LEAPFROG ENTERPRISES LOGOLeapFrog Enterprises Inc. recently announced financial results for the fiscal fourth quarter and full year 2015. The company’s fiscal year covers the twelve-month period ending March 31.

Consolidated net sales were $339.1 million, down 36 percent. U.S. segment net sales were down 37 percent, and international segment net sales were down 33 percent.

For the fourth fiscal quarter ended March 31, net sales were $33.9 million, down 40 percent compared to $56.9 million last year, and included a 1 percent negative impact from changes in currency exchange rates. In the U.S. segment, net sales were $25.3 million, down 35 percent compared to $39.1 million last year. In the International segment, net sales were $8.6 million, down 51 percent compared to $17.7 million last year, and included a 5 percent negative impact from changes in currency exchange rates.

Full-year 2015 net sales were $339.1 million, down 36 percent compared to $527.6 million last year, and included a 1 percent negative impact from changes in currency exchange rates. Net sales declined primarily due to decreased consumer demand for our LeapPad line and associated content, later than planned shipment and promotion of LeapTV and higher than desired inventory levels at retail stores. Net sales were also impacted by the very challenging retail and promotional environment. In the U.S. segment, net sales were $232.7 million, down 37 percent compared to $368 million last year. In the International segment, net sales were $106.4 million, down 33 percent compared to $159.5 million last year, and included a 2 percent negative impact from changes in currency exchange rates.

Net loss per basic and diluted share was $3.12 and included a net non-cash charge of $0.22 per share for goodwill impairment, $0.52 per share for impairment of long-lived assets and $1.30 per share for additional deferred tax asset valuation allowance. In the prior year period, net income per diluted share was $1.07 and included $0.89 per share non-cash benefit from the reduction of deferred tax asset valuation allowance.

Adjusted net loss per basic and diluted share, which excludes goodwill impairment, impairment of long-lived assets, and the deferred tax asset valuation allowance adjustment, was $1.08, compared to adjusted net income per diluted share of $0.18 a year ago.

Cash and cash equivalents were $127.2 million as of March 31, down 45 percent compared to $232 million as of March 31 of last year.