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Cobra Electronics Reports Higher Fourth Quarter Net Earnings

CHICAGO Feb. 25, 2011 $2.3 million $0.36 $1.8 million $0.27 $1.2 million $2.1 million $34.8 million $32.8 million $1.6 million $0.24 $10.3 million $8.4 million $1.59

Jim Bazet $1.8 million $797,000 $1.2 million $216,000

Eastern Europe

Mr. Bazet also noted that sales of three recently launched new products contributed to Cobra segment current quarter sales.  Cobra iRadar™ consists of the dash-mounted Cobra iRadar Detection Unit, a sleek, compact and powerful detector unit, combined with the Cobra iRadar app, which is available as a free download for the iPhone®.  Cobra PhoneLynx™ enables a cell phone to be linked via Bluetooth® wireless technology to a home telephone network, eliminating the need for a traditional landline.  The 7750 Platinum is Cobra’s newest truck navigation product with new features for the professional driver.  

Both segments contributed to the improvement in consolidated gross margin for the fourth quarter of 2010.  Cobra segment gross margin increased to 27.9 percent in the current quarter from 25.8 percent in the prior year’s quarter due to gross margin increases in the domestic and European businesses.  Domestically, the gross margin improvement resulted from both a more favorable product mix, reflecting strong growth in Citizens Band radio sales and gross margin because of a more favorable customer mix and sales of the 29 LX LE, and higher gross margin for two-way radios resulting from decreases in air freight expense and the cost of pricing programs that were required a year ago to maintain sales volume in the difficult economy.  Partially offsetting this improvement in domestic gross margin was a lower radar detection gross margin because of an unfavorable product mix as sales of lower price point, lower margin models increased at several major retailers.  European gross margin rose because of a favorable product mix, as the percentage of sales of radar detection, which is a high margin category, increased while the percentage of sales of PMR two-way radios, a low margin category, decreased.  PPL’s gross margin improved to 27.7 percent in the fourth quarter of 2010 from 26.0 percent in the fourth quarter of 2009 as air freight and royalty costs declined.

$7.8 million

$192,000 $353,000 $148,000

$180,000 $1.2 million

"As for the year, our return to profitability in 2010 reflects the successful efforts we’ve made in developing new and innovative products, expanding distribution both domestically and internationally and containing our selling, general and administrative expenses," said Mr. Bazet.

$5.3 million $110.5 million $105.2 million $2.5 million $2.8 million

$28.0 million $30.1 million

$1.8 million $3.7 million $5.5 million

$84,000 to $1.0 million $928,000 $91,000 $402,000 $1.1 million $168,000 $92,000 $349,000

$1.6 million $0.24 $10.3 million $1.59 $6.8 million $8.4 million $1.2 million $380,000

December 31, 2010 $18.0 million $17.9 million December 31, 2009 December 31, 2010 $1.1 million $1.4 million December 31, 2009 $27.6 million $26.2 million $22.0 million $22.1 million

In discussing the outlook for the first quarter of 2011, as well as the entire year, Mr. Bazet said, "The Company anticipates higher profitability in 2011 as we build on the momentum gained in 2010 through the introduction of new and innovative products and new and expanded distribution and marketing channels.  Moreover, we feel that the slowly improving global economy will favorably impact our business in 2011 as we continue to maintain our focus on containing expenses and managing working capital. The Company is likely to achieve better results in the first quarter of 2011 than in the prior year; however, a seasonal operating loss is likely."

February 25, 2011 11:00 a.m. EST http://www.cobra.com

About Cobra Electronics

http://www.cobra.com

Safe Harbor

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to risks and uncertainties. Actual results may differ materially from these expectations due to factors such as the acceptance of Cobra’s new and existing products by customers, the continued success of Cobra’s cost containment efforts and the continuation of key distribution channel relationships. Please refer to Cobra’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for a more detailed discussion of factors that may affect Cobra’s performance.                      

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts, unaudited)

For the Three Months Ended

For the Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

2010

2009

2010

2009

Net sales

$

34,818

$

32,768

$

110,520

$

105,229

Cost of sales

25,113

24,314

80,666

78,853

Gross profit

9,705

8,454

29,854

26,376

Selling, general and administrative expense

7,759

7,834

28,047

30,066

Earnings (loss) from operations

1,946

620

1,807

(3,690)

Other income (expense):

Interest expense

(247)

(313)

(1,012)

(928)

Other, net

457

265

402

1,110

Earnings (loss) before taxes

2,156

572

1,197

(3,508)

Tax (benefit) provision

(180)

(1,183)

(380)

6,762

Net earnings (loss)

2,336

1,755

1,577

(10,270)

Less: net earnings attributable to

non-controlling interest

2

Net earnings (loss) attributable

to Cobra

$

2,336

$

1,755

$

1,577

$

(10,272)

Net earnings (loss) per common share

attributable to Cobra shareholders:

Basic

$

0.36

$

0.27

$

0.24

$

(1.59)

Diluted

$

0.36

$

0.27

$

0.24

$

(1.59)

Weighted average shares outstanding:

Basic

6,471

6,471

6,471

6,471

Diluted

6,471

6,471

6,471

6,471

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

ASSETS:

 December 31,

 December 31,

2010

2009

Current assets:

Cash

$

1,133

$

1,405

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