Cobra 2002 Annual Report Download

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12฀ COBRA฀ELECTRONICS฀CORPORATION
2002฀ANNUAL฀REPORT฀ ฀ ฀ ฀ 13

Table of contents

  • Page 1
    2 0 0 2 ฀ ANNUAL ฀ RE PORT฀ ฀ ฀ ฀ 13

  • Page 2
    ... 14฀ C OBRA฀EL EC S TRONI C S ฀ C ORPORATI ON C OBRA฀EL EC TRONI ฀ C ORPORATI ON mobile฀ communications฀ product฀ line.฀ Cobra,฀ranked฀among฀ Forbes'฀200฀Best฀ Small฀ Companies฀ for฀ two฀ of฀ the฀ past฀ three฀ years,฀ has฀ a฀ track฀ record฀ of...

  • Page 3
    ...฀ (In฀thousands,฀except฀per฀share฀amounts)฀ ฀ 2002฀ ฀ 2001฀ Percent Change Operating฀Data: Net฀....0 $143.2 $135.8 Book฀Value฀ Per฀Share $8.56 $7.89 $6.80 $6.18 $8.77 Where฀Cobra฀products฀are฀sold $118.7 $103.4 '98฀ '99฀ '00฀ '01฀ '02 '98...

  • Page 4
    Report฀to฀Shareholders "While฀2002฀was฀a฀year฀of฀mixed฀results,฀ Cobra's฀future฀is฀unequivocally฀bright." James฀R.฀Bazet,฀President฀and฀CEO฀ A฀Year฀of฀Resilience It฀is฀often฀said฀that฀we฀cannot฀control฀external฀events;฀we฀ can฀...

  • Page 5
    ...฀made฀toward฀that฀objective฀in฀2002.฀In฀addition฀to฀increasing฀our฀...,฀we฀believe฀that฀Cobra's฀brand฀equity฀and฀...฀2004. Reinventing฀Cobra The฀reality฀of...navigating฀is฀one฀that฀will฀take฀Cobra฀to฀ the฀greatest฀heights฀in฀its...

  • Page 6
    Operating฀Review A฀Time฀For฀Leadership Despite฀a฀fragile฀economy฀and฀numerous฀other฀external฀ challenges฀facing฀Cobra฀in฀2002,฀the฀company฀remained฀ focused฀on฀the฀success฀factors฀that฀will฀enhance฀ shareholder฀value฀over฀the฀long฀...

  • Page 7
    ...Cobra's฀PR฀4000฀WX฀was฀one฀ of฀them!  Cobra...Cobra....฀Cobra฀...Cobra's฀competitors฀reduced฀their฀ prices฀by฀an฀unheard-of฀average฀of฀45฀percent฀in฀2002,฀ Cobra...฀reduced฀its฀prices฀by฀less฀than฀half฀of฀that฀rate.฀ Cobra...Cobra...

  • Page 8
    ...฀ features฀and฀attractive฀designs฀that฀complement฀consumer฀ lifestyles฀better฀than฀ever฀before. Almost฀80฀percent฀of฀Cobra's฀2002฀sales฀came฀from฀ products฀that฀did฀not฀exist฀in฀2000,฀and฀2003's฀sales฀ are฀anticipated฀to฀show...

  • Page 9
    ...฀Cobra's฀...฀Cobra's฀...-old฀males,฀Cobra฀will฀introduce฀its...฀Cobra's฀exclusive...฀The฀Horizon Cobra฀is฀continually฀....฀The฀Cobra฀ brand...Cobra฀to฀enter฀ this฀market฀in฀recent฀years.฀One฀ reason฀is฀that฀Cobra....฀And฀ while฀Cobra฀is฀new฀to...

  • Page 10
    ...฀too฀complicated฀ for฀most฀mainstream฀consumers฀to฀operate.฀By฀introducing฀ the฀market's฀fi ฀ rst฀truly฀user-friendly฀line,฀Cobra฀intends฀to฀ not฀only฀grab฀a฀signifi ฀ cant฀slice฀of฀the฀GPS฀market฀but฀also฀ help฀accelerate฀the...

  • Page 11
    ...,฀Cobra฀...Cobra...Cobra฀to฀raise฀the฀bar฀for฀userfriendliness฀dramatically.฀ Cobra...฀2003,฀Cobra฀announced฀...2002,฀Horizon฀was฀named฀"#1฀Navigation฀ Systems฀Supplier"฀by฀Automotive฀Industries฀magazine฀ in฀2001.฀Cobra...,฀Cobra...฀ways.฀Cobra฀fully฀...

  • Page 12
    ...฀user-friendliness.฀ In฀addition฀to฀meeting฀the฀ever-changing฀needs฀of฀existing฀consumers,฀Cobra฀is฀actively฀recruiting฀new฀consumers฀ to฀the฀fold.฀In฀2002฀the฀company฀began฀introducing฀its฀ two-way฀radios฀to฀serious฀boating฀and...

  • Page 13
    ...far฀removed฀from,฀and฀far฀ahead฀of,฀the฀Cobra฀of฀today  Exceptional฀ergonomics฀ and฀unsurpassed฀easeof-use฀make฀Cobra฀radios฀ accessible฀to฀consumers฀of฀ all฀ages. "Nothing฀ comes฀close฀ to฀a฀Cobra®." 2 0 0 2 ฀ ANNUAL ฀ RE PORT 11

  • Page 14
    Consolidated฀Statements฀of฀Income ฀ (In฀thousands,฀except฀per฀share฀amounts)฀ Years฀ended฀December฀31, 2001฀ 2002฀ 2000 Net฀sales฀ Cost฀of฀sales Gross฀profit฀ Selling,฀general฀and฀administrative฀expense฀ Expenses฀for฀the฀terminated฀...

  • Page 15
    ...and฀doubtful฀accounts฀of฀$1,179฀in฀2002฀ ฀ ฀ and฀$2,518฀in฀...000,000฀shares฀authorized 7,039,100฀issued฀for฀2002฀and฀2001฀ ฀ 2,345 2,345 Paid-in฀...Treasury฀stock,฀at฀cost฀(619,323฀shares฀for฀2002฀and฀736,048฀shares฀for฀2001 3,922...

  • Page 16
    Consolidated฀Statements฀of฀Cash฀Flows Years฀Ended฀December฀31, In฀thousands 2002 2001 2000 Cash฀flows฀from฀operating฀activities: ฀฀฀ Net฀income 1,720 4,685 7,189 ฀฀฀ Adjustments฀to฀reconcile฀net฀income฀to฀net฀cash฀flows฀from operating...

  • Page 17
    ...30 December฀31 per฀share฀amounts 2002 2001 2002 2001 2002 2001 2002 2001 Net฀sales฀ Cost฀of฀...The฀total฀quarterly฀income฀per฀share฀may฀not฀equal฀the฀annual฀amount฀because฀net฀income฀per฀share฀is฀calculated฀independently฀for฀each฀...

  • Page 18
    ...financial฀statements฀for฀the฀year฀ended฀December฀31,฀2002,฀which฀were฀presented฀in฀accordance฀ with฀accounting฀...included฀in฀the฀Company's฀Proxy฀Statement฀and฀in฀its฀Annual฀Report฀on฀Form฀10-K฀filed฀with฀the฀U.S.฀Securities฀and฀...

  • Page 19
    ...Fax฀(773)฀889-1678 Consumer฀Service฀(773)฀889-3087 Website:฀www.cobra.com Form฀10-K฀and฀Proxy฀Statement A฀copy฀of฀the฀company's฀...9048 Summary฀Annual฀Report This฀report฀is฀in฀a฀summary฀format.฀It฀ is฀intended฀to฀present฀2002฀results฀in...

  • Page 20
    12฀ C OBRA฀EL E C TRONI C S ฀ C ORPORATI ON