Cobra Electronics posts net sales of $26.41 million for Q1 2012

Telecom Lead America: Cobra Electronics Corporation has
posted net sales of $26.41 million for the first quarter of 2012, as compared
with $22.43 million for the same quarter of last year.

The company has reported net income of $339 million for
the first quarter of 2012 as compared to a net loss of $819 million for
the first quarter of 2011.

Cobra posted operating income of $161,000 as
compared to an operating loss of $822,000 in the same quarter last
year.

Consolidated gross margin increased to 28.7 percent from
26.0 percent in the prior year’s first quarter primarily as a result of an
improved product mix in both segments.

The gross margin for the Cobra segment improved to 27.4
percent from 25.2 percent in the first quarter of 2011 as higher margin
products, such as iRadar, recorded significant sales increases.

PPL’s gross margin increased to 38.1 percent from 30.1
percent last year reflecting both an improved product mix and reduced
amortization expense for intangible assets that were included in the original
purchase price of PPL.

The sales increase for the Cobra segment included higher European sales as well
as higher domestic sales of Two Way Radios, Citizens Band Radios, Phone
products and Detection products.

This significant improvement in operating income reflected
an increase in net sales to $26.4 million from$22.4 million in the
first quarter of 2011 and an increase in gross margin to 28.7 percent from 26.0
percent in the prior year’s first quarter.

Selling, general and administrative expenses increased
to $7.4 million in the current quarter from $6.7 million in
the prior year’s first quarter.

We are pleased to report an operating income in the current
quarter, our best first quarter financial performance since 2008. This was
driven by significant increases in net sales and gross margin over the first
quarter of last year that resulted from the continued success of our new and
award winning existing products as well as new and expanded distribution,
particularly in Europe,” said Jim Bazet, Cobra’s chairman and chief
executive officer.

The Company anticipates better results in the second quarter
of 2012 than in the second quarter of 2011. The Company also expects to achieve
higher profitability in 2012 driven by the introduction of new products as well
as new and expanded distribution and marketing channels.

editor@telecomlead.com  

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