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Cobra Posts Flat Sales, Seasonal Q1 Loss

4/25/2014 06:52:00 AM Eastern

Chicago − Cobra Electronics reported a slightly higher net loss, but a lower seasonal operating loss, on relatively flat sales attributed in part to harsh winter weather.

The net loss for the quarter, ended March 31, was $1.7 million, compared with a net loss of $1.5 million for last year. The operating loss was $1.6 million for the current quarter, compared with an operating loss of $1.7 million in the same quarter last year, due to lower expenses.

Consolidated net sales were $21.4 million, compared with $21.6 million in the first quarter of 2013.

The Cobra segment reported a $378,000, or 2.1 percent, drop in sales, and the performance products limited (PPL) segment reported a sales increase of $182,000, or 5.8 percent.

Cobra said the lower segment sales resulted from a drop in sales of detection products due to the harsh winter weather and economic conditions in Eastern Europe.

“Our history has shown that when the consumer shows up in the stores, our products sell-through well," said Jim Bazet, Cobra's chairman and CEO.

The lower sales were partially offset by increases in sales of truck navigation products and dash cams.

Navigation sales increased primarily due to the introduction of a new product, the 6500 Pro HD. The PPL sales increase was attributable to sales of dash products, which were not sold in the same quarter of last year, and the effect of foreign currency changes.

Cobra said it usually has a seasonal operating loss in the first quarter, although the loss was slightly smaller in the first quarter of 2014 than in the same quarter last year due to significantly reduced expenses.

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