Cobra 2003 Annual Report Download
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Table of contents
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Page 1
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Page 2
...AND NEW PRODUCTS. IN THE BUILDING UPON ITS
LEADERSHIP RADAR COBRA
GMRS/FRS BAND
T W O - WAY
RADIO,
DETECTOR... A D E R S H I P.
FINANCIAL HIGHLIGHTS
(In฀thousands,฀except฀per฀share฀amounts)
2003 2002 Percent Change
OPERATING฀DATA:
Net฀sales฀ Gross฀proï¬t฀ Operating฀income...
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Page 3
C O B R A ฀ A N N UA L ฀ R E P O R T ฀ 2 0 0 3 ฀ îŸ PA G E 1
2 5
REPORT TO SHAREHOLDERS O P E R AT I N G R E V I E W
1 3 C O N S O L I D AT E D B A L A N C E SHEETS 1 4 C O N S O L I D AT E D S TAT E M E N T S OF CASH FLOWS
1 5 Q U A R T E R LY F I N A N C I A L D A T A (UNAUDITED) 16 ...
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PA G E 2
J A M E S ฀ R . ฀ B A Z E T, ฀ P R E S I D E N T ฀ & ฀ C H I E F ฀ E X E C U T I V E ฀ O F F I C E R ฀
C A R L ฀ K O R N , ฀ C H A I R M A N ฀ O F ฀T H E ฀ B O A R D
REPORT TO OUR SHAREHOLDERS
2003 MARKED A KEY POINT IN THE EVOLUTION OF COBRA ELECTRONICS INTO
...
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Page 5
...use฀in฀heavy฀seas฀or฀ over฀the฀noise฀of฀engines.฀Cobra฀ also฀introduced฀the฀industry's฀ ï¬rst฀full฀line฀of฀...more฀than฀38,000฀today.฀The฀ products฀we฀launched฀in฀2003฀ and฀are฀launching฀today฀offer฀ an฀even฀greater฀opportunity...
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Page 6
...percent฀ to฀$1.8฀million฀despite฀a฀decline฀ in฀sales฀to฀$114.8฀million.฀Cash฀ ï¬,ow฀remained฀positive฀and฀ Cobra฀ended฀2003฀with฀no฀ interest-bearing฀debt฀and฀a฀cash฀ balance฀of฀$4.7฀million,฀$1.9฀ million฀greater฀than฀our฀cash...
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Page 7
CR OA B RA AN ฀A N NA UL AL ฀R ฀2 00 03 3 P PA G E ฀ 5 COB N U R EE PP OO RR TT 2 0
Fiscal Year 2003 saw the ï¬rst shipments of Cobra's new handheld GPS units. The GPS 100 and GPS 500 units shipped in the second and third quarters, respectively. Bringing these user-friendly, high-...
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Page 8
...WITH EXISTING PRODUCTS
LIKE GMRS/FRS RADIOS.
Faster acquisition times, reliable maps and intuitive interfaces are just a few of the features making Cobra's 2004 Handheld GPS Product Line superior to the competition. The GPS 1000 DLX is the premium model, offering ASAPâ„¢ II (Accelerated Satellite...
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Page 9
... T ฀ 2 0 0 3 ฀ îŸ PA G E 7
Cobra's award-winning SkyNav 3000 Mobile Navigation System eliminates the need to download from computers and comes loaded with street-level detail maps of all...an exclusive feature only from Cobra.
During฀2003,฀Cobra฀continued฀ its฀development฀of฀...
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Page 10
PA G E 8
With the longest available range in the GMRS/FRS two-way radio category, Cobra's microTALK® radios, like the PR 950 being used by this U.S. soldier in Iraq, have ...feature and 38 privacy codes for 836 possible channel combinations. Photo courtesy of U.S. News and World Report, May 26, 2003.
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Page 11
...฀new฀ones฀ through฀its฀perpetual฀pursuit฀ of฀innovation.฀With฀more฀than฀ 38,000฀U.S.฀storefronts฀secured฀ in฀2003,฀Cobra฀continues฀to฀ increase฀its฀business.฀From฀its฀ radar฀detectors฀to฀Citizens฀Band฀ radios฀to฀GMRS/FRS฀radios...
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Page 12
...has฀found฀a฀new฀audience฀ in฀the฀younger฀car฀and฀truck฀owner.฀Less฀costly฀and฀more฀reliable฀ than฀a฀cell฀phone,฀Cobra's฀Xtreme฀ Street฀Communicator฀gives฀drivers฀an฀easy-to-use฀edge฀when฀on฀ the฀road฀and฀the฀"cool฀blue"฀glow...
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Page 13
... the bar is never stationary; it is a moving target. Named as one of Deloitte & Touche's Fast Track 50 companies in Chicagoland in 2003 for the fourth year in a row, Cobra Electronics is one of the "companies that will lead the world in technology and innovation, both here in Chicago, and around the...
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Page 14
PA G E 1 2
C O N S O L I D AT E D S TAT E M E N T S O F I N C O M E
Years Ended December 31,
In฀thousands,฀except฀per฀share฀amounts
2003
2002
2001
Net฀sales฀ Cost฀of฀sales฀ ฀ Gross฀proï¬t฀ Selling,฀general฀and฀administrative฀expense฀ Expenses฀for฀the...
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Page 15
...000;฀none฀issued฀ ฀ Common฀stock,฀$.33฀1â„3฀par฀value,฀12,000,000฀shares฀authorized, ฀ ฀ 7,039,100฀issued฀for฀2003฀and฀2002฀ ฀ Paid-in฀capital฀ ฀ Retained฀earnings฀ ฀ Accumulated฀comprehensive฀income Treasury฀stock,฀at฀cost฀(619,323...
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Page 16
PA G E 1 4
C O N S O L I D AT E D S TAT E M E N T S O F C A S H F L O W S
Years Ended December 31,
In฀thousands CASH฀FLOWS฀FROM฀OPERATING฀ACTIVITIES:
2003
2002
2001
Net฀income฀ Adjustments฀to฀reconcile฀net฀income฀to฀net฀cash฀ï¬,ows฀from ฀ operating฀...
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Page 17
...644฀฀ ฀ 509
(a)฀The฀fourth฀quarter฀of฀2003฀includes฀the฀reversal฀of฀$1.2฀million฀of฀unclaimed฀program฀funds฀from฀2002. (b)฀The฀total฀quarterly฀income฀per฀share฀may฀not฀equal฀the฀annual฀amount฀because฀net฀income฀per฀share฀is...
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Page 18
... consolidated ï¬nancial statements for the year ended December 31, 2003, which were presented in accordance with accounting principles generally accepted... report that expressed an unqualiï¬ed opinion (dated February 18, 2004) are included in the Company's Proxy Statement and in its Annual Report ...
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Page 19
...2004.
SUMMARY฀ANNUAL฀REPORT
James R. Bazet President and Chief Executive Ofï¬cer Cobra Electronics Corporation ...COBRA฀ELECTRONICS (HK)฀LIMITED
D E S I GN฀ AND ฀ P R OD U CT I ON- W W W.ANNU ALR E P OR T S I NC. COM
This report is in a summary format. It is intended to present 2003...
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Cobra฀Electronics฀Corporation฀•฀6500฀W.฀Cortland฀St.฀•฀Chicago,฀IL฀60707฀•฀773.889.8870฀•฀www.cobra.com