Cybex Announces Q2 Results; Pro Forma EPS of $.10 vs $.07

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WisdomTree Chinese Yuan Strategy Fund	AMEX:CYB	AMEX	Exchange Traded Fund

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Cybex International, Inc. (AMEX: CYB), a leading exercise equipment manufacturer, today reported results for the second quarter ended July 1, 2006. Net sales for the second quarter 2006 were $29,951,000, compared to $27,197,000 for the corresponding 2005 period, an increase of 10.1%. For the six months ended July 1, 2006, net sales were $58,863,000, compared to $51,956,000 for 2005, an increase of 13.3%. On a GAAP basis, the Company reported net income for the second quarter of 2006 of $16,108,000, or $0.96 per diluted share, and for the six months ended July 1, 2006 of $16,775,000, or $1.03 per diluted share. Excluding a second quarter 2006 reduction of the valuation reserve for deferred taxes, the Company's second quarter 2006 pro forma net income would have been $1,687,000, or $0.10 per diluted share, compared to net income for the second quarter of 2005 of $1,038,000, or $0.07 per diluted share. The pro forma net income for the six months ended July 1, 2006 would have been $2,354,000, or $0.14 per diluted share, compared to net income of $1,157,000, or $0.07 per diluted share for the corresponding 2005 period. Actual GAAP results for the second quarter ended July 1, 2006, include a $14,421,000 reduction in the Company's deferred tax valuation reserve, resulting in a net tax benefit of $14,359,000 and $14,296,000, respectively, for the three and six months ended July 1, 2006. In 2002 the Company recorded a $20,773,000 non-cash charge to establish a valuation reserve for deferred taxes. During the second quarter ended July 1, 2006, the Company reevaluated the need for a valuation allowance in accordance with SFAS No. 109, "Accounting for Income Taxes," as a result of the cumulative profits generated in the most recent three year period as well as other positive evidence, including the repayment of outstanding debt and the Company's stock offering, which was completed in May 2006. Accordingly, the net deferred tax asset of $14,421,000 at July 1, 2006 represents the amount that management believes is more likely than not to be realized. At July 1, 2006, the remaining valuation allowance is approximately $6,600,000 million. Management will continue to assess the need for the remaining valuation allowance in future periods. John Aglialoro, Chairman and CEO, stated, "We are working hard to accelerate our re-entry into the high-end consumer fitness equipment market. CYBEX is expanding its specialty fitness dealer relationships and expects to begin shipping two premium consumer products by the end of 2006. This will mean incurring expenses planned for 2007 beginning in the third quarter of 2006. However, the Company believes these investments will begin paying off in the fourth quarter of 2006 and will provide a good foundation for 2007 and beyond." 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, 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. -0- *T CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - ACTUAL (In thousands, except per share data) (unaudited) Three Months Ended Six Months Ended ----------------- ----------------- July 1, June 25, July 1, June 25, 2006 2005 2006 2005 -------- -------- -------- -------- Net sales $29,951 $27,197 $58,863 $51,956 Cost of sales 19,089 17,546 37,450 33,450 -------- -------- -------- -------- Gross profit 10,862 9,651 21,413 18,506 As a percentage of sales 36.3% 35.5% 36.4% 35.6% Selling, general and administrative expenses 8,659 7,966 17,921 16,049 -------- -------- -------- -------- Operating income 2,203 1,685 3,492 2,457 Interest expense, net 454 619 1,013 1,215 -------- -------- -------- -------- Income before income taxes 1,749 1,066 2,479 1,242 Income tax provision (benefit) (14,359) 28 (14,296) 85 -------- -------- -------- -------- Net income $16,108 $1,038 $16,775 $1,157 ======== ======== ======== ======== Basic net income per share $1.00 $.07 $1.08 $.08 ======== ======== ======== ======== Diluted net income per share $.96 $.07 $1.03 $.07 ======== ======== ======== ======== Shares used in computing basic net income per share 16,041 15,121 15,599 15,113 ======== ======== ======== ======== Shares used in computing diluted net income per share 16,727 15,690 16,287 15,708 ======== ======== ======== ======== CYBEX INTERNATIONAL, INC. PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited) Three Months Ended Six Months Ended ----------------- ----------------- July 1, June 25, July 1, June 25, 2006 2005 2006 2005 -------- -------- -------- -------- Net sales $29,951 $27,197 $58,863 $51,956 Cost of sales 19,089 17,546 37,450 33,450 -------- -------- -------- -------- Gross profit 10,862 9,651 21,413 18,506 As a percentage of sales 36.3% 35.5% 36.4% 35.6% Selling, general and administrative expenses 8,659 7,966 17,921 16,049 -------- -------- -------- -------- Operating income 2,203 1,685 3,492 2,457 Interest expense, net 454 619 1,013 1,215 -------- -------- -------- -------- Income before income Taxes 1,749 1,066 2,479 1,242 Income taxes 62 28 125 85 -------- -------- -------- -------- Net income $1,687 1,038 2,354 1,157 ======== ======== ======== ======== Basic net income per share $0.11 $0.07 $0.15 $0.08 ======== ======== ======== ======== Diluted net income per share $0.10 $0.07 $0.14 $0.07 ======== ======== ======== ======== Shares used in computing basic net income per share 16,041 15,121 15,599 15,113 ======== ======== ======== ======== Shares used in computing diluted net income per share 16,727 15,690 16,287 15,708 ======== ======== ======== ======== CYBEX INTERNATIONAL, INC. PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited) Three Months Ended Six Months Ended July 1, 2006 July 1, 2006 --------------------------- --------------------------- Actual ProForma Actual ProForma Results Adjustments Results Results Adjustments Results ------- ----------- -------- ------- ----------- ------- Net Sales $29,951 $- $29,951 $58,863 $- $58,861 Cost of sales 19,089 - 19,089 37,450 - 37,450 ------------------------------------------------------- Gross Profit 10,862 - 10,862 21,413 - 21,413 Selling, general and administrative expenses (SG&A) 8,659 - 8,659 17,921 - 17,921 ------------------------------------------------------- Operating income 2,203 - 2,203 3,492 - 3,492 Interest expense, net 454 - 454 1,013 - 1,013 ------------------------------------------------------- Income before Income taxes 1,749 - 1,749 2,479 - 2,479 Income tax provision (benefit) (14,359) 14,421 62 (14,296) 14,421 125 ------------------------------------------------------- Net income $16,108 $(14,421) $1,687 $16,775 $(14,421) $2,354 ======================================================= Basic net income per share $1.00 $(.89) $0.11 $1.08 $(.93) $0.15 ======================================================= Diluted net income per Share $.96 $(.86) $0.10 $1.03 $(.89) $0.14 ======================================================= Shares used in computing basic net income per share 16,041 16,041 15,599 15,599 ======================================================= Shares used in computing diluted net income (loss) per share 16,727 16,727 16,287 16,287 ======================================================= CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) July 1, December 31, 2006 2005 ------------ ------------ ASSETS Current assets: Cash $526 $807 Accounts receivable, net 14,860 18,320 Inventories 8,802 9,258 Prepaid expenses and other 3,610 2,707 Deferred tax asset 2,092 - ------------ ------------ Total current assets 29,890 31,092 Property and equipment, net 11,673 12,124 Goodwill 11,247 11,247 Deferred tax asset 12,329 - Other assets 852 1,209 ------------ ------------ $65,991 $55,672 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $- $3,929 Current portion of capital leases 374 481 Accounts payable 4,885 5,918 Accrued expenses 16,023 16,286 ------------ ------------ Total current liabilities 21,282 26,614 Long-term debt - 9,730 Capital leases, excluding current portion 187 332 Other liabilities 2,099 2,808 ------------ ------------ Total liabilities 23,568 39,484 Stockholders' equity 42,423 16,188 ------------ ------------ $65,991 $55,672 ============ ============ *T

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CYB WisdomTree Chinese Yuan Strategy Fund