Cobra 1999 Annual Report Download - page 3

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COBRA ELECTRONICS CORPORATION 17
(Thousands of dollars except per share amounts) 1999 1998 Change
Operating Data:
Net sales $118,693 $103,414 14.8%
Gross profit 30,152 24,661 22.3%
Operating income 6,612 4,914 34.6%
Income before taxes 5,757 3,797 51.6%
Net income* 3,983 14,200 (72.0)%
Net income per common share:*
Basic .66 2.30 (71.3)%
Diluted .65 2.20 (70.5)%
* In 1998, the company had a one-time income tax credit 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.
As of December 31:
Total assets 59,579 64,419 (7.5)%
Short-term debt 4,083 14,316 (71.5)%
Shareholders’ equity 41,572 37,496 10.9%
Book value per share 6.80 6.18 10.0%
Shares outstanding 6,118 6,066 0.9%
Financial Highlights 1
Letter to Shareholders 2
Reshaping the Future 4
Reshaping Distribution 6
Reshaping Markets 8
Reshaping Products 10
Reshaping Boundaries 12
Financial Statements 14
Corporate Information 17
FINANCIAL
HIGHLIGHTS
CONTENTS
COBRA ELECTRONICS CORPORATION 1