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Cobra Reports Higher Q3 Sales, Profits

11/21/2011 12:01:00 AM Eastern

CHICAGO - Cobra Electronics reported higher income
and net sales in the third quarter.

Net income for the quarter was $1.4 million compared
with the prior year’s third quarter net income of $799,000.
In addition, operating income increased to $2.3 million for
the current quarter, from $522,000 in the same quarter
last year.

Net sales improved to $34.5 million from $28.9 million,
and it recorded an increase in gross margin to 29.9 percent,
from 25.5 percent in the prior period. Consolidated
net sales increased by $5.5 million, or 19.2 percent, with
the Cobra segment reporting an increase in net sales of
$5.7 million, or 22.8 percent, and the performance products
limited segment reporting a decrease of $184,000,
or 4.9 percent.

The sales increase for the Cobra segment resulted from
higher domestic sales of CB radios, inverters and truck
navigation products, as well as higher European sales.
The increase in domestic CB radio sales reflected strong
demand for the Cobra’s 29 LX Series, including a limitededition
chrome model that was introduced at the end of
the quarter.

“We are pleased to report substantially improved operating
performance over the third quarter of 2010, particularly
the increase in sales and gross margin, which was a
result of the continued success of our new products and
the marketing support behind them,” said Jim Bazet, Cobra’s
chairman/CEO.

In discussing the outlook for the fourth quarter of 2011,
as well as the entire year, Bazet said Cobra “expects to
achieve better results in the fourth quarter of 2011 than in
the fourth quarter of 2010. The company also anticipates
a substantial increase in profitability in 2011 driven by the
introduction of innovative new products as well as new
and expanded distribution and marketing channels. In addition,
we feel that the slowly improving global economy
will continue to favorably impact our business in 2011.”

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