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CHICAGO -Two-way mobile communications products manufacturer Cobra Electronics Corp. said strong results in the third quarter were largely driven by the company's success in growing its Family Radio Service business in the United States and internationally.
Cobra said FRS plays a key role in its growth strategy, and based on mobility, safety and recreation trends, FRS is one of its fastest growing segments. Introduction of new MicroTalk FRS two-way radios helped Cobra boost U.S. sales by 71 percent during the third quarter.
Overall sales for the three months climbed 12 percent to $38.6 million, compared with the $34.3 million reported in the year-ago third quarter.
Net income for the three months more than doubled to $1.9 million, up from $885,000 in the same three months in 1999.
Cobra enjoyed a significant boost in its gross margin during the third quarter, increasing this percentage by over 400 basis points to 28.2 percent, up from 24.1 percent in the same period a year ago.
For the nine months, total sales jumped 19 percent to $95.7 million, up from $80.4 million in the year-ago nine months. Net income for the nine months soared by more than 140 percent to $4.2 million, up from $1.8 million in the year-ago period.