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8 COBRA ELECTRONICS CORPORATION
Consolidated Statements of Operations
(In thousands, except per share amounts)
Years Ended December 31
2010 2009 2008
Net sales $ 110,520 $ 105,229 $ 124,745
Cost of sales 80,666 78,853 86,576
Gross profit 29,854 26,376 38,169
Selling, general and administrative expense 28,047 30,066 34,175
Impairment of goodwill — — 20,084
Earnings (loss) from operations 1,807 (3,690 ) (16,090 )
Interest expense (1,564 ) (1,149 ) (1,109 )
Other income (expense) 954 1,331 (1,031 )
Earnings (loss) before income taxes 1,197 (3,508 ) (18,230 )
Tax (benefit) provision (380) 6,762 598
Less non-controlling interest — 2 11
Net earnings (loss) $ 1,577 $ (10,272 ) $ (18,839 )
Net earnings (loss) per common share:
Basic $ 0.24 $ (1.59 ) $ (2.91 )
Diluted $ 0.24 $ (1.59 ) $ (2.91 )
Weighted average shares outstanding:
Basic 6,471 6,471 6,471
Diluted 6,471 6,471 6,471
Dividends declared and paid per common share $ — $ — $ 0.16