LeapFrog 2002 Annual Report Download - page 73

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LEAPFROG ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Year Ended December 31,
2002 2001 2000
Net sales ............................................... $ 531,772 $ 314,243 $ 160,128
Cost of sales ............................................ 259,740 169,598 91,847
Grossprofit ............................................. 272,032 144,645 68,281
Operating expenses:
Selling, general and administrative ....................... 80,915 55,519 33,288
Research and development ............................. 54,405 38,376 16,027
Advertising ......................................... 56,722 30,124 16,371
Depreciation and amortization .......................... 8,639 4,191 2,463
Total operating expenses ................................... 200,681 128,210 68,149
Income from operations ................................... 71,351 16,435 132
Interest expense ...................................... (823) (2,889) (1,151)
Interest income ...................................... 694 613 715
Otherincome(expense) ............................... 1,051 294 (297)
Income (loss) before provision for income taxes
and equity losses ....................................... 72,273 14,453 (601)
Equity losses in investment in affiliate ........................ — — (1,681)
Income (loss) before provision for income taxes ................ 72,273 14,453 (2,282)
Provision (benefit) for income taxes .......................... 28,829 4,784 (23)
Netincome(loss) ........................................ $ 43,444 $ 9,669 $ (2,259)
Net income (loss) per common share—
Basic ................................................ $ 1.09 $ 0.29 $ (0.07)
Net income (loss) per common share—
Diluted ............................................... $ 0.86 $ 0.25 $ (0.07)
Shares used in calculating net income (loss)
per common share—basic ................................ 39,694,538 33,449,009 32,462,387
Shares used in calculating net income (loss)
per common share—diluted .............................. 50,743,842 38,469,996 32,462,387
See accompanying notes.
F-4