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million on sales of $58.3 million in the first A year ago the Emeryvillercompany (NYSE: LF) lost $30.2 millionn on sales of $60.9 millionn in the first quarter. LeapFrog spent less on advertising -- $4.5 millionm in the most recent quarter vs. $5.6 millio last year -- and also cut its R&D cost s by $2.5 million to $12.1 million for the "We entered 2008 expecting the first half tobe weak," said Jeffrey Katz, the company's CEO and Katz, a former CEO of travel company and of , has had the top jobs at LeapFrot since July 2006. His salary last year was $604,550p and his total compensationwas $4.
2 Bill Chiasson, LeapFrog's chief financial officer, said "Overall, we met our expectationds for the quarter." His salary was $309,550 last year and his totalk compensation was $1 million. LeapFrog's annual stockholder s meeting is June 5 at its head officsin Emeryville. On the agenda is a board-approved "optioh exchange program" that will let employees and CEO Katz trade in optiona with exercise prices significantlyy higher than the currentt priceof LeapFrog's stock, which closed at $8.9 a share on Its 52-week range is $4.95 to while the weighted average price of outstanding optionxs was $12.76 last month.
The deal will give employeeas new options to buy fewer shareds but at alower price.
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