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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
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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
============== ==============
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