Cobra 2003 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ...AND NEW PRODUCTS. IN THE BUILDING UPON ITS LEADERSHIP RADAR COBRA GMRS/FRS BAND T W O - WAY RADIO, DETECTOR... A D E R S H I P. FINANCIAL HIGHLIGHTS (In฀thousands,฀except฀per฀share฀amounts) 2003 2002 Percent Change OPERATING฀DATA: Net฀sales฀ Gross฀profit฀ Operating฀income...

  • Page 3
    C O B R A ฀ A N N UA L ฀ R E P O R T ฀ 2 0 0 3 ฀  PA G E 1 2 5 REPORT TO SHAREHOLDERS O P E R AT I N G R E V I E W 1 3 C O N S O L I D AT E D B A L A N C E SHEETS 1 4 C O N S O L I D AT E D S TAT E M E N T S OF CASH FLOWS 1 5 Q U A R T E R LY F I N A N C I A L D A T A (UNAUDITED) 16 ...

  • Page 4
    PA G E 2 J A M E S ฀ R . ฀ B A Z E T, ฀ P R E S I D E N T ฀ & ฀ C H I E F ฀ E X E C U T I V E ฀ O F F I C E R ฀ C A R L ฀ K O R N , ฀ C H A I R M A N ฀ O F ฀T H E ฀ B O A R D REPORT TO OUR SHAREHOLDERS 2003 MARKED A KEY POINT IN THE EVOLUTION OF COBRA ELECTRONICS INTO ...

  • Page 5
    ...use฀in฀heavy฀seas฀or฀ over฀the฀noise฀of฀engines.฀Cobra฀ also฀introduced฀the฀industry's฀ first฀full฀line฀of฀...more฀than฀38,000฀today.฀The฀ products฀we฀launched฀in฀2003฀ and฀are฀launching฀today฀offer฀ an฀even฀greater฀opportunity...

  • Page 6
    ...percent฀ to฀$1.8฀million฀despite฀a฀decline฀ in฀sales฀to฀$114.8฀million.฀Cash฀ ï¬,ow฀remained฀positive฀and฀ Cobra฀ended฀2003฀with฀no฀ interest-bearing฀debt฀and฀a฀cash฀ balance฀of฀$4.7฀million,฀$1.9฀ million฀greater฀than฀our฀cash...

  • Page 7
    CR OA B RA AN ฀A N NA UL AL ฀R ฀2 00 03 3 P PA G E ฀ 5 COB N U R EE PP OO RR TT 2 0 Fiscal Year 2003 saw the first shipments of Cobra's new handheld GPS units. The GPS 100 and GPS 500 units shipped in the second and third quarters, respectively. Bringing these user-friendly, high-...

  • Page 8
    ...WITH EXISTING PRODUCTS LIKE GMRS/FRS RADIOS. Faster acquisition times, reliable maps and intuitive interfaces are just a few of the features making Cobra's 2004 Handheld GPS Product Line superior to the competition. The GPS 1000 DLX is the premium model, offering ASAPâ„¢ II (Accelerated Satellite...

  • Page 9
    ... T ฀ 2 0 0 3 ฀  PA G E 7 Cobra's award-winning SkyNav 3000 Mobile Navigation System eliminates the need to download from computers and comes loaded with street-level detail maps of all...an exclusive feature only from Cobra. During฀2003,฀Cobra฀continued฀ its฀development฀of฀...

  • Page 10
    PA G E 8 With the longest available range in the GMRS/FRS two-way radio category, Cobra's microTALK® radios, like the PR 950 being used by this U.S. soldier in Iraq, have ...feature and 38 privacy codes for 836 possible channel combinations. Photo courtesy of U.S. News and World Report, May 26, 2003.

  • Page 11
    ...฀new฀ones฀ through฀its฀perpetual฀pursuit฀ of฀innovation.฀With฀more฀than฀ 38,000฀U.S.฀storefronts฀secured฀ in฀2003,฀Cobra฀continues฀to฀ increase฀its฀business.฀From฀its฀ radar฀detectors฀to฀Citizens฀Band฀ radios฀to฀GMRS/FRS฀radios...

  • Page 12
    ...has฀found฀a฀new฀audience฀ in฀the฀younger฀car฀and฀truck฀owner.฀Less฀costly฀and฀more฀reliable฀ than฀a฀cell฀phone,฀Cobra's฀Xtreme฀ Street฀Communicator฀gives฀drivers฀an฀easy-to-use฀edge฀when฀on฀ the฀road฀and฀the฀"cool฀blue"฀glow...

  • Page 13
    ... the bar is never stationary; it is a moving target. Named as one of Deloitte & Touche's Fast Track 50 companies in Chicagoland in 2003 for the fourth year in a row, Cobra Electronics is one of the "companies that will lead the world in technology and innovation, both here in Chicago, and around the...

  • Page 14
    PA G E 1 2 C O N S O L I D AT E D S TAT E M E N T S O F I N C O M E Years Ended December 31, In฀thousands,฀except฀per฀share฀amounts 2003 2002 2001 Net฀sales฀ Cost฀of฀sales฀ ฀ Gross฀profit฀ Selling,฀general฀and฀administrative฀expense฀ Expenses฀for฀the...

  • Page 15
    ...000;฀none฀issued฀ ฀ Common฀stock,฀$.33฀1⁄3฀par฀value,฀12,000,000฀shares฀authorized, ฀ ฀ 7,039,100฀issued฀for฀2003฀and฀2002฀ ฀ Paid-in฀capital฀ ฀ Retained฀earnings฀ ฀ Accumulated฀comprehensive฀income Treasury฀stock,฀at฀cost฀(619,323...

  • Page 16
    PA G E 1 4 C O N S O L I D AT E D S TAT E M E N T S O F C A S H F L O W S Years Ended December 31, In฀thousands CASH฀FLOWS฀FROM฀OPERATING฀ACTIVITIES: 2003 2002 2001 Net฀income฀ Adjustments฀to฀reconcile฀net฀income฀to฀net฀cash฀ï¬,ows฀from ฀ operating฀...

  • Page 17
    ...644฀฀ ฀ 509 (a)฀The฀fourth฀quarter฀of฀2003฀includes฀the฀reversal฀of฀$1.2฀million฀of฀unclaimed฀program฀funds฀from฀2002. (b)฀The฀total฀quarterly฀income฀per฀share฀may฀not฀equal฀the฀annual฀amount฀because฀net฀income฀per฀share฀is...

  • Page 18
    ... consolidated financial statements for the year ended December 31, 2003, which were presented in accordance with accounting principles generally accepted... report that expressed an unqualified opinion (dated February 18, 2004) are included in the Company's Proxy Statement and in its Annual Report ...

  • Page 19
    ...2004. SUMMARY฀ANNUAL฀REPORT James R. Bazet President and Chief Executive Officer Cobra Electronics Corporation ...COBRA฀ELECTRONICS (HK)฀LIMITED D E S I GN฀ AND ฀ P R OD U CT I ON- W W W.ANNU ALR E P OR T S I NC. COM This report is in a summary format. It is intended to present 2003...

  • Page 20
    Cobra฀Electronics฀Corporation฀•฀6500฀W.฀Cortland฀St.฀•฀Chicago,฀IL฀60707฀•฀773.889.8870฀•฀www.cobra.com