Cybex Announces Q1 Results; EPS $.04 vs $.01
April 25 2006 - 8:30AM
Business Wire
Cybex International, Inc. (AMEX: CYB), a leading exercise equipment
manufacturer, today reported results for the first quarter ended
April 1, 2006. Net sales for the first quarter 2006 were
$28,912,000, compared to $24,759,000 for the corresponding 2005
period, an increase of 17%. Net income for the quarter ended April
1, 2006 was $667,000, or $0.04 per diluted share, compared to net
income for the first quarter of 2005 of $119,000, or $0.01 per
diluted share. John Aglialoro, Chairman and CEO, stated, "Our first
quarter results are evidence of our progress and we are confident
that the continued sales growth of our existing products and a
solid pipeline of new products in 2006 and beyond will continue our
positive momentum. We were pleased with the reception of the new
VR3 and updated Eagle strength lines as well as our new light
commercial treadmill at the IHRSA trade show in March." Cybex
International, Inc. is a leading manufacturer of premium exercise
equipment for commercial and consumer use. The CYBEX product line
includes a full range of both strength training and cardio training
machines sold worldwide under the CYBEX brand. Products and
programs are designed and engineered to reflect the natural
movement of the human body, assisting each unique user - from the
professional athlete to the first-time exerciser - to improve daily
human performance. For more information on CYBEX and its product
line, please visit the Company's website at
www.cybexinternational.com. This news release may contain
forward-looking statements. There are a number of risks and
uncertainties that could cause actual results to differ materially
from those anticipated by the statements made above. These include,
but are not limited to, competitive factors, technological and
product developments, market demand, economic conditions, the
resolution of litigation involving the Company, completion of the
planned stock offering, and the ability of the Company to comply
with the terms of its credit facilities. Further information on
these and other factors which could affect the Company's financial
results can be found in the Company's previously filed Report on
Form 10-K, its Reports on Form 10-Q, its Current Reports on Form
8-K, and its proxy statement dated April 4, 2006. Financial Tables
to Follow -0- *T CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share data)
(unaudited) Three Months Ended -------------------------------
April 1, March 26, 2006 2005 ------------- -------------- Net sales
$ 28,912 $ 24,759 Cost of sales 18,361 15,904 --------------
--------------- Gross profit 10,551 8,855 As a percentage of sales
36.5% 35.8% Selling, general and administrative expenses 9,187
8,026 Bad debt expense 75 57 -------------- ---------------
Operating income 1,289 772 Interest expense, net 559 596
-------------- --------------- Income before income taxes 730 176
Income taxes 63 57 -------------- --------------- Net income $ 667
$ 119 ============== =============== Basic and diluted net income
per share $ 0.04 $ .01 ============== =============== Shares used
in computing basic net income per share 15,158 15,105
============== =============== Shares used in computing diluted net
income per share 15,847 15,724 ============== =============== CYBEX
INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands) (unaudited) April 1, December 31, 2006 2005
------------- ------------- ASSETS Current assets: Cash $ 1,785 $
807 Accounts receivable, net 14,523 18,320 Inventories 9,477 9,258
Prepaid expenses and other 3,504 2,707 --------------
-------------- Total current assets 29,289 31,092 Property and
equipment, net 11,544 12,124 Goodwill 11,247 11,247 Other assets
1,026 1,209 -------------- -------------- $ 53,106 $ 55,672
============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Current maturities of long-term debt $ 2,684 $
3,929 Current portion of capital leases 433 481 Accounts payable
5,500 5,918 Accrued expenses 15,659 16,286 --------------
-------------- Total current liabilities 24,276 26,614 Long-term
debt 9,059 9,730 Capital leases 252 332 Other liabilities 2,589
2,808 -------------- -------------- Total liabilities 36,176 39,484
Stockholders' equity 16,930 16,188 -------------- -------------- $
53,106 $ 55,672 ============== ============== *T
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