cobra electronics corp (COBR) Key Developments
Cobra Electronics Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Fourth Quarter and Full Year 2013
Nov 8 13
Cobra Electronics Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net income of $394,000 or $0.06 per share as compared to net income of $564,000 or $0.09 per share, for the third quarter of 2012. In addition, there was operating income of $124,000 compared to operating income of $304,000 in the same quarter last year. Consolidated net sales were $29.0 million compared to $27.7 million in the third quarter of 2012, with the Cobra segment reporting a $1.5 million, or 6.2%, increase in sales and the Performance Products Limited ("PPL") segment reporting a sales decrease of $122,000, or 3.3%. Net sales were $29,038,000 against $27,672,000 for the same period a year ago. Earnings from operations was $124,000 against $304,000 for the same period a year ago. Earnings before taxes was $278,000 against $363,000 for the same period a year ago.
On a year-to-date basis, consolidated net sales were $76.2 million compared to $83.2 million for the same period of 2012. In addition to the sales decrease, a lower gross margin of more than two points and significantly increased SG&A expenses for the Fleming patent litigation resulted in an operating loss of $3.5 million for the first nine months of 2013 as compared to a $1.9 million operating income for the prior year's period. The net loss for the year-to-date was $3.1 million, or $0.47 per share, as compared to a net income of $1.8 million or $0.27 per share in the prior year's period. Loss from operations was $3,467,000 against income from operations of $1,910,000 for the same period a year ago. Loss before taxes was $3,184,000 against earnings before taxes of $1,830,000 for the same period a year ago.
The outlook for the fourth quarter of 2013, as well as the entire year, the company is continuing to implement several actions which began in the third quarter of 2013 that are aimed at significantly improving the financial performance. Some of these actions include substantially reducing operating expenses, adding meaningful sales of several exciting new products and taking certain steps to promote and improve distributor sales. The company believes that these steps will enable the company to achieve a higher operating income in the fourth quarter of 2013 than in the fourth quarter of 2012.
The company anticipates a lower operating income in fiscal year 2013 compared to fiscal year 2012 due to the losses experienced in the first half of 2013.
Cobra Electronics Corp. Launches its Cobra iRadar(R) App Version 4.0
Nov 4 13
Cobra Electronics Corporation announced the four-year anniversary of its iRadar technology with the launch of its Cobra iRadar(R) App Version 4.0. This newest update for iOS devices moves iRadar community members into the next era of convenience and ease-of-use with significant enhancements to its mapping features. Cobra iRadar App Version 4.0 also includes music control, background alert notifications and distance countdown to alerts.
Cobra Electronics Corp., Q3 2013 Earnings Call, Nov 08, 2013
Oct 25 13
Cobra Electronics Corp., Q3 2013 Earnings Call, Nov 08, 2013
Cobra Electronics Launches Smallest, Most Powerful In-Class Radar Detector in Next-Generation Line of SPX Radar/Laser Detectors
Oct 21 13
Cobra Electronics Corporation announced the general availability of its updated SPX Radar/Laser Detector Series. This newest series of powerful and ultra-compact detectors from Cobra features smallest-in-class models and utilizes ultra-low-noise signal amplifiers, once affordable only to military systems, across all series models to deliver more than double the detection range and performance. The new SPX Radar/Laser Detector Series is anchored by its SPX 7800BT model, which goes the extra mile in providing safety and awareness behind the wheel by offering users live speed trap data from Cobra Electronics' iRadar(R) Community -- a first for the SPX Radar/Laser Detector Series. With the SPX 7800BT, users receive AURA(R) speed and red light camera notifications, verified user-reported alerts of upcoming live police locations and other real-time traffic threat information via a paired smartphone. The SPX 7800BT also shatters previous radar detector limitations with its smallest-in-class body for easy storage and discreet use on the road and powerful radar detection technology. The new SPX Radar/Laser Detector Series consists of three supercharged models -- the SPX 6700, SPX 7700 and SPX 7800BT. All new models come equipped with super-charged LaserEye(TM) 360-degree laser detection, IntelliShield(TM) quad-level false signal rejection, pin-point radar frequency, auto mute/IntelliMute(TM)/IntelliMute Pro(TM), five-level graphical signal strength meter, voice alert, car battery voltage display, low car battery warning and super-bright white OLED graphics display (SPX 6700). These high-performance features provide the entire new SPX Series of Radar Detectors with best-in-class detection range. Additionally, both the SPX 7700 and SPX 7800BT feature super-bright color OLED graphics display and even user-selectable color themes. The SPX 6700 is available at Best Buy for a retail price of $199.95. The SPX 7700 is available at company website for a retail price of $229.95, and the SPX 7800BT is available exclusively through Shop HQ throughout the end of the year for a retail price of $259.95.
Cobra Electronics Corporation Displays Latest Innovations in Professional Driving Products at the Annual Great American Trucking Show
Aug 20 13
Cobra Electronics Corporation announced it will demonstrate some of the company's newest products for the professional driver at the 2013 Great American Trucking Show (GATS). Among them, the company announced the arrival its first line of Drive HD Dash Cams while also highlighting additions to its CB Radio with the new 29 LX CAMO CB Radio. Cobra products will be on display in Booth #16074 at the 2013 GATS, which runs August 22-24 in Dallas, TX. Along with displaying some of Cobra's newest professional driving products, the company will have host and executive producer of American Trucker, Robb Mariani, alongside the company to meet and greet Cobra customers and drivers, and to help exhibit these latest innovations. Specifically, Cobra will preview the following products for GATS attendees: Drive HD Dash Cams: to deliver convenience, security and even entertainment, Drive HD Dash Cams record everything drivers see in full 1,080P HD video. With all the hazards on the road, Drive HD Dash Cams are the perfect solution to continuously record surroundings and keep and vehicle safe and secure. An embedded G-Sensor automatically saves clips where an impact has been detected and the high-end model includes GPS to simulcast precise location on a Google(TM) Map along with video. Drive HD Cams also take 12 megapixel still shots and all images and videos can be viewed on a TV or computer. Models will be available in September 2013 with MSRP ranging from $119.95-$169.95; Cobra 29 LX CAMO CB Radio: the Cobra 29 LX CAMO is the company's newest in CB Radio technology and comes in Realtree(R) Xtra Pattern, designed for the outdoor nature enthusiast in mind. The 29 LX is the industry's most advanced CB and delivers a host of powerful safety features including NOAA weather and emergency alerts, a selectable four-color LCD display, channel scan, noise cancelling microphone and a radio check feature for testing of important radio functions such as RF power, antenna condition and battery voltage. The 29 LX CAMO radio will be available in September with an MSRP of $169.95.