LeapFrog 2013 Annual Report Download - page 50
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CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Years Ended December 31,
2013 2012 2011
Net sales ......................................... $553,615 $581,288 $455,140
Cost of sales ..................................... 337,565 336,344 268,988
Gross profit .................................... 216,050 244,944 186,152
Operating expenses:
Selling, general and administrative ...................... 86,232 89,599 77,984
Research and development ............................ 35,938 36,627 33,784
Advertising ...................................... 48,280 43,023 39,526
Depreciation and amortization ......................... 10,678 11,629 11,161
Total operating expenses .......................... 181,128 180,878 162,455
Income from operations ......................... 34,922 64,066 23,697
Other income (expense):
Interest income ................................... 68 241 136
Interest expense ................................... — (50) (259)
Other, net ....................................... (1,149) (2,309) (4,809)
Total other income (expense), net .................... (1,081) (2,118) (4,932)
Income before income taxes ...................... 33,841 61,948 18,765
Benefit from income taxes ............................. (50,168) (24,504) (1,137)
Net income .................................. $ 84,009 $ 86,452 $ 19,902
Net income per share:
Class A and B − basic ............................... $ 1.23 $ 1.29 $ 0.30
Class A and B − diluted .............................. $ 1.19 $ 1.24 $ 0.30
Weighted-average shares used to calculate net income per share:
Class A and B − basic ............................... 68,411 67,100 65,406
Class A and B − diluted .............................. 70,402 69,720 66,332
See accompanying notes
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