Updated:
Original:

Cobra Electronics reports 4Q results

Cobra Electronics Corp., a global designer and marketer of mobile communications and navigation products, today reported its fourth quarter 2009 results.

Cobra reported net income of $1.8 million, or 27 cents per fully diluted share, for the fourth quarter of 2009, compared to a net loss of $20.8 million, or $3.21 per share, in the fourth quarter of 2008.

Net sales increased by 15.7 percent to $32.8 million from $28.3 million in the prior year, the company reported.

Both segments reported sales increases, with the Cobra segment reporting an increase in net sales of 5.9 percent and the Performance Products Limited segment reporting an increase of more than 160 percent.

On a year-to-date basis, which includes a net $8.4 million tax valuation allowance charge, Cobra reported a net loss of $10.3 million, or $1.59 per share, compared to a net loss of $18.8 million, or $2.91 per share, in the prior year.

"We are pleased to report to our shareholders a return to profitability in the fourth quarter," said Jim Bazet, Cobra 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. However, most of the increase in sales is attributable to our efforts to drive our business forward through the introduction of new products and the expansion of our distribution and marketing channels."

Marine GPS tracking devices and GPS-enabled outdoor leisure products for hikers, skiers and other outdoor enthusiasts contributed nearly $600,000 of revenues from new PPL customers in the fourth quarter, Bazet said.

The year-over-year increase in fourth quarter net sales of $4.4 million was attributable to an increase of $1.57 million for the Cobra segment and $2.87 million for the PPL segment. New products, including mobile navigation for trucks, jump-starters and floating VHF marine radios, drove much of the increase for the Cobra segment.

Click here for the full release.

Related

CSP Joins ‘Thirty by Thirty’ Coalition

The Center for Sportfishing Policy and 54 coalition members submitted recommendations for the Biden Administration’s America the Beautiful initiative.

Entries Open for Neptune Awards

The Marine Marketers of America is accepting submissions for its annual contest in 23 categories through Dec. 6.

CSP Joins ‘Thirty by Thirty’ Coalition

The Center for Sportfishing Policy and 54 coalition members submitted recommendations for the Biden Administration’s America the Beautiful initiative.

Take Action Now

We must take action to push Congress to reauthorize the Sport Fish Restoration and Boating Trust Fund. Here’s how you can help.

Southern Marinas Acquires Missouri Facility

Millstone Resort and Marina on Lake of the Ozarks is the fifth addition this year to the company’s portfolio.

Forbes Names Brunswick a World’s Best Employer

Brunswick ranked in the top 15 percent overall and in the top 10 for companies in the engineering and manufacturing category.

Fountaine Pajot Names Dealer

Atlantic Cruising Yachts Texas is the French builder’s exclusive representative for the Gulf Coast.

KingFisher Boats, Barnacle Form Partnership

The boatbuilder will offer Barnacle’s BRNKL remote monitoring system on several model year 2022 boats.