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CHICAGO — Cobra Electronics and Lowrance Electronics have agreed in principle to the reduction of Cobra's offering price to purchase Lowrance. Cobra's tender offer for all of the outstanding shares of common stock of Lowrance would be reduced to $7.50 per share from the current offering price of $8.25 per share. At the new offering price, the purchase would be valued at $48.3 million, including the assumption of about $20 million in debt. Stockholders owning about 54.2 percent of Lowrance's outstanding shares pursuant to the offer, have indicated that they will continue to support the revised transaction, according to Cobra. The new deal is subject to execution of an amended merger agreement reflecting the revised terms of the offer. In order to allow time to finalize the amended merger agreement, Cobra is extending the expiration date of its tender offer for all outstanding shares of Lowrance common stock until midnight, May 2.
SEATTLE — Consumer electronics remained Amazon.com's second-biggest store, with sales climbing 56 percent to $116.5 million in the first quarter, compared with $74.6 million in the year-ago first quarter. The pro forma operating loss for the CE segment was reduced to $45.8 million for the first three months, down from $67.2 million in the same period a year ago. Fueled by strong sales in consumer electronics — which offset weak sales in its core books, music and video segment — Amazon.com reduced its overall first quarter pro forma operating loss for the period ended March 31 to $49 million. This was down from a pro forma operating loss of $99 million in the year-ago first quarter. Overall net sales moved up 22 percent to $700 million during the first three months, compared with $574 million in the first quarter of 2000.
PARK RIDGE, N.J. — Sony has announced that it will add new models to its line of Memory Stick removable flash memory cards. This month, a 128 MB version (the highest capacity Memory Stick to date) was introduced, with a suggested retail of $239.95. In fiscal 2002, Sony will launch 256 MB and 512 MB models. A 1 GB model will follow in 2003. Sony also announced that it will increase writing speed to 20 megabits per second next year.
WASHINGTON, D.C. — XM Satellite Radio extended its consolidated operating loss for the first quarter to $42.1 million, up from $16.9 million in the year-ago first quarter. The company reported a consolidated net loss of $36.9 million, up from $12.7 million in the first quarter of 2000. During the quarter, the company said it raised $200 million in additional funding and launched its first satellite. XM, which is preparing for a third-quarter commercial launch of 100 channels of coast-to-coast coverage of digital-quality music, news and sports radio, has announced distribution agreements with Sears and RadioShack to promote XM products and services at locations across the country.
BALA CYNWYD, PA. — In order to simplify its capital structure, rural cable and satellite provider Pegasus Communications' wholly-owned subsidiary Pegasus Satellite Communications has filed a registration statement with the Securities and Exchange Commission for a proposed exchange offer involving notes of Pegasus, Golden Sky Systems and Golden Sky DBS. These exchange offers are intended to simplify the capital structure of Golden Sky Systems and Golden Sky DBS, and afford Pegasus more flexibility under the covenants of its existing indebtedness.
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