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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