, down 1 percent compared to $34.5 million last year. Prior year operating expenses included a $1.1 million reversal of prior-period incentive compensation accruals that was not repeated in the current quarter. Loss from operations was $27.1 million, up $1.4 million, or 5 percent, from the prior period loss of $25.7 million due to sales declines.
Net loss for the first fiscal quarter was $27.3 million, or $0.39 per basic and diluted share, and included a tax benefit of $0.2 million. A prior-year net loss of $16.4 million, or $0.23 per basic and diluted share, included a tax benefit of $9.7 million, or $0.14 per basic and diluted share.
LeapFrog’s cash and cash equivalents were $88.2 million as of June 30, compared to $199.2 million a year ago.
