Cobra Electronics reported that both sales and net income for the third quarter increased 31% due to strong showings by MicroTALK family radio service (FRS) and 6-Band radar detectors.
For the quarter ended September 30 the company's net income was $885,000 versus $678,000 for the same period last year. Sales for the quarter were $34.3 million compared to $26.2 million for the previous year's quarter.
For the first nine months of the year Cobra's net income was $1.8 million, which includes a provision for taxes the company did not have for the prior year's period. Last year's net income was $1.4 million.
Sales for the first nine months increased 15.2% to $80.4 million from $69.8 million for the same period a year ago. Gross margin for the first nine months of 1999 increased to 24.7% from 23.2% for the year-ago period.
Commenting on Cobra's third-quarter and nine-month performance, president/CEO Jim Bazet said, "The strong top-line and bottom-line growth we have experienced in the third quarter reflect the successful investments the company has made in developing innovative new products and its expanding retail base."