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UPDATE 1-LeapFrog sales beat Street as demand for new products jumps
November 5, 2012 / 10:06 PM / 5 years ago

UPDATE 1-LeapFrog sales beat Street as demand for new products jumps

* Third-quarter adjusted profit/share $0.40 - I/B/E/S

* Analysts expected profit/share $0.42

* Sales $193.1 mln vs estimates $174.2 mln

* Raises full-year earnings/share view to $0.75-$0.81

* Shares rise 8 pct in extended trading

Nov 5 (Reuters) - Children’s toy maker LeapFrog Enterprises Inc’s third-quarter sales trumped market expectations as it sold more of its new products, prompting the company to raise its full-year forecast.

Shares of the company, known for its interactive reading systems, educational games, books and learning toys, rose 8 percent in trading after the bell. The stock closed at $9.57 on Monday on the New York Stock Exchange.

Net sales for the full year are now expected to be between $535 million and $550 million, up 18 to 21 percent from a year earlier.

The company had previously forecast a 13 to 15 percent jump in full-year sales.

Its profit rose to $41.7 million, or 60 cents per share, for the quarter ended Sept. 30, from $23 million, or 35 cents per share, a year earlier.

Excluding items, the company earned 40 cents per share, according to Thomson Reuters I/B/E/S. Analysts on average had expected 42 cents.

Net sales rose 28 percent to $193.1 million, driven by sales of its new products and high demand for the LeapPad line, the company said. Analysts on average had expected $174.2 million.

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