NEW YORK (TheStreet) -- Shares of LeapFrog Enterprises Inc. (LF) are lower by 12.15% to $4.77 on heavy volume in late morning trading on Tuesday, as the stock continues a slump it started in after-hours trading on Monday, following its fiscal 2015 second quarter earnings results.
The children's educational products maker said net income for the most recent quarter was a loss of $2 million, or a loss of 3 cents per diluted share, compared to a profit of $26.4 million, or 37 cents per diluted share for the fiscal 2014 second quarter.
LeapFrog's total net sales fell by 43% to $113.6 million versus $201 million for the same period last year.
"Our business year-to-date has been negatively impacted by the significant retail inventory carry-over of tablets from Holiday 2013, the planned later launch of our major new products compared to last year, many of our retail partners around the world running far tighter inventories this year and retail sales softness in some of our key product categories," said company CEO John Barbour.
For the full 2015 fiscal year LeapFrog is expecting to report net sales between $450 million and $470 million, compared to the $528 million reported for the full 2014 fiscal year.
Full year fiscal 2015 net loss per share is forecast to be between 13 cents and 25 cents, compared to the $1.07 per diluted share reported for the previous fiscal year.