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LeapFrog Reports Full Year 2010 Net Sales Increase 14%, Returns to Profitability

EMERYVILLE, Calif. Feb. 10, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20090219/LFLOGO

Highlights of full year 2010 results compared to full year 2009 results:

  • $433 million
  • the United States
  • $8 million $16 million
  • $0.08 $0.12 $8 million $0.12 $0.24
  • dollars(1) January 1, 2011 January 2, 2010

(1) Please see Retail Point-of-Sale Dollars below for an explanation of this operating metric.

Bill Chiasson

"We expect profits to continue to increase in 2011 and beyond. We have a very strong brand and a portfolio of products that are made even better with our unique online capabilities.  Specifically, our products are strategically designed to be a part of our Learning Path ecosystem, which now has 7 million connected consumers, compared to 3 million a year ago, that we can directly communicate with in a personalized manner," continued Mr. Chiasson.

Full Year 2010 Financial Results

Net Sales

$433 million $380 million

the United States $344 million $307 million $88 million $73 million

Gross Profit

$179 million $158 million

Operating Income

$8 million $16 million

Fourth Quarter 2010 Financial Results

Net Sales

$190 million $189 million

the United States $152 million $156 million $38 million $33 million

Gross Profit

$86 million $83 million

Operating Income

$27 million

Mark Etnyre $19 million $90 million

Guidance

Mark Etnyre December 2010

"On the earnings front, we expect significant earnings growth as a result of continued disciplined expense management and additional operating efficiencies.  That said, we remain committed to investing in research and development to fund innovation and strengthen our product pipeline," continued Mr. Etnyre.

$0.15 $0.20

Conference Call and Webcast

February 10, 2011 2:00 p.m. Pacific Time 5:00 p.m. Eastern Time www.leapfroginvestor.com

Description of Retail Point-of-Sale Dollars

January 1, 2011 January 2, 2010

About LeapFrog

the United States Emeryville, California

Forward-Looking Statements

February 22, 2010 November 2 December 31, 2010 February 2011

Contact Information

Investors:

Media:

Karen Sansot

Rebecca Weill

Investor Relations

Media Relations

(510) 420-4803

(510) 596-5468

LeapFrog Enterprises, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2010

2009

2010

2009

Net sales

$

189,790

$

188,637

$

432,564

$

379,834

 Cost of sales

103,981

105,244

253,590

221,827

    Gross profit

85,809

83,393

178,974

158,007

Operating expenses:

 Selling, general and administrative

18,009

19,567

75,566

81,702

 Research and development

8,790

8,081

35,106

34,981

 Advertising

29,533

25,722

49,314

39,331

 Depreciation and amortization

2,680

2,386

11,183

10,406

    Total operating expenses

59,012

55,756

171,169

166,420

    Income (Loss) from operations

26,797

27,637

7,805

(8,413)

Other income (expense):

 Interest income

27

123

203

556

 Interest expense

(201)

(30)

(243)

(60)

 Other, net

(586)

(347)

(1,790)

(1,959)

    Total other expense

(760)

(254)

(1,830)

(1,463)

   Income (Loss) before income taxes

26,037

27,383

5,975

(9,876)

Provision for (Benefit from) income taxes

742

(2,049)

1,030

(7,188)

   Net income (loss)

$

25,295

$

29,432

$

4,945

$

(2,688)

Net income (loss) per share:

  Class A and B – basic

$

0.39

$

0.46

$

0.08

$

(0.04)

  Class A and B – diluted

$

0.38

$

0.46

$

0.08

$

(0.04)

Weighted average shares outstanding:

 Class A and B – basic

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