Cobra Electronics Q1: PND sales down 33%

Nav One 2100
Nav One 2100
Cobra Electronics Corporation (Nasdaq: COBR), reported improved results for its first quarter ended March 31, 2007, including a 26.6 percent increase in sales and a 39.5 percent reduction in its operating loss from the first quarter of 2006. The company reported sales of $32.0 million and an operating loss of $948,000 as compared to sales of $25.3 million and an operating loss of $1.6 million last year.

Sales of mobile navigation products declined 33 percent as compared to last year. “Our newest offering, the NAV ONE 2100, was not scheduled to be on our retail partners' shelves until the second quarter; this product has begun shipping and is on time to our customers” said Jim Bazet, Cobra's President and Chief Executive Officer.

Performance Products, a Cobra subsidiary, had net sales of $3.1 million, providing nearly 45 percent of the increase in consolidated sales compared to last year - Performance Products sells a line of GPS products (speedcam detectors and PNDs), marketed under the Snooper brand in Europe. The company was acquired by Cobra last fall.

Monday, April 30th 2007

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