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Cobra Electronics Reports Increased First Quarter Results

CHICAGO April 27, 2012 $339,000 $0.05 $819,000 $0.13 $161,000 $822,000 $26.4 million $22.4 million

$4.0 million $4.3 million $362,000

Europe Jim Bazet

Consolidated gross margin increased to 28.7 percent from 26.0 percent in the prior year’s first quarter primarily as a result of an improved product mix in both segments. The gross margin for the Cobra segment improved to 27.4 percent from 25.2 percent in the first quarter of 2011 as higher margin products, such as iRadar™, recorded significant sales increases. PPL’s gross margin increased to 38.1 percent from 30.1 percent last year reflecting both an improved product mix and reduced amortization expense for intangible assets that were included in the original purchase price of PPL.

$7.4 million $6.7 million

$229,000 $455,000 $220,000 $62,000 $7,000

$13.4 million March 31, 2012 $13.0 million March 31, 2011 March 31, 2012 $1.2 million $1.1 million March 31 $30.2 million $28.8 million $17.0 million $16.2 million

In discussing the outlook for the second quarter of 2012, as well as the entire year, Mr. Bazet said, "The Company anticipates better results in the second quarter of 2012 than in the second quarter of 2011. The Company also expects to achieve higher profitability in 2012 driven by the introduction of innovative and award winning new products as well as new and expanded distribution and marketing channels. In addition, we feel that the continued improvement in the global economy will favorably impact our business in 2012."

April 27, 2012 11:00 a.m. EDT http://www.cobra.com

About Cobra Electronics

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

 March 31,

 March 31,

2012

2011

Net sales

$

26,418

$

22,439

Cost of sales

18,830

16,603

Gross profit

7,588

5,836

Selling, general and administrative expense

7,427

6,658

Earnings (loss) from operations

161

(822)

Other (expense) income:

Interest expense

(253)

(268)

Other, net

493

264

Earnings (loss) before taxes

401

(826)

Tax provision (benefit)

62

(7)

Net earnings (loss)

$

339

$

(819)

Net earnings (loss) per common share:

Basic

$

0.05

$

(0.13)

Diluted

$

0.05

$

(0.13)

Weighted average shares outstanding: 

Basic

6,562

6,486

Diluted

6,580

6,486

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