Cobra Electronics Corp. reported increased sales and a reduced net loss for the first quarter of 2010 as compared to the first quarter of 2009.
The company reported a net loss of $1.3 million, or 20 cents per share, for the first quarter of 2010, as compared to a net loss of $1.6 million, or 25 cents per share, in the first quarter of 2009.
The company's improved performance was further supported by a 10.5 percent increase in sales, to $21.1 million in the most recent quarter from $19.1 million in the prior year, and a reduced operating loss, which declined to $1 million from $2 million in the prior year.
Both reporting segments reported sales increases, with the Cobra segment reporting an increase in net sales of more than $300,000, or nearly 2 percent, and the Performance Products Limited (PPL) segment reporting an increase of $1.7 million, or more than 90 percent.
The sales increase for the Cobra segment was driven by a 28.9 percent increase in global sales of citizens band radios, as well as sales of power inverters, which increased by 22.2 percent globally, and marine radios, which increased by 50.4 percent globally.
The PPL sales increase was attributable primarily to an increase in satellite navigation sales, as production was sufficient to meet demand, and outdoor leisure products, including a third-party branded GPS unit and a Snooper golf GPS unit.
"We are pleased to report to our shareholders improved performance for the first quarter," said Jim Bazet, Cobra's chairman and CEO, in a statement. "Our results reflect, in part, a strengthening of the economy and increased sales of certain legacy products to our longtime customers."