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Booming FRS Business Drives Cobra Q4 Net Income Up 33%

2/26/2001 02:00:00 AM Eastern

CHICAGO -Two-way mobile communications manufacturer Cobra Electronics, buttressed by the continued expansion of its family radio service (FRS) business-both domestically and internationally-reported a 33 percent increase in net income for fourth-quarter 2000 and an 80 percent increase in net income for the year.

Net income for the quarter ended Dec. 31 reached $3 million, compared with $2.2 million in the year-ago three months. Net income for the year topped out at $7.2 million, compared with $4 million in 1999.

Net sales for the fourth quarter climbed 28 percent to $48.8 million, compared with $38.3 million in the year-ago quarter. Net sales for the year increased 22 percent to $144.6 million, up from $118.7 million in 1999.

Gross margin in the fourth quarter increased 140 basis points to 28.3 percent, while gross margin for the year climbed 280 basis points to 28.2 percent.

Cobra said FRS is one of the fastest growing segments of the two-way mobile communications industry and plays a key role in the company's growth strategy. In the fourth quarter, Cobra's domestic sales of MicroTALK FRS two-way radios were up over 70 percent, compared with the year-ago three months, said Cobra.

In other news, Cobra announced the signing of a definitive agreement to acquire global positioning system provider Lowrance Electronics for about $53 million. Cobra is extending the expiration date of its tender offer for all outstanding shares of common stock until Feb. 27. The tender offer had been scheduled to expire Feb. 12.

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