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.