Cobra 2008 Annual Report Download

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ANNUAL REPORT 2008 9

Table of contents

  • Page 1
    A N N U A L R EPORT 2008 9

  • Page 2
    ... track record of innovation and development of award-winning products and is an industry leader in developing technology applications that serve consumers' needs. Cobra is a leading global brand in Citizens Band radios, radar detectors, speed camera detection and GMRS/FRS two-way radios. BRB ARE LE...

  • Page 3
    Financial Highlights In thousands, except per share amounts 2008 2007 Increase (Decrease) OPERATING DATA Net sales Gross ... of this financial measure is provided on page 11 of this Summary Annual Report. Cobra Electronics is a leading designer of products that provide performance, style and ...

  • Page 4
    ... in the past several years. Sales outside of the United States accounted for 28.1 percent of total sales in 2008, as compared to 13.4 percent only two years earlier. Cobra's products are sold in more than 70 countries around the world, including countries in South America, the Caribbean, Europe...

  • Page 5
    ... the use of a GPRS community network. The turmoil in the financial markets and Cobra's resulting low market capitalization led to the requirement that Cobra write down the goodwill on its balance sheet in 2008. While we have complied with these accounting requirements, we do not believe that the...

  • Page 6
    ... delivers on the consumers' ongoing expectation of superior value in its products, further increasing the equity in the Cobra brand. Fiscal year 2008 saw the continued success of its core product lines, new inroads in the marine market and accolades for innovative products in the United States and...

  • Page 7
    ...of new product lines at the January 2009 CES. With new offerings in all its categories, Cobra continues to bring its innovation and value to the consumer. Developed over the course of 2008, Cobra launched the AURA Camera and Driving Hazard database, its revolutionary global driving alert database at...

  • Page 8
    ...Equipment Trade Show (METS) in Amsterdam, Netherlands for its revolutionary MR F300 BT waterproof handset with Bluetooth wireless technology for mobile phones. Further, Cobra added to its extensive line of marine radios with the addition of the MR HH125 handheld VHF. The MR HH125 radio is a compact...

  • Page 9
    ... expansion in international markets, Cobra seeks to define and...competitive price points. This is Cobra's first complete line of ...positioned for 2009, Cobra remains on its ... maximum power allowed by law and the Cobra exclusive Rewind-Say-Again™ feature, to ... book, Cobra brings products to market offering consumers excellent...

  • Page 10
    Consolidated Statements of Operations Years Ended December 31, In thousands, except per share amounts 2008 2007 2006 Net sales Cost of sales Gross profit Selling, general and administrative expense Impairment of goodwill Loss from operations Interest expense Other (expense) income ...

  • Page 11
    ...net of allowance for claims and doubtful accounts of $107 in 2008 and $205 in 2007 Inventories, primarily finished goods, net Deferred... 1/3 par value, 12,000,000 shares authorized, 7,039,100 issued for 2008 and 2007 Paid-in capital Retained earnings Accumulated comprehensive loss Treasury stock, at ...

  • Page 12
    Consolidated Statements of Cash Flows Years Ended December 31, In thousands 2008 2007 2006 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss Adjustments to reconcile net loss to net cash ï¬,ows from operating activities: Depreciation and amortization Goodwill ...

  • Page 13
    ...(a) The sum of the quarterly net earnings (loss) per share amounts may not equal the annual amount because net earnings (loss) per share are calculated independently for each quarter. Adjusted EBITDA... calculation of similarly titled measures reported by other companies. A N N U A L R EPORT 2008 11

  • Page 14
    ... consolidated financial statements for the year ended December 31, 2008, which were presented in accordance with accounting principles generally accepted... independent auditors' report that expressed an unqualified opinion (dated March 17, 2009) are included in the Company's Annual Report on Form 10...

  • Page 15
    ... Service (773) 889-3087 Website: www.cobra.com COBRA ELECTRONICS EUROPE LIMITED Shareholder address changes should be...report is in a summary format. It is intended to present 2008 results in a simple, readable style. The more detailed operational and financial material is part of the Annual Report...

  • Page 16
    Cobra Electronics Corporation • 6500 West Cortland Street • Chicago, Illinois 60707 • www.cobra.com 8 CO B R A E L E C T R O N I C S CORP ORAT ION