Cobra Electronics Corp., a global designer and marketer of mobile communications and navigation products, today reported net income of $517,000, or 8 cents a share, for the second quarter, compared with a net loss of $364,000, or 6 cents a share, for the second quarter of 2010.
Operating income increased to $951,000 for the current quarter from $252,000 in the same quarter last year. The improvement reflected an increase in net sales from $25.7 million to $28.9 million and an increase in gross margin to 28.4 percent from 26.5 percent in the prior period.
Consolidated sales increased by nearly $3.2 million, or 12.3 percent, with the Cobra segment reporting an increase in net sales of $2.6 million, or 11.7 percent. The performance products limited segment reported an increase of $550,000, or more than 15.7 percent.
“We are pleased to report to our shareholders the substantially improved operating performance over the same quarter last year, particularly the increase in sales, which was a result of the success of our new products and the marketing support behind them,” chairman and CEO Jim Bazet said in a statement.
On a year-to-date basis, consolidated net sales for Cobra have increased by 9.6 percent, to $51.3 million from $46.8 million, driven by new products and new and expanded distribution, the company said.
In addition to this sales increase, an improved gross margin has resulted in operating income of $129,000 for the first six months, compared with an $827,000 operating loss for the prior year's period. The net loss for the year-to- date period was $302,000, or 5 cents a share, compared with a net loss of $1.7 million, or 27 cents a share, in the prior year.