Cobra 2005 Annual Report Download

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First Proof: 3/14

Table of contents

  • Page 1
    First Proof: 3/14 3

  • Page 2
    ....9 2004 $0.36 2005 $133.1 2005 $0.38* * Excluding non-recurring events. This amount is considered a "non-GAAP" financial measure under Securities and Exchange Commission rules. As required, a reconciliation of this financial measure is provided on page 12 of this Summary Annual Report. 4

  • Page 3
    ...-winning products. Building upon its leadership position in the GMRS/FRS two-way radio, radar detector and Citizens Band radio industries, Cobra identified new growth opportunities and has aggressively expanded into the GPS, mobile navigation and recreation marine electronics markets over the past...

  • Page 4
    2005 ANNUAL REPORT Cobra's success in 2005 was fueled by innovation and an entrepreneurial spirit disciplined by a clear understanding of the needs of its customers and consumers and the financial demands of ...

  • Page 5
    ...reports in more than 48 metropolitan areas, more than 7.6 million points of interest, and an easy-to-use, touch screen interface. Looking ahead, in 2006 Cobra... not come at the expense of our legacy product lines. In 2005, Cobra continued to maintain a leading worldwide position in the two-way radio...

  • Page 6
    2005 ANNUAL REPORT " This is the one that is so intuitive...Other systems are Tinker Toys...This is the Empire State Building" - Car & Driver Radio First sold in third quarter 2005, Cobra's NAV ONE 4500 offers the first fully integrated real-time traffic information in a portable mobile ...

  • Page 7
    ... company's line of marine radios and chartplotters embodies the innovation of the Cobra brand in the marine marketplace. Cobra's sales of marine electronics in Europe were especially strong in 2005. Shown above, the Cobra MC 600Cx chartplotter and the MF 2500 fish finder accessory. Innovation is...

  • Page 8
    2005 ANNUAL REPORT "I ended up with a favorite ...Cobra, a relative newcomer to the navigation business." -BusinessWeek "...the coolest thing I've had all year is from Cobra Electronics, the NAV ONE 4500..." - Sound & Vision î,© As the innovator and a market leader, Cobra is the first to fully ...

  • Page 9
    ... family members at the mall to keeping hikers linked on forest trails, Cobra's two-way radios are invaluable tools that keep people connected. 2005 saw product mentions for Cobra two-way radios all over mainstream media. One î,¶ Cobra's NAV ONE 4500 offers drivers an 'off the shelf, out of the...

  • Page 10
    2005 ANNUAL REPORT As a leader, Cobra takes its commitment to innovation very seriously. Leaders innovate. Innovation transforms markets. As the leader in the radar detection category, outselling the competition six to one, Cobra's patented technologies are making a difference. For this market, the...

  • Page 11
    ... the challenging task of establishing order. Troops in Iraq have also used Cobra's two-way GMRS radios to communicate quickly and securely in the war zone. On the U.S. Gulf Coast in the fall of 2005, Hurricanes Katrina and Rita ripped through communities, leaving destruction and total devastation...

  • Page 12
    2005 ANNUAL REPORT In 2006, Cobra is launching another innovative product in the GMRS category: the first lithium ion powered two-way radio...to hold a longer charge) will bring yet another transformation to the two-way radio category - and Cobra leads the way. Design Proof: 12/13/05, First: 3/7 10

  • Page 13
    ... of inverters and both handheld and fixed-mount VHF radios. In light of Cobra's more than 40 years of experience, it's a mystery what the company was waiting for." Announced in the latter part of 2005, Cobra entered into a licensing agreement with Inter-Ocean Worldwide, LLC. By licensing the rights...

  • Page 14
    ... ANALYSIS AND RECONCILIATION OF NON-RECURRING EVENTS Year Ended December 31, In thousands, except per share amounts 2005 Income before income taxes Less: Horizon settlement, net benefit to cost of sales Gain on ex-of... provides a useful basis for comparison of annual results to prior periods. 12

  • Page 15
    ... par value, 12,000,000 shares authorized, 7,039,100 issued for 2005 and 2004 Paid-in capital Retained earnings Accumulated comprehensive loss Treasury stock,... at cost (549,853 shares for 2005 and 594,285 shares for 2004) Officer's note receivable Total ...

  • Page 16
    CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, In thousands 2005 2004 2003 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings Adjustments to reconcile net earnings to net cash ï¬,ows from operating activities: Depreciation and amortization Gain ...

  • Page 17
    ... might be at risk. (c) Tax provision for 2005 reï¬,ects the R&D credit for the years 1995 to 2005 and the non-taxable life insurance proceeds in the first quarter of 2005. (d) The sum of the quarterly net earnings per share amounts may not equal the annual amount because net earnings per share are...

  • Page 18
    ...full consolidated financial statements for the year ended December 31, 2005, which were presented in accordance with accounting principles generally accepted... report that expressed an unqualified opinion (dated March 24, 2006) are included in the Company's Proxy Statement and in its Annual Report ...

  • Page 19
    ...is March 31, 2006. SUMMARY ANNUAL REPORT James R. Bazet, President and Chief Executive Officer Cobra Electronics Corporation William P. Carmichael Director ... Fax 353.1. 663.9048 COBRA ELECTRONICS (HK) LIMITED This report is in a summary format. It is intended to present 2005 results in a simple, ...

  • Page 20
    Cobra Electronics Corporation 6500 West Cortland Street Chicago, IL 60707 773-889-8870 www.cobra.com 2