Cobra 1999 Annual Report Download

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COBRA ELECTRONICS CORPORATION 15
Cobra Electronics Corporation
1999 Summary Annual Report

Table of contents

  • Page 1
    Cobra Electronics Corporation 1999 Summary Annual Report C O B R A E L E C T RO N I C S C O R P O R AT I O N 15

  • Page 2
    ...voting at the meeting is April 7, 2000. Summary Annual Report This report is in a summary format. It is intended to present 1999 results in a simple, readable style. The more... transmitters for Citizens Band Radios (Cobra #1) Radar (Cobra #1) Family Radio Service (Cobra #2) Source: Hot Market Monitor...

  • Page 3
    ... of $10.4 million for the reversal of the company's valuation allowance on its deferred tax asset. If adjusted for the tax rate used in 1999, 1998's net income and net income per diluted share would have been $2.6 million and $.41, respectively. FINANCIAL HIGHLIGHTS As of December 31: Total assets...

  • Page 4
    ...tax benefit of $10.4 million for the reversal of Cobra's valuation allowance on its deferred tax assets. If adjusted ...-term debt decreased to $4.1 million at December 31, 1999 versus $14.3 million one year earlier, partly due ...reach. Throughout this summary annual report we will present the foundation...

  • Page 5
    ... on New Markets and Distribution Channels As part of our goal to reshape Cobra's future, we have identified the European market as a key area of opportunity...Sweden and Turkey, where sales are just beginning. Also, during 1999, we greatly expanded our reach into the office supply distribution channel....

  • Page 6
    ... is a newly energized company that is laser focused on reshaping its future. In 1999, we identified four Design & Engineering Showcase CES Innovations Awards Presented to Cobra 1997 the future was to reshape our products, making them more appealing to a broader consumer base. To this extent, the...

  • Page 7
    RESHAPING FRS Cobra Electronics introduced the world's first FRS radio with AM/FM digital stereo tuner, reshaping the industry to appeal to a growing teen market. Shown: FRS 115 C O B R A E L E C T RO N I C S C O R P O R AT I O N 5

  • Page 8
    ...has been one of our goals. To achieve this, we worked to expand our presence in the traditional consumer electronics channels and introduced the Cobra brand in non-traditional channels that would be complementary to our products and brand. We were able to accomplish this on the strength and dominant...

  • Page 9
    ... lines, the number of retail accounts will increase to over 200. Retail Chain Count '97 '98 '99 In 1999 Cobra's sales through its web site increased substantially. For 2000 one of Cobra's key initiatives is to better position the company to capitalize on the rapid growth in e-commerce. To do...

  • Page 10
    ...new markets including families, businesses and outdoor enthusiasts. RESHAPING MARKETS Our microTALK line of two-way 15. 0 In 1999, after extensive market research, Cobra introduced HighGear, a new accessories division that offers a complete line of quality Citizens Band radio speakers, microphones...

  • Page 11
    RESHAPING MARKETS New for 2000, Cobra's PRO 2000 WX, a five-mile range GMRS/FRS radio with weather alert, is reshaping the recreation market. C O B R A E L E C T RO N I C S C O R P O R AT I O N 9

  • Page 12
    ... moving to further validate our commitment to making the best Family Radio Service radios with the best value. New Products '98 '99 '00 In 1999, Cobra became the largest FRS supplier to Kmart stores nationwide. In addition, our leading radar line was named "Radar Line of Number of new products...

  • Page 13
    ...compass and Safety Alert and Strobe Alert technologies. The 9 Band detectors are now becoming a useful travel tool. ᮣ RESHAPING CITIZENS BAND RADIOS Cobra salutes its professional Citizens Band radio operators with a unique limited edition 29 NW ST LE radio. With two color C O B R A E L E C T RO...

  • Page 14
    ... BOUNDARY SALES Canada Chicago Iceland Netherlands Sweden Finland UK Poland Ireland Germany Turkey France Slovenia Portugal Spain Bulgaria Israel Cobra's 1999 international sales and Russia South Korea Hong Kong Taiwan distributors by country. Mexico Puerto Rico El Salvador Dubai Brazil...

  • Page 15
    RESHAPING INTERNATIONAL AWARENESS The Cobra microTALK Private Mobile Radio (PMR) has taken the European community market by storm. PMR is being used as an alternative to the standard form of two-way communication. C O B R A E L E C T RO N I C S C O R P O R AT I O N 13

  • Page 16
    ...Cobra Electronics Corporation Years Ended December 31, 1998 In thousands, except per share amounts 1999...⁄4 3 5 ⁄8 4 11⁄16 1,304 (a) The total quarterly income per share may not equal the annual amount because net income per share is calculated independently for each quarter. 14 C O B R A E...

  • Page 17
    CONSOLIDATED BALANCE SHEETS Cobra Electronics Corporation At December 31, 1999 1998 In thousands Assets: Current assets: Cash Receivables, less allowances for claims and doubtful accounts of $1,381 in 1999 and $985 in 1998 Inventories, primarily finished goods Deferred tax asset Other current ...

  • Page 18
    ...Cobra Electronics Corporation Years Ended December 31, 1997 In thousands, except per share amounts 1999... (dated February 23, 2000) are included in the Company's Proxy Statement and in its Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, both of which are available...

  • Page 19
    ... Michael B. Kavanagh, Managing Director 204 Upper Glenageary Road Glenageary Co. Dublin, Ireland Phone 353.1. 235.2311 Fax 353.1. 235.2303 Cobra Electronics (HK) Limited Harold D. Schwartz President, Chez & Schwartz, Inc., Marketing Consultants Daniel S. Schiff, General Manager 1907 Tower One, The...

  • Page 20
    Cobra Electronics Corporation 6500 West Cortland St. Chicago, IL 60707 773-889-8870 www.cobraelectronics.com 14 C O B R A E L E C T R O N I C S C O R P O R AT I O N