Cobra Electronics reports rise in Q4 profit

By Emily Bryson York
Posted Feb. 25 at 11:24 a.m.

Cobra Electronics Corporation, the Chicago-based mobile communication and navigation manufacturer, reported an increase in fourth-quarter net earnings today, compared with a year ago. The increase also served to boost the company into the black for the full year.

For the fourth quarter, net earnings were $2.3 million, or $0.36 cent per share, compared with $1.8 million, or $0.27 per share, including a tax benefit and other items, a year ago.

“We are pleased to report to our shareholders greatly improved profitability for the fourth quarter and a return to profitability for the year,” Jim Bazet, Cobra’s chairman and CEO said in a statement. “The fourth quarter continued the steady progress we’ve made during the year to improve our business, including increased net sales, improved gross margin and containment of selling, general and administrative expense, all of which were key factors in the strong growth in performance for the current quarter.”

Cobra also cited better full-year sales as the reason for higher earnings, a 6.3 percent increase to $34.8 million. For the full year, Cobra earned $1.6 million, compared with a $10.3 million loss a year ago.

The company pointed to sales improvements in its Cobra division, which posted a 9.7 percent increase in the fourth quarter, as a growth engine. Cobra noted particularly strong sales of its Citizens Band radios, which balanced a drop-off in sales of some of tis radar detectors. The company has also struggled with slower sales of its Truckmate navigation product, for professional drivers.

Read more about the topics in this post: ,

Companies in this article

Comments are closed.