Cobra 1998 Annual Report Download

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15
COBRA ELECTRONICS CORPORATION
1998 SUMMARY ANNUAL REPORT

Table of contents

  • Page 1
    15 COBRA ELECTRONICS CORPORATION 1998 SUMMARY ANNUAL REPORT

  • Page 2
    .... It is intended to present 1998 results in a simple, readable style. The more detailed operational and financial material included in the previous annual reports is now part of the Proxy Statement. ABOUT THE COVER As recently as a few years ago, Cobra products were targeted primarily at a small...

  • Page 3
    FINANCIAL HIGHLIGHTS (In thousands, except per share amounts) 1998 1997 Change 17 1 Operating Data: Net sales Gross profit Operating income Gain on sale of building Tax provision (benefit) Net income Net income per common ...

  • Page 4
    ...doesn't begin to explain how Cobra's products have become an important part of people's lives in very positive ways. That kind of acceptance is much more gratifying, and it ultimately will make for a much stronger company over the long term. Throughout this year's annual report, you will see some of...

  • Page 5
    with our new NightWatch line of CBs introduced at the January International Consumer Electronics Show. This technology incorporates illuminated front panels that allow users to adjust the backlighting to accommodate low light situations. NightWatch radios will enhance convenience and safety by ...

  • Page 6
    ...radio, which continues to be the most vital "tool of the trade" for some of the hardest-working people anywhere: professional truck drivers. In Cobra is once again responding to its consumers' needs by introducing the NightWatch line of illuminated radios, which enhance drivers' safety by making it...

  • Page 7
    COBRA MEANS BUSINESS ! Cobra MicroTALK radios are much more compact and convenient, yet much less expensive, than traditional two-way business radios. 5

  • Page 8
    ...the Year" by one prominent retailer and to receive four Design& Engineering awards at the International Consumer Electronics Show. With this Made for malls! Cobra's MicroTALK two-way radios make it easy for friends and families to keep connected even when they're at opposite ends of the mall. kind...

  • Page 9
    ... amusement park goers can split up and still stay in touch, thanks to Cobra's MicroTALK twoway radios. 7 Cobra: Strong Market Shares In Three Core Markets Mobile CB Radios Radar Detectors FRS Radios 24% 57% 21% Cobra ranking: #1 #2 Source: Industrial Marketing Research, Inc. (4th Quarter...

  • Page 10
    ... technology and three weather channels, and the other targeting first-time users with an attractive design and the lowest price of any Cobra handheld CB ever. Cobra's mobile CBs are also gaining favor with "four-wheelers", that rapidly-growing group of sport-utility vehicle owners who enjoy off-road...

  • Page 11
    TAKING THE BAIT ! Cobra handheld CB radios-many incorporating weather channels-are a big hit with fishermen and other sportsmen. 9

  • Page 12
    ...beyond. Also seeing a lot of use in and around the home is Cobra's line of MicroTALK two-way radios. The number of uses for these ...in the upstairs bedroom telling Mom when to turn the No more dinner bells! Cobra MicroTALK radios let parents call children home for dinner with the simple push of ...

  • Page 13
    HANDS OFF ! "Hands-free" headsets let busy consumers talk on Cobra's 900 MHz cordless phones while performing any number of other activities around the house. 11

  • Page 14
    ...Traffic Warning System Is So Important: help in an emergency. Many Cobra CB radios also incorporate anywhere from three to ten NOAA weather channels... country • Work zone accidents kill or injure over 37,000 people annually • Each year there are over 30,000 accidents involving school buses ...

  • Page 15
    CAUTION -TRAIN APPROACHING! Cobra's Safety Alert traffic warning system is part of a high profile Illinois Department of Transportation study designed to improve safety at railroad crossings. 13

  • Page 16
    14 Cobra Electronics Corporation 6500 West Cortland Street Chicago, Illinois 60707 (773) 889-8870

  • Page 17
    ... STATEMENTS OF INCOME Cobra Electronics Corporation 14 In thousands, except per share amounts 1998 Y ears Ended ...643 10 7⁄8 5 1⁄4 6 5⁄16 4,966 (a) The total quarterly income per share may not equal the annual amount because net income per share is calculated independently for each quarter.

  • Page 18
    CONSOLIDATED BALANCE SHEETS Cobra Electronics Corporation In thousands, except share data At December 31, 1998 1997 15 Assets: Current assets: Cash Receivables, less allowance for doubtful accounts of $985 in 1998 and $958 in 1997 Inventories, primarily finished goods Deferred income taxes ...

  • Page 19
    FIVE YEAR FINANCIAL SUMMARY Cobra Electronics Corporation 16 In thousands, except per share amounts 1998 1997 Y ears Ended December 31, 1996 1995 1994 Operating Data: Net sales Gross profit Selling, general and administrative expense Operating income Gain on sale of ...

  • Page 20
    ...852) 2369 0211 Fax (852) 2724 4875 COBRA ELECTRONICS EUROPE Business Development Manager, Western Europe: Michael B. Kavanagh 2 Sidney Avenue Blackrock Co. Dublin, Ireland Phone 353 • 1 • 278 • 2011 Fax 353 • 1 • 278 • 2060 DESIGN AND PRODUCTION: ANNUAL REPORTS, INC., FRANKLIN, INDIANA