LeapFrog 2004 Annual Report Download - page 109

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LEAPFROG ENTERPRISES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share and percent data)
24. Quarterly Financials — Unaudited
Certain amounts have been reclassified to conform to the presentation in the current year annual financial
statements.
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Year Ended
December 31,
(In thousands)
2004
Net sales ................................... $71,632 $ 80,814 $231,094 $256,749 $640,289
Gross profit ................................ 31,948 36,467 93,553 97,077 259,045
Income (loss) from operations .................. (19,246) (11,663) 30,639 (13,713) (13,983)
Net income (loss) ............................ (11,823) (7,407) 20,233 (7,531) (6,528)
Net income (loss) per common share:
Basic .................................. $ (0.20) $ (0.12) $ 0.34 $ (0.12) $ (0.11)
Diluted ................................ $ (0.20) $ (0.12) $ 0.33 $ (0.12) $ (0.11)
2003
Net sales ................................... $76,733 $ 68,030 $203,888 $331,361 $680,012
Gross profit ................................ 40,641 35,821 104,822 158,860 340,144
Income (loss) from operations .................. (3,542) (7,942) 52,581 68,361 109,458
Net income (loss) ............................ (969) (3,926) 33,404 44,166 72,675
Net income (loss) per common share:
Basic .................................. $ (0.02) $ (0.07) $ 0.58 $ 0.75 $ 1.27
Diluted ................................ $ (0.02) $ (0.07) $ 0.55 $ 0.72 $ 1.20
25. Subsequent Events
In March 2005, the Company amended its lease agreement for the Company’s corporate offices in
Emeryville, California. The amendment to the lease extended the term of the lease agreement from January 31,
2006 to March 31, 2016. Payments totaling $20,000 are due over the term of the lease.
In the first quarter of 2005, the Company announced a restructuring of its workforce and a reduction of over
180 full-time employees.
F-30