Cobra Sales up, Losses Decline
Cobra Electronics reported improved results for its first quarter ended March 31, 2007, including a 26.6 percent increase in sales and a 39.5 percent reduction in its operating loss from the first quarter of 2006. The company reported sales of $32.0 million and an operating loss of $948,000 as compared to sales of $25.3 million and an operating loss of $1.6 million last year.
"Cobra's sales increase in the first quarter reflected improved sales in several of our product lines, as well as the contribution of Performance Products. Performance Products had net sales of $3.1 million, providing nearly 45 percent of the increase in consolidated sales compared to last year. Also contributing to our strong sales performance were each of our legacy product lines. Two-way radio sales increased by 56 percent, Citizens Band radio sales, driven by our most recent limited edition offering, increased by 35 percent, and radar detection increased by more than 10 percent. Sales of mobile navigation products declined 33 percent as compared to last year as our newest offering, the NAV ONE 2100, was not scheduled to be on our retail partners' shelves until the second quarter; this product has begun shipping and is on time to our customers," said Jim Bazet, Cobra's President and Chief Executive Officer. (My emphasis added - Scott)
More at Cobra.com
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Posted by Scott Martin at April 29, 2007 7:31 PM