Cobra 2002 Annual Report Download - page 5
Download and view the complete annual report
Please find page 5 of the 2002 Cobra annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.2 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
2 0 0 2 A N N U A L R E P O R T 3
ThedepthofourcommitmenttoGPS-relatedtechnologies
wasreectedinourrecentsigningofanexclusiveproduct
developmentcontractwithHorizonNavigation,oneofthe
world’spioneersinGPS-basednavigationtechnology.We
expectthisrelationshiptoresultinseveralinnovativenavi-
gationproducts,therstofwhichshouldstartshippingin
early2004.
ReinventingCobra
Therealityoftoday’sincreasinglyfast-pacedbusinessenvi-
ronmentdictatesthatanyconsumerelectronicscompany
mustcontinuallyreinventitselfifitistogrowconsistently
andprotably.Thisrequiresanunrelentingfocusonthe
consumer,atightgraspofemergingtechnologies,anda
clearinsightintohowtheorganizationcanconsistently
outmaneuveritscompetition.Reinventioninvolvesrisk,
butstayinginplaceisevenriskier.Wearecondentthat
thecoursewearenavigatingisonethatwilltakeCobrato
thegreatestheightsinitshistory.
Sincerely,
CarlKorn,ChairmanoftheBoard
JamesR.Bazet,PresidentandChiefExecutiveOfcer
March31,2003
no-holds-barredself-examinationisacontinuallyevolving
strategicvisionthatwillensureourcompany’slong-term
growthandprosperity.
AYearofProgress
Oneofourkeycontinuingstrategicobjectivesistobe
number-oneoraverystrongnumber-twoplayerineachof
ourmarkets.Muchprogresswasmadetowardthatobjec-
tivein2002.Inadditiontoincreasingourleadingmarket
sharesintheRadarDetectionandCitizensBandRadio
markets,wemovedsignicantlyclosertothenumber-one
positionintheFRS/GMRSradiobusiness.Importantly,we
accomplishedthisinanintenselydeationaryenvironment
notbyrecklesslycuttingprices,butbyaddingvalueforthe
consumerthroughtheinclusionofspecialfeaturesand
accessorieswithourradios.
NavigatingANewAndExcitingCourse
Our2003introductionofthreehand-heldGPSreceiversis
amajormilestoneforourcompany,aswebelievethatthe
marketforGPS-relatedtechnologiesisstillinitsinfancy.
Moreover,webelievethatCobra’sbrandequityanddistri-
butionstrengthwillacceleratethemarket’salready-impres-
sivegrowth.Finally,thehighbarriers-to-entryassociated
withthiscomplextechnologyshouldmakeitlesssuscep-
tibletoentrybylow-priced,“me-too”competitorstypically
seeninotherconsumerelectronicscategories.
JamesR.Bazet,President&CEO
(left),andCarlKorn,Chairman