Shares Cobra Electronics Corporation (NASDAQ:COBR), a designer and marketer of mobile communications and navigation products, are down more than 3% after the company reported its net loss widened, sales slipped and it failed to meet trailing EBITDA requirements under its credit facility.
The company reported a net loss of $1.7 million or $0.25 per share, for Q1 2014 as compared to a net loss of $1.5 million, or $0.23 per share, for Q1 2013.
Consolidated net sales were $21.4 million compared to $21.6 million in Q1 2013, with the Cobra segment reporting a $378,000, or 2.1%, drop in sales and the Performance Products Limited segment reporting a sales increase of $182,000, or 5.8%. The Street estimates were not available.
The company is currently working with its lenders to finalize the form of a waiver of the first quarter non-compliance with the credit agreement, it said. Going forward Cobra said it expects operating income in Q2 and an improved level of operating income for the full year. Cobra Electronics Corporation (NASDAQ:COBR) trades in a 52-week range of $2.46 to $3.61.
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