LeapFrog 2005 Annual Report Download - page 92
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LEAPFROG ENTERPRISES, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share and percent data)
At December 31, 2004, the Company had short-term restricted cash of $8,418. Restricted cash consisted of
cash used to collateralize irrevocable standby letters of credit to several of its contract manufacturers and one
technology partner. The standby letters of credit guaranteed performance of the obligations of certain of its
foreign subsidiaries to pay for trade payables and contractual obligations. The letters of credit, relating to the
2004 restricted cash, were cancelled during the first quarter of 2005, and the related cash collateral classified in
“restricted cash” in the Company’s balance sheet at December 31, 2004 was released.
6. Inventories
Inventories consisted of the following:
December 31,
2005 2004
Raw materials .......................................... $ 31,954 $ 40,088
Work in process ......................................... 11,220 6,058
Finished goods .......................................... 150,629 103,121
Allowances ............................................ (24,731) (18,078)
Inventories, net ..................................... $169,072 $131,189
At December 31, 2005 and 2004, the Company accrued liabilities for cancelled purchase orders totaling
$4,937 and $475, respectively.
7. Property and Equipment
Property and equipment consisted of the following:
December 31,
2005 2004
Tooling, cards, dies, and plates ............................. $26,969 $ 22,155
Computers and software ................................... 26,196 20,316
Capitalized content development ............................ 15,250 11,335
Capitalized website costs .................................. 8,256 7,089
Equipment, furniture and fixtures ............................ 6,140 5,752
Leasehold improvements .................................. 3,316 3,153
Capitalized video costs .................................... 2,213 2,379
Displays ............................................... — 602
88,340 72,781
Less: accumulated depreciation ............................. (64,523) (47,974)
Property and equipment, net ............................ $23,817 $ 24,807
Capital leases of $1,192 and $50 at December 31, 2005 and 2004, respectively, are included in equipment,
furniture, and fixtures. The accumulated amortization on capital leases was $132 and $25 at December 31, 2005
and 2004, respectively.
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