Educational entertainment company LeapFrop (NYSE: LF ) announced its quarterly earnings today, and despite a "tough retail climate," in the words of CEO John Barbour, the company still managed to boost its quarterly net sales by 4%.
In the company's latest earnings statement, LeapFrog's success was attributed to shipments of new multimedia learning platforms launched in the summer, including several different models of the company's LeapPad.
In addition, LeapFrog reduced its quarterly operating expenses and, as a result, boosted its income from operations by 16% compared with this time last year. The company's net income took a 36% drop to $26.3 million, but it would have been higher than that of Q3 2012 if not for a $16.5 million provision for income taxes.
Looking ahead, Barbour believes LeapFrog is heading into the "all-important holiday season" equipped with "the best product offering we have ever had." He continued: "Our LeapPad tablets have been featured on most of the top toy lists for the holidays, and our great learning products continue to be recognized with many consumer and independent expert awards."