Citing demand for its two-way radios and six-band radar detectors, Cobra Electronics reported significant increases in sales and earnings for fourth-quarter and full-year 1999.
"Our results for the fourth quarter and the year are further proof that our ability to develop a wide range of innovative products with leading-edge technologies has paid off both in customer acceptance and financial returns," said Cobra president Jim Bazet. "Strong demand for microTALK two-way radios and six-band radar detectors drove significant top-line and bottom-line growth in 1999."
Fourth-quarter sales for 1999 were up 14%, to $38.3 million from $33.6 million. Overall sales for 1999 were up 15%, to $118.7 million from $103.4 million.
Net income for the fourth quarter was $2.2 million, compared with $12 million from the same period the previous year. Net income for all of 1999 was $4 million compared to $14.2 million the previous year. It should be noted, however, that the fourth quarter in 1998 included an income tax benefit of $10.4 million, which had a one-time effect on the earnings for that period.
Bazet noted that in the fourth quarter of 1999, Cobra announced several product initiatives for this year. These include the launch of the HighGear accessories division -- which makes high-quality CB radio accessories, a FRS radio with AM/FM stereo, a new line of microTALK FRS radios, and a nine-band radar detection line.