UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 17, 1996
Commission File Number 0-511
COBRA ELECTRONICS CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE 36-2479991
(State of incorporation) (I.R.S. Employer Identification No.)
6500 WEST CORTLAND STREET
CHICAGO, ILLINOIS 60707
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(773) 889-8870
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ITEM 5. OTHER EVENTS.
The Registrant issued a press release announcing that it has
developed proprietary technology to significantly improve the
sound quality of the company's citizen band ("CB") radios.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
99 Press Release dated December 17, 1996
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
COBRA ELECTRONICS CORPORATION
Dated: December 17, 1996 By: /s/ Gerald M. Laures
--------------------
Gerald M. Laures
Vice President - Finance and
Corporate Secretary
(Chief Financial and
Accounting Officer)
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FOR IMMEDIATE RELEASE
TUESDAY, DECEMBER 17, 1996
COBRA ELECTRONICS ANNOUNCES NEW TECHNOLOGY TO SIGNIFICANTLY
IMPROVE THE SOUND QUALITY OF ITS CB RADIOS
Chicago, IL, December 17, 1996 -- Cobra Electronics Corporation
(Nasdaq: COBR) today announced that it has developed proprietary
technology to significantly improve the sound quality of the
company's citizen band ("CB") radios.
"We're very excited about this new technology," said Jerry Kalov,
president and chief executive officer. "Our extensive consumer
research has shown that the most requested improvement that CB
users and, even non-users, want in a CB radio is less static and
clearer sound. In response, we've developed this new breakthrough
technology, which will dramatically improve the sound quality of
our CBs and, we expect, fuel growth in the entire category."
Kalov noted that Cobra Electronics has long been the leader in the
CB market by introducing quality products with technology that
enhances value and responds to consumer needs. "We were the
first CB marketer to put a National Weather Service receiver into
our CBs so drivers can get the latest weather forecasts. Later,
we enhanced this feature by adding an alert that automatically
warns drivers -- whether the radio is on or off -- when the
National Weather Service is about to issue a severe weather or
other advisory. This new sound-enhancement feature is another
Cobra innovation and one which we expect will accelerate the
replacement of older CB models and bring new users into the
category. The net result will be an excellent opportunity for the
company to further expand its CB business."
The company has applied for a patent on this technology, and it
will be incorporated into selected Cobra CB models in early 1997.
This technology will be introduced to the industry at the January
1997 Consumer Electronics Show.
"One of Cobra's strengths is being able to develop proprietary
technologies that give the company a unique marketing profile in
the markets in which it competes," added Kalov. "In cordless
telephones, it's our patented Intenna technology, which eliminates
the need for bothersome handset and base antennas. In radar/laser
detectors, it's our patented Safety Alert technology, which
utilizes our patented, FCC-approved Safety Alert transmitter to
improve highway safety by warning motorists of various road
hazards. And, today, in CBs, it's our new sound-enhancement
technology, which will redefine the standard for CB sound
quality."
Recently, the company released its results for the third quarter
of 1996. For the third quarter ended September 30, 1996, the
company reported net income of $410,000, or $.07 per share,
compared to net income of $104,000, or $.02 per share, for the
third quarter of 1995. Sales for the third quarter of 1996 were
$25,388,000, up 3.6 percent from the $24,513,000 for the prior
year's quarter. For the nine months ended September 30, 1996, the
company reported net income of $111,000, or $.02 per share,
compared with a net loss of $395,000, or $.06 per share, for the
year earlier period. Sales for the first nine months of 1996 were
$66,055,000 compared to $66,600,000 for the first nine months of
1995.
Cobra Electronics Corporation, headquartered in Chicago, designs
and markets CB radios, telecommunications products, integrated
radar/laser detection systems incorporating the Safety Alert
feature, and Safety Alert receivers for consumers worldwide; as
well as Safety Alert transmitters for the domestic emergency
vehicle, road construction and public utility markets.
FOR MORE INFORMATION ON COBRA ELECTRONICS CORPORATION,
SIMPLY DIAL 1-800-PRO-INFO AND ENTER THE TICKER SYMBOL COBR OR
COMPANY CODE 052.
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