Cobra 2004 Annual Report Download

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2004฀ANNUAL฀REPORT฀ ฀ ฀ ฀ 13

Table of contents

  • Page 1
    2 0 0 4 ฀ ANNUAL ฀ RE PORT฀ ฀ ฀ ฀ 13

  • Page 2
    ...radio,฀ radar฀ detector฀ and฀ Citizens฀ Band฀ radio฀ industries,฀ Cobra฀ identified฀ new฀ growth฀ opportunities฀ and฀ has฀ aggressively...฀recognized฀Cobra฀for฀the฀ company's฀innovation฀and฀industry฀leadership. Table฀of฀Contents 02฀ Report฀to฀...

  • Page 3
    ...H T S ฀ (in฀thousands,฀except฀per฀share฀amounts)฀ ฀ 2004฀ ฀ 2003฀ Percent฀ Change Operating฀Data Net฀sales฀ Gross฀profit฀...33 $8.70 $0.28 $0.26 2002฀ 2003฀ 2004 2002฀ 2003฀ 2004 22 00 00 44 ฀ ANNUAL ฀ ANNUAL ฀ RE ฀ RE PORT฀ PORT 15 1

  • Page 4
    ...pleased฀to฀report฀to฀our฀shareholders฀solid฀results฀for฀ 2004฀and฀bright...2005. ฀ A฀key฀milestone฀for฀Cobra฀was฀the฀launch฀of฀our฀first...manipulate,฀and฀there฀is฀no฀need฀to฀download฀information฀from฀ a฀personal฀computer.฀The฀ NAV...

  • Page 5
    ...marine฀radios฀ in฀Europe. ฀ Our฀financial฀results฀in฀2004฀further฀illustrate฀that฀Cobra฀ is฀on฀the฀right฀course.฀Sales฀increased฀to฀$122.9฀...Board Jim฀Bazet President฀&฀Chief฀Executive฀Officer March฀31,฀2005 2 0 0 4 ฀ ANNUAL ฀ RE PORT 3

  • Page 6
    ...family฀outings฀are฀right฀at฀ hand-quickly฀accessible,฀ easily฀downloadable฀and฀ very฀convenient. In฀2004฀Cobra฀successfully฀brought฀cutting-edge฀products฀to฀ what฀Cobra฀does฀best:฀taking฀technology฀to฀the฀consumer฀with฀innovative,฀ users...

  • Page 7
    ...of฀2004. ฀ At฀the฀end฀of฀2003,฀Cobra฀made฀its฀ ฀ For฀instance,฀the฀GPS฀1000฀DLX฀was฀the฀best฀received฀model฀ plans฀for฀the฀future฀clear฀in฀its฀Annual฀ of฀Cobra's฀GPS฀handheld฀series.฀This฀performance฀of฀the฀GPS฀ Report...

  • Page 8
    ...ASAP฀II฀technology฀offering฀ the฀fastest฀acquisition฀times฀ available,฀Cobra's฀GPS฀1000฀ DLX฀has฀changed฀the฀way฀ people฀.... philosophy.฀ The฀ "Develop฀ or฀ Die"฀ mentality฀ in฀ 2004฀ continues฀ to฀ be฀ a฀ mantra฀ for฀ the฀ Company฀...

  • Page 9
    ...Manufacturing฀ by฀a฀Cobra฀Supplier:฀ PCB฀assembly฀line,฀fully฀ automated฀surface฀ mounting฀of฀Nav฀One฀ 3000฀components.฀After฀ the฀PCB฀line,฀the฀Nav฀One฀ components฀are฀moved฀to฀ casing฀for฀final฀assembly.฀ 2 0 0 4 ฀ ANNUAL ฀ RE...

  • Page 10
    ...฀ channels฀ resulted฀ in฀ a฀ significant฀ increase฀ in฀ shelf฀ space฀ in฀ consumer฀ retail฀ channels฀for฀Cobra's฀Citizens฀Band฀radios฀in฀2004.฀As฀ the฀ Company฀that฀set฀the฀industry฀standard฀for฀excellence฀in฀ Citizens฀Band฀radios...

  • Page 11
    ...฀of฀2004,฀Cobra฀proudly...of฀the฀Cobra฀handheld฀radio... to฀ know฀ that฀ Cobra฀ is,฀ in฀ its฀ ... region.฀ It฀ is฀ Cobra's฀ hope฀ that฀ the฀...:฀At฀Cobra,฀we฀...shipment฀of฀the฀Cobra฀ GMRS฀two-way...down.฀The฀ handheld฀Cobra฀sent฀saved฀the฀...

  • Page 12
    Future฀of฀Cobra฀ 2004฀ was฀ truly฀ significant฀ for฀ Cobra฀ Electronics.฀ The฀ Company฀positioned฀itself฀as฀a฀technology฀innovator,฀entering฀ new฀ market฀ segments฀ while฀ continuing฀ to฀ maintain฀ market฀ leadership฀ positions฀ in฀ its฀ ...

  • Page 13
    ...range฀radio฀being฀introduced฀this฀summer฀ will฀further฀appeal฀to฀Cobra's฀loyal฀users.฀Just฀as฀recreational฀ users฀have฀come฀to฀rely... line,฀ providing฀ long-time฀ users฀ with฀ opportunities฀ to฀ upgrade฀ to฀ 2 0 0 4 ฀ ANNUAL ฀ RE PORT 11

  • Page 14
    CON SOL I DAT ED฀STAT EMEN T S฀OF ฀EA R N I N G S ฀ In฀thousands,฀except฀per฀share฀amounts฀ 2004฀ Years฀Ended฀December฀31, 2003฀ 2002 Net฀sales฀ Cost฀of฀sales฀ Gross฀profit฀ Selling,฀general฀and฀administrative฀expense฀ Operating฀income฀...

  • Page 15
    ...value,฀12,000,000฀shares฀authorized, ฀ ฀ 7,039,100฀issued฀for฀2004฀and฀2003฀ ฀ Paid-in฀capital฀ ฀ Retained฀earnings฀ ฀ Accumulated฀...$฀82,494฀฀ ฀ 2,345 ฀ 19,772 ฀ 39,890 16 62,023 3,922 400 57,701 76,233฀฀ 2 0 0 4 ฀ ANNUAL ฀ RE PORT 13

  • Page 16
    CON SOL I DAT ED฀STAT EMEN T S฀OF ฀CA SH ฀F L OWS ฀ In฀thousands฀ 2004฀ Years฀Ended฀December฀31, 2003฀ 2002 Cash฀ï¬,ows฀from฀operating฀activities: ฀ Net฀earnings฀ ฀ Adjustments฀to฀reconcile฀net฀earnings฀to฀net฀cash฀ï¬,ows฀from฀operating...

  • Page 17
    ...(c)฀ Income฀tax฀expense฀in฀the฀fourth฀quarter฀of฀2004฀reï¬,ected฀a฀$207,000฀valuation฀allowance฀for฀the฀deferred...Cobra฀Electronics฀Europe฀Limited. (d)฀The฀sum฀of฀the฀quarterly฀net฀earnings฀per฀share฀amounts฀may฀not฀equal฀the฀annual...

  • Page 18
    ...nancial฀statements฀for฀the฀year฀ended฀December฀31,฀2004,฀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
    ...฀1,฀2005. Summary฀Annual฀Report This฀report฀is฀in฀a฀summary฀format.฀It฀ is฀intended฀to฀present฀2004฀results฀in฀a฀...889-1678 Consumer฀Service฀(773)฀889-3087 Website:฀www.cobra.com Independent฀Accountants Grant฀Thornton฀LLP, Chicago,฀Illinois ...

  • Page 20
    COBRA฀ELECTRONICS฀CORPORATION 6500฀W.฀Cortland฀Street Chicago,฀Illinois฀60707 773.889.8870 www.cobra.com 12฀ C OBRA฀EL EC TRONI C S ฀ C ORPORATI ON