LeapFrog Announces Fourth Quarter, 2009 Results

LeapFrog has announced its fourth quarter financial results.  Net sales for the quarter were $188.6 million, a 36.9 percent increased compared to $137.8 million for the same quarter a year ago. The company attributes the increase in net sales to higher sales of interactive reading systems, software-based book and game content, and learning toy products.

Gross profit for the quarter was $83.4 million, up 73.2 percent compared to $48.1 million in 2008.

For the full year, net sales were $379.8 million, down 17.3 percent compared to $459.1 million in the prior year, which includes the negative impact from changes in currency exchange rates. The company attributes the net sales decline to high inventory levels at the end of 2008, which led to lower product shipments to retailers for the first three quarters of 2009.

Gross profit for the year was $158 million, down 12.9 percent compared to $181.5 million for 2008. The decline, says the company, is a result of lower sales, partially offset by a higher-margin product mix.

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