LeapFrog 2006 Annual Report Download - page 87
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LEAPFROG ENTERPRISES, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share and percent data)
5. Restricted Cash
At December 31, 2006, the Company had no restricted cash. At December 31, 2005, restricted cash was
$150 which cash was used to collateralize a single standby letter of credit to an insurance provider. The standby
letter of credit guaranteed expected claims under the Company’s commercial and general liability protection
policy.
6. Inventories
Inventories consisted of the following:
December 31,
2006 2005
Raw materials ........................................... $ 6,755 $ 31,954
Work in process ......................................... 8,093 11,220
Finished goods .......................................... 92,301 150,629
Allowances ............................................. (34,129) (24,731)
Inventories, net ...................................... $73,020 $169,072
At December 31, 2006 and 2005, the Company accrued liabilities for cancelled purchase orders totalling
$2,451 and $4,937, respectively.
7. Property and Equipment
Property and equipment consisted of the following:
December 31,
2006 2005
Tooling, cards, dies, and plates ............................. $ 29,425 $ 26,969
Computers and software .................................. 31,214 26,196
Capitalized content development ............................ 23,358 15,250
Capitalized website costs .................................. 9,115 8,256
Equipment, furniture and fixtures ........................... 7,080 6,140
Leasehold improvements .................................. 5,562 3,316
Capitalized video costs ................................... 2,213 2,213
107,967 88,340
Less: accumulated depreciation ............................. (80,173) (64,523)
Property and equipment, net ........................... $ 27,794 $ 23,817
Capital leases of $583 and $1,192 at December 31, 2006 and 2005, respectively, are included in equipment,
furniture, and fixtures. The accumulated amortization on capital leases was $397 and $132 at December 31, 2006
and 2005, respectively. The related capital lease obligation is reflected on the balance sheet in accrued liabilities
and deferred revenue.
F-15