Cobra 2005 Annual Report Download - page 17

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15
Quarter Ended
In thousands, except March 31 June 30 September 30 December 31
per share amounts 2005 2004 2005 2004 2005 2004 2005 2004
Net sales $ 19,290 $ 22,666 $ 33,672 $ 25,186 $ 33,511 $31,014 $46,610 $ 44,010
Cost of sales (a) 15,107 17,525 25,064 18,351 25,213 22,874 33,566 31,901
Gross profit 4,183 5,141 8,608 6,835 8,298 8,140 13,044 12,109
Selling, general and
administrative expense (b) 6,331 5,919 7,730 6,057 6,782 7,312 9,769 9,049
Operating income (loss) (2,148 ) (778 ) 878 778 1,516 828 3,275 3,060
Other income (expense) 9,096 (73 ) (20 ) 8 115 78 873 (23 )
Tax provision (benefit) (c) 1,281 (309 ) 135 285 (250 ) 335 435 1,186
Net earnings (loss) 5,667 (542 ) 723 501 1,881 571 3,713 1,851
Net earnings (loss) per share (d):
Basic .88 (0.08 ) .11 0.08 . 29 0.09 0.57 0.29
Diluted .86 (0.08 ) .11 0.08 .29 0.09 0.56 0.28
Weighted average
shares outstanding:
Basic 6,445 6,423 6,445 6,445 6,445 6,445 6,458 6,445
Diluted 6,569 6,630 6,583 6,625 6,595 6,559 6,689 6,589
Stock Price:
High 8.130 11.540 9.850 9.250 9.500 8.920 15.000 9.250
Low 7.010 7.400 7.000 8.110 6.810 6.020 7.120 7.020
End of Quarter 7.590 8.151 7.160 9.050 8.190 7.210 13.370 8.110
Trading Volume 381 2,113 1,120 559 734 531 4,315 706
(a) The fourth quarter of 2005 included a $724,000 net benefit related to the settlement of the Horizon development agreement.
(b) The fourth quarter of 2004 included a reduction of $308,000 in the allowance for doubtful accounts, based on the Company’s write-off history in the
last five years and specifically identified accounts that might be at risk.
(c) Tax provision for 2005 reflects 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 calculated independently
for each quarter.
QUARTERLY FINANCIAL DATA