Cobra Electronics reports 1Q results

Author:
Updated:
Original:

Cobra Electronics Corp., a designer and marketer of marine VHF radios and other mobile communications products, today reported improved results for the first quarter.

The company reported net income of $339,000, or 5 cents per share, for the first quarter of 2012, compared to a net loss of $819,000, or 13 cents per share, for the first quarter of 2011.

In addition, operating income for the current quarter was $161,000, compared to an operating loss of $822,000 in the same quarter last year. This improvement reflected an increase in net sales to $26.4 million from $22.4 million in the first quarter of 2011 and an increase in gross margin to 28.7 percent from 26 percent in the prior year's first quarter, the company said.

For the first quarter of 2012, consolidated net sales increased by $4 million, or 17.7 percent, with the Cobra segment reporting an increase in net sales of $4.3 million, or 23.2 percent, and the Performance Products Limited segment reporting a decrease of $362,000, or 9.7 percent.

“We are pleased to report an operating income in the current quarter, our best first quarter financial performance since 2008,” chairman and CEO Jim Bazet said in a statement. “This was driven by significant increases in net sales and gross margin over the first quarter of last year that resulted from the continued success of our new and award-winning existing products, as well as new and expanded distribution, particularly in Europe.

“The company anticipates better results in the second quarter of 2012 than in the second quarter of 2011,” he added.

Related

Patrick Industries Acquires Taco Metals

The components manufacturer had been family-owned for 60 years.

Consumers Say E15 Warning Labels Are Ineffective

A new poll shows that current branding efforts do not adequately warn consumers to the risk and legality of using the blended fuel with certain engines.

Silent-Yachts’ New Project

The Austrian solar yacht outfit will use VW’s electric drive system on a vessel to be drawn by Spanish car brand Cupra.

Industry Mourns Christopher Ramirez

A regional sales manager at Garmin, Ramirez died suddenly at age 35 last month.

Quick Hits: December 1, 2020

Freedom Boat Club announces 250th location; ShoreMaster/Hydrohoist acquires Neptune Boat Lifts; MarineMax names brand manager; and Arkansas scientists study fishing license increase.

Our Great Lakes Are Battered and Need Help

The eight-state region that accounts for one-third of annual boat sales has seen unprecedented damage from high waters. A bipartisan legislative effort looks to protect the region and its small businesses.

Boat Demand Remains Strong, But Inventory Shortages Prevail

Dealers worry that the absence of new boats is driving up prices.

Electric Boat Company Completes IPO Process

Canada-based e-mobility outfit Vision Marine raises $27.6 million to reinvest in its line of electric vessels and 180-hp, E-Motion outboard.

Besenzoni Introduces Electric-Powered Gangways

The company says it will introduce electric power across its line of ladders, tender lifts and more.