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8 COBRA ELECTRONICS CORPORATION
Years Ended December 31,
In thousands, except per share amounts 2008 2007 2006
Net sales $ 124,745 $ 155,935 $ 153,695
Cost of sales 86,576 124,534 123,742
Gross profit 38,169 31,401 29,953
Selling, general and administrative expense 34,175 39,634 32,620
Impairment of goodwill 20,084 – –
Loss from operations (16,090 ) (8,233 ) (2,667 )
Interest expense (997 ) (1,655 ) (479 )
Other (expense) income (1,143 ) 1,089 63
Loss before income taxes (18,230 ) (8,799 ) (3,083 )
Tax provision (benefit) 598 (4,396 ) (1,449 )
Minority interest (11 ) (19 ) 4
Net loss $ (18,839 ) $ (4,422 ) $ (1,630 )
Net loss per common share:
Basic $ (2.91 ) $ (0.68 ) $ (0.25 )
Diluted $ (2.91 ) $ (0.68 ) $ (0.25 )
Weighted average shares outstanding:
Basic 6,471 6,458 6,482
Diluted 6,471 6,458 6,482
Dividends declared per common share $ 0.16 $ 0.16 $ 0.16
Consolidated Statements of Operations