Cobra Electronics Corporation (Chicago, IL, U.S.), a manufacturer of mobile communications products, has announced results for its first quarter ended March 31, 2004.
For the quarter, Cobra reported a net loss of $542,000, or $0.08 per diluted share, compared to a net loss of $453,000, or $0.07 per diluted share, in the first quarter of 2003. Net sales increased to $22.7 million, up by 10.3 percent from $20.6 million in the prior year.
Gross margin for the first quarter was 22.7 percent, compared to 24.9 percent in the first quarter of 2003. Selling, general and administrative expenses were $5.9 million, as compared to $5.8 million in the first quarter of 2003, declining as a percentage of net sales to 26.1 percent from 28.3 percent in the prior year.
Cobra maintained its strong balance sheet position during the first quarter. The company had no interest-bearing debt as of March 31, 2004, the same position as one year earlier, and $7.8 million in cash, as compared to $6.9 million 1 yr earlier. Inventory increased to $19.4 million from $18.0 million the prior year. This increase in inventory primarily is due to the arrival of merchandise earlier than in the prior period, as evidenced by the decline in outstanding purchase commitments by more than $5.0 million from 1 yr earlier. Accounts receivable at the end of the quarter decreased to $17.9 million from $18.6 million. Net book value per share on March 31, 2004 increased to $8.87 from $8.64 1 yr ago.
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