LeapFrog 2007 Annual Report Download - page 94
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LEAPFROG ENTERPRISES, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share and percent data)
Customer Concentration
A limited number of customers historically have accounted for a substantial portion of our gross sales. The
significant customers and the relative percentage of gross sales for these customers are approximately as follows:
Year Ended December 31,
2007 2006 2005
Wal-Mart ............................................................... 21% 26% 30%
Toys “R” Us ............................................................ 20% 20% 14%
Target .................................................................. 13% 16% 19%
Total ............................................................... 54% 62% 63%
Wal-Mart, Toys “R” Us and Target accounted for approximately 25%, 15% and 12%, respectively, of gross
accounts receivable at December 31, 2007. At December 31, 2006, Wal-Mart, Toys “R” Us and Target accounted
for approximately 34%, 19% and 27%, respectively, of gross accounts receivable.
13. Income Taxes
Income (loss) before taxes includes the following components:
Year Ended December 31,
In thousands 2007 2006 2005
Income (loss) before taxes:
United States ................................................... $(116,590) $ (83,630) $ (1,297)
Foreign ........................................................ 18,998 (34,851) 25,094
Total ...................................................... $ (97,592) $(118,481) $23,797
The income tax provision recognized in the consolidated statements of operations consists of the following:
Year Ended December 31,
In thousands 2007 2006 2005
Current:
Federal ........................................................ $ — $ — $(1,629)
State .......................................................... — — 609
Foreign ........................................................ 3,198 (172) 9,310
Total ...................................................... $3,198 $ (172) $ 8,290
Deferred:
Federal ........................................................ $2,140 $19,659 $ (230)
State .......................................................... 582 5,969 (1,378)
Foreign ........................................................ (2,197) 1,155 (385)
Total ...................................................... $ 525 $26,783 $(1,993)
Provision for income taxes ............................................ $3,723 $26,611 $ 6,297
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