Cobra Electronics Reports Q4 EPS of $0.36

Cobra Electronics Corporation COBR today reported an increase in net earnings for the fourth quarter of 2010 compared to the fourth quarter of 2009. For the current quarter, net earnings were $2.3 million, or $0.36 per share, as compared to net income for the fourth quarter of 2009 of $1.8 million, or $0.27 per share (including a $1.2 million tax benefit due to a one-time election to carry back net operating losses). The earnings improvement for the quarter resulted from higher net sales, which increased by $2.1 million, or 6.3 percent, to $34.8 million compared to $32.8 million in the prior year's quarter, as well as from higher gross margin, which increased 2.1 points, to 27.9 percent from 25.8 percent in the fourth quarter of 2009.