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.