Cobra 2003 Annual Report Download - page 6
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Please find page 6 of the 2003 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.P A G E 4
efforts.OurhandheldGPS
productsalreadyareonretail
shelvesinEuropeandweare
movingquicklytowardshaving
ourmarineradiosavailablefor
theseconsumersalso.
Oursuccessinournewproduct
categorieshasnotdiminished
ourenthusiasmforourexisting
lines.Inthetwo-wayradio
market,Cobraretainedaleading
worldwidemarketsharein
2003andwillcontinuetobuild
sharethroughinnovationand
aggressivemarketing.Cobra
wideneditsalreadysubstantial
leadintheradardetectormarket
in2003andwillintroduceanew
lineof11Band™productsin
2004,againincorporatingthe
innovativeandattractivedesigns
andexclusivefeaturesforwhich
Cobraisknown.CitizensBand
radiobenefitedfromtwolimited
editionproductsin2003–a
HarleyDavidson®modelanda
DaleEarnhardt®model.
Ourfinancialresultsin2003and
currentfinancialpositionprovide
thefoundationtoexecutethis
planfordiversificationofour
productlinesandmarketing
channels.Netincomeforthe
yearincreasedsevenpercent
to$1.8milliondespiteadecline
insalesto$114.8million.Cash
flowremainedpositiveand
Cobraended2003withno
interest-bearingdebtandacash
balanceof$4.7million,$1.9
milliongreaterthanourcash
balanceoneyearearlier.
Wehopethatitisevidentthat
yourBoardofDirectorsand
theentiremanagementteam
areexcitedbyourprospects
for2004andbeyond.Wehave
establishedthegroundworkfor
growthinrevenues,earnings
andshareholdervalue.We
appreciateyourcontinued
supportandwillstrivetoearnit
onadailybasis.
Sincerely,
CarlKorn
ChairmanoftheBoard
JimBazet
President&ChiefExecutiveOfficer
March30,2004