Cobra's 3rd Quarter Sales Decline 6%
Staff -- TWICE, 11/5/2001
Chicago— As it continued to build market share, expand key retail relationships and introduce new products during a time of economic downturn, Cobra Electronics reported a 6 percent decrease in sales for the three months ended Sept. 30, down to $36.3 million, compared with $38.6 million in the year-ago period.
Cobra reported net income of $1.4 million for the third quarter, down from $1.9 million in the same three months in 2000. The company said much of this dip was due to a drop in radar detector sales during the period, but it thinks this shortfall was a matter of timing and expects a recovery in this category in the fourth quarter.
Gross margin remained unchanged at 28.2 percent in the third quarter.
For the first nine months, sales increased 6.7 percent, reaching $102.1 million, versus $95.7 million in the same quarter of 2000.
Net income was $2.5 million for the nine months, down from $4.2 million in the prior-year period. Excluding the one-time second quarter expenses pertaining to the terminated acquisition of Lowrance, Cobra's net income for the first nine months would have been $3.3 million.
