Cobra Electronics reports 3Q results

Author:
Updated:
Original:

Cobra Electronics Corp. today reported a net loss of $509,000, or 8 cents per share, for the third quarter of 2009, compared to net income of $142,000, or 2 cents per share, in the same period of 2008.

Cobra, a global designer and marketer of mobile communications and navigation products, said sales declined to $27.4 million from $33.2 million in the prior year.

The Performance Products Limited segment saw an increase in sales of 15.6 percent from the third quarter of 2008, due to the demand for its truck and RV navigation products. However, that did not offset a decline of 20.2 percent for the Cobra segment, as citizens band radio and radar detection sales continued to suffer from the decline in consumer spending.

"Cobra's third quarter results reflect the effects of the continuing global recession, as distributors and retailers are closely managing working capital and consumers have curtailed spending in response to high unemployment and the decline in overall household wealth," said Jim Bazet, Cobra chairman and CEO, in a statement.

"In part, our third quarter results reflect the direction of our customers to defer shipments to the latest possible time that permits them to still have products in stock," he added. "As a result, we have seen a significant shift of business from the third quarter to the fourth quarter."

On a year-to-date basis, Cobra reported a net loss of $12 million, or $1.86 per share, as compared to net income of $1.9 million, or 30 cents per fully diluted share, in the prior year.

On a year-to-date basis, consolidated net sales for the nine-month period have declined to $72.5 million from $96.4 million, or 24.8 percent. The decline for the Cobra segment was $19.1 million, or 22.7 percent, while the decline for the PPL segment was $4.8 million, or 39.9 percent.

Related

ABYC Foundation Seeks Nominations for Educator Award

The award recognizes “an outstanding instructor who is shaping future marine service technicians.”

P.R. Firm Rushton Gregory Signs ePropulsion

The Chinese manufacturer of electric propulsion products introduced a standardized lineup earlier this year.

Dometic Updates Pro-Trim System

The new design allows boaters to trim the outboard and adjust the jack plate without removing their hands from the wheel.

Brunswick Partners with Carnegie Robotics

Through the alliance, Brunswick aims to enhance its autonomous technology offerings.

Nicole Vasilaros to Depart NMMA

The group credits the senior vice president of government and legal affairs for “countless contributions to the protection and expansion of the recreational boating industry.”

Site Unseen

A website is often the first interaction a customer will have with a dealership, but it must provide more than an online brochure or they will click elsewhere.

C.G. Amends Documentation Rules

Federally documenting a boat now must be done every five years, rather than annually.

The 2021 Top 10 Most Innovative Marine Companies Awards

The marine industry consistently honors products and people. The industry, however, has not recognized forward-thinking companies that are moving the industry in new directions. Soundings Trade Only’s mission is to reflect, inform and inspire.