Cobra Releases Earnings
Cobra Electronics Corporation announced their latest quarterly results which included a 31.2 percent increase in sales, but a first quarter net loss of $1.1 million, compared to a net loss in the prior year, of $1.4 Million, absent certain non-operating gains. Things aren't all bad though for the GPS area, as "Cobra's sales increase in the first quarter reflected improved sales of mobile navigation products, including the NAV ONE 4000 and NAV ONE 4500," said Jim Bazet, Cobra's President and Chief Executive Officer.
"Last year, sales of mobile navigation products were hurt by high return rates and the costs of promotional programs due to unfulfilled holiday expectations of our customers. This year, our retail customers continued to purchase products in the first quarter, reflecting strong sell-through of our mobile navigation products to the consumer." So read that the Nav One 4500 is doing well and retailers are moving them along to happy consumers.
"During the first quarter, Cobra licensed mobile navigation source code and other intellectual property from TeleAtlas North America, Inc., a leading supplier of digital maps and navigation products. This software, and the related intellectual property, will provide Cobra with cutting-edge capabilities as we launch new mobile navigation products."
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Posted by Scott Martin at April 29, 2006 3:44 PM