Chicago – Two-way mobile communications products maker Cobra Electronics said sales of its Family Radio Service climbed 26 percent in the second quarter, compared with the prior-year period, continuing this product’s ‘strong growth.’
Overall sales at Cobra, however, remained relatively flat in the second quarter, hitting $35.23 million, compared with $35.85 million in the same three months in 2000.
Net income at Cobra was $374,000 in the second quarter, compared with $1.7 million in the year-ago period. However, the current quarter’s net included $1.4 million in nonrecurring charges pertaining to the terminated acquisition of Lowrance Electronics. Absent this nonrecurring expense, Cobra would have a net income of $1.2 million in the second quarter of 2001.
For the six months, Cobra sales climbed about 14 percent to $65.9 million, compared with $57.1 million in the year-ago second quarter. Net income, however, was about halved, to $1.10 million, down from $2.29 million in the year-ago six months.
Looking ahead, Jim Bazet, president/CEO, said, ‘We believe that the inventory bubble has worked its way through the distribution system, for the most part, and that consumer demand for our products and our brand will be strong in the second half. The company is well-positioned to deliver double-digit sales growth in the second half of 2001,’ he said.