Cobra Sales Up; Back to Profit with GPS Liquidation
Cobra earnings are still suffering due to GPS mis-steps. Their earnings results shows a return to profitability this past quarter, with a 6% sales increase, but they had to liquidate their GPS inventory at or near its value (read "cost"). "In spite of higher sales, Cobra had lower net income for the quarter as compared to the prior year due to the sale of first generation mobile navigation and handheld GPS inventory at or near net realizable values established in prior periods"
Looking ahead, they are bullish on the launch of the Cobra NavOne 2500; "built on a flexible and cutting-edge navigation platform, which will permit faster, less-costly development and more timely product launches. We anticipate that Cobra will sell through our entire production capacity of the NAV ONE 2500 and derivative models in the fourth quarter."
Via PR Newswire
Read More in: Cobra GPS News | Earnings Announcements
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Posted by Scott Martin at October 25, 2006 8:47 AM
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