Driven by new products in its Family Radio Service (FRS) two-way radio business, as well as aggressive expansion in its distribution network, mobile communications products maker Cobra Electronics reported a 6.2 percent increase in fourth-quarter sales, hitting $52 million, up from $48.8 million in the year-ago period.
In the fourth quarter ended Dec. 31, Cobra recorded net income of $2.2 million, down from $3 million in the same quarter in 2000.
At the same time, the company said it had improved gross margin in the fourth quarter by 70 basis points, hitting 29 percent, up from 28.3 percent in the same three months the previous year.
In the 12 months, Cobra sales climbed 6.6 percent, to $154.1 million, up from $144.6 million in 2000. However, net income dropped to $4.7 million, down from $7.2 million the previous year. Excluding one-time, second-quarter 2001 expenses, the company’s net income for the current 12 months would have been $5.5 million.
Gross margin for the 12 months was 28 percent, a 20-basis-point dip from the 28.2 percent registered in 2000.