Cybex Announces Q3 Results

  
    
  
  
    
      Cybex International, Inc. (AMEX: CYB), a leading exercise equipment 
      manufacturer, today reported results for the third quarter ended 
      September 30, 2006. Net sales for the third quarter 2006 were 
      $29,849,000, compared to $26,690,000 for the third quarter 2005, an 
      increase of 12%. On a GAAP basis, the Company reported net income for 
      the third quarter of 2006 of $817,000, or $.05 per diluted share, 
      compared to a net loss of $3,535,000, or $(.23) per diluted share, for 
      the corresponding period of 2005. Excluding a third quarter 2005 
      litigation-related charge, and after an adjustment to the tax provision 
      as described below, the Company’s third 
      quarter 2005 non-GAAP net income was $346,000, or $.02 per diluted share.
    
    
      For the nine months ended September 30, 2006, net sales were 
      $88,712,000, compared to $78,646,000 for 2005, an increase of 13%. On a 
      GAAP basis, the Company reported net income for the nine months ended 
      September 30, 2006 of $17,592,000, or $1.05 per diluted share, compared 
      to a net loss of $2,378,000, or $(.16) per diluted share, for the 
      corresponding period of 2005. Excluding a second quarter 2006 reduction 
      of the valuation reserve for deferred taxes and the third quarter 2005 
      litigation-related charge, and after adjustments to the Company’s 
      tax provision for each period as described below, the Company’s 
      non-GAAP net income for the nine months ended September 30, 2006 was 
      $2,287,000, or $.14 per diluted share, compared to non-GAAP net income 
      of $1,073,000, or $.07 per diluted share, for the corresponding 2005 
      period.
    
    
      Actual GAAP results for the nine months ended September 30, 2006, 
      include a $14,421,000 reduction in the Company’s 
      deferred tax valuation reserve, resulting in a net tax benefit of 
      $13,735,000 for the nine months ended September 30, 2006. Actual GAAP 
      results for the third quarter and nine months ended September 24, 2005 
      included an increase in the Company’s 
      litigation reserve resulting in a pre-tax charge of $4,101,000. This 
      increase in the litigation reserve reflected the jury verdict in a 
      patent infringement case and the reversal on appeal of a summary 
      judgment in favor of the Company in another patent infringement case. 
      The Company’s appeal of the jury verdict is 
      pending and it continues to vigorously defend the other patent 
      infringement suit which has since returned to the trial level.
    
    
      The Company’s deferred tax valuation reserve 
      was reduced effective July 1, 2006, and the GAAP results for the quarter 
      and nine months ended September 30, 2006 include a third quarter 2006 
      tax provision reflecting an effective tax rate of approximately 41%. The 
      2006 non-GAAP results include a tax provision calculated as though the 
      Company’s effective tax rate for the third 
      quarter 2006 was applicable for all of the first nine months of 2006, 
      while the 2005 non-GAAP results include a tax provision at approximately 
      the same effective rate. The non-GAAP adjustments have been made to 
      provide a basis for reviewing the Company’s 
      operating performance on a consistent basis for all of the periods 
      presented.
    
    
      John Aglialoro, Chairman and CEO, stated, “We 
      are excited about our re-entry into the high-end consumer market with 
      our recent introduction of our Consumer Arc Trainer. The Company is 
      aggressively advancing our new product development pace and CYBEX is 
      poised for an exciting new product line-up for 2007.”
    
    
      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.
    
    
      
        
          
          
          
            CYBEX INTERNATIONAL, INC.
          
          
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - ACTUAL
          
          
            (In thousands, except per share data)
          
          
            (unaudited)
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three Months Ended
        
        
        
        
          Nine Months Ended
        
      
      
        
        
        
        
        
        
        
          September 30,
        
        
        
        
          September 24,
        
        
        
        
          September 30,
        
        
        
        
          September 24,
        
      
      
        
        
        
        
        
        
        
          2006 
        
        
        
        
          2005 
        
        
        
        
          2006 
        
        
        
        
          2005 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net sales
        
        
        
        
        
        
          $
        
        
          29,849 
        
        
        
        
          $
        
        
          26,690 
        
        
        
        
          $
        
        
          88,712 
        
        
        
        
          $
        
        
          78,646 
        
      
      
        
          Cost of sales
        
        
        
        
        
        
           
        
        
          19,269 
        
        
        
        
           
        
        
          17,143 
        
        
        
        
           
        
        
          56,719 
        
        
        
        
           
        
        
          50,593 
        
      
      
        
          Gross profit
        
        
        
        
        
        
        
        
          10,580 
        
        
        
        
        
        
          9,547 
        
        
        
        
        
        
          31,993 
        
        
        
        
        
        
          28,053 
        
      
      
        
          As a percentage of sales
        
        
        
        
        
        
        
        
          35.4%
        
        
        
        
        
        
          35.8%
        
        
        
        
        
        
          36.1%
        
        
        
        
        
        
          35.7%
        
      
      
        
          Selling, general and administrative expenses
        
        
        
        
        
        
        
        
          9,052 
        
        
        
        
        
        
          8,276 
        
        
        
        
        
        
          26,973 
        
        
        
        
        
        
          24,325 
        
      
      
        
          Litigation charges
        
        
        
        
        
        
          
            -- 
          
        
        
        
        
           
        
        
          4,101 
        
        
        
        
          
            -- 
          
        
        
        
        
           
        
        
          4,101 
        
      
      
        
          Operating income (loss)
        
        
        
        
        
        
        
        
          1,528 
        
        
        
        
        
        
          (2,830)
        
        
        
        
        
        
          5,020 
        
        
        
        
        
        
          (373)
        
      
      
        
          Interest expense, net
        
        
        
        
        
        
           
        
        
          150 
        
        
        
        
           
        
        
          679 
        
        
        
        
           
        
        
          1,163 
        
        
        
        
           
        
        
          1,894 
        
      
      
        
          Income (loss) before income taxes
        
        
        
        
        
        
        
        
          1,378 
        
        
        
        
        
        
          (3,509)
        
        
        
        
        
        
          3,857 
        
        
        
        
        
        
          (2,267)
        
      
      
        
          Income tax provision (benefit)
        
        
        
        
        
        
           
        
        
          561 
        
        
        
        
           
        
        
          26 
        
        
        
        
           
        
        
          (13,735)
        
        
        
        
           
        
        
          111 
        
      
      
        
          Net income (loss)
        
        
        
        
        
        
          $
        
        
          817 
        
        
        
        
          $
        
        
          (3,535)
        
        
        
        
          $
        
        
          17,592 
        
        
        
        
          $
        
        
          (2,378)
        
      
      
        
          Basic net income (loss) per share
        
        
        
        
        
        
          $
        
        
          .05 
        
        
        
        
          $
        
        
          (.23)
        
        
        
        
          $
        
        
          1.09 
        
        
        
        
          $
        
        
          (.16)
        
      
      
        
          Diluted net income (loss) per share
        
        
        
        
        
        
          $
        
        
          .05 
        
        
        
        
          $
        
        
          (.23)
        
        
        
        
          $
        
        
          1.05 
        
        
        
        
          $
        
        
          (.16)
        
      
      
        
          
            Shares used in computing basic net income (loss) per share
          
        
        
        
        
        
        
           
        
        
          17,185 
        
        
        
        
           
        
        
          15,130 
        
        
        
        
           
        
        
          16,128 
        
        
        
        
           
        
        
          15,119 
        
      
      
        
          
            Shares used in computing diluted net income (loss) per share
          
        
        
        
        
        
        
           
        
        
          17,807 
        
        
        
        
           
        
        
          15,130 
        
        
        
        
           
        
        
          16,794 
        
        
        
        
           
        
        
          15,119 
        
      
    
    
    
    
      
        
          
            CYBEX INTERNATIONAL, INC.
          
          
            RECONCILIATION OF GAAP TO NON-GAAP RESULTS
          
          
            (In thousands, except per share data)
          
          
            (unaudited)
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three Months Ended
        
        
        
        
          Nine Months Ended
        
      
      
        
        
        
        
        
        
        
          September 30, 2006
        
        
        
        
          September 24, 2005
        
        
        
        
          September 30, 2006
        
        
        
        
          September 24, 2005
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          GAAP net income (loss)
        
        
        
        
        
        
          $ 817 
        
        
        
        
          $ (3,535)
        
        
        
        
          $ 17,592 
        
        
        
        
          $ (2,378)
        
      
      
        
          Adjustments
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Income tax provision
        
        
        
        
        
        
          
            -- 
          
        
        
        
        
          (220)
        
        
        
        
          (15,305)
        
        
        
        
          (650)
        
      
      
        
          Litigation charges
        
        
        
        
        
        
          
            -- 
          
        
        
        
        
          4,101 
        
        
        
        
          
            -- 
          
        
        
        
        
          4,101 
        
      
      
        
          Non-GAAP net income
        
        
        
        
        
        
          $ 817 
        
        
        
        
          346 
        
        
        
        
          $ 2,287 
        
        
        
        
          $ 1,073 
        
      
      
        
          Basic net income (loss) per share
        
        
        
        
        
        
          $ .05 
        
        
        
        
          $ (.23)
        
        
        
        
          $ 1.09 
        
        
        
        
          $ (.16)
        
      
      
        
          Adjustments
        
        
        
        
        
        
          
            -- 
          
        
        
        
        
          .25 
        
        
        
        
          (.95)
        
        
        
        
          .23 
        
      
      
        
          Non-GAAP basic net income per share
        
        
        
        
        
        
          
            $ .05 
          
        
        
        
        
          
            $ .02 
          
        
        
        
        
          
            $ .14 
          
        
        
        
        
          
            $ .07 
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Diluted net income (loss) per
        
        
        
        
        
        
          
          
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          share
        
        
        
        
        
        
          
            $ .05 
          
        
        
        
        
          $(.23)
        
        
        
        
          $1.05 
        
        
        
        
          $(.16)
        
      
      
        
          Adjustments
        
        
        
        
        
        
          
            -- 
          
        
        
        
        
          .25 
        
        
        
        
          (.91)
        
        
        
        
          .23 
        
      
      
        
          Non-GAAP diluted net income per share
        
        
        
        
        
        
          
            $ .05 
          
        
        
        
        
          
            $ .02 
          
        
        
        
        
          
            $ .14 
          
        
        
        
        
          
            $ .07 
          
        
      
      
        
          Shares used in computing basic net income per share
        
        
        
        
        
        
          
            17,185 
          
        
        
        
        
          
            15,130 
          
        
        
        
        
          
            16,128 
          
        
        
        
        
          
            15,119 
          
        
      
      
        
          Shares used in computing diluted net income per share
        
        
        
        
        
        
          
            17,807 
          
        
        
        
        
          
            15,715 
          
        
        
        
        
          
            16,794 
          
        
        
        
        
          
            15,710 
          
        
      
    
    
    
    
      
        
          
            CYBEX INTERNATIONAL, INC.
          
          
            CONDENSED CONSOLIDATED BALANCE SHEETS
          
          
            (In thousands)
          
          
            (unaudited)
          
        
      
      
        
        
        
          September 30, 2006
        
        
        
        
          December 31, 2005
        
      
      
        
        
        
           
        
        
        
        
           
        
      
      
        
          ASSETS
        
        
        
        
        
        
        
      
      
        
          Current assets:
        
        
        
        
        
        
        
      
      
        
          Cash
        
        
          $
        
        
          2,327 
        
        
        
        
          $
        
        
          807 
        
      
      
        
          Accounts receivable, net
        
        
        
        
          15,174 
        
        
        
        
        
        
          18,320 
        
      
      
        
          Inventories
        
        
        
        
          9,791 
        
        
        
        
        
        
          9,258 
        
      
      
        
          Prepaid expenses and other
        
        
        
        
          3,319 
        
        
        
        
        
        
          2,707 
        
      
      
        
          Deferred tax asset
        
        
           
        
        
          4,140 
        
        
        
        
           
        
        
          
            -- 
          
        
      
      
        
          Total current assets
        
        
        
        
          34,751 
        
        
        
        
        
        
          31,092 
        
      
      
        
          Property and equipment, net
        
        
        
        
          12,193 
        
        
        
        
        
        
          12,124 
        
      
      
        
          Goodwill
        
        
        
        
          11,247 
        
        
        
        
        
        
          11,247 
        
      
      
        
          Deferred tax asset
        
        
        
        
          9,699 
        
        
        
        
        
        
          
            -- 
          
        
      
      
        
          Other assets
        
        
           
        
        
          1,277 
        
        
        
        
           
        
        
          1,209 
        
      
      
        
        
        
          $
        
        
          69,167 
        
        
        
        
          $
        
        
          55,672 
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
          LIABILITIES AND STOCKHOLDERS’ EQUITY
        
        
        
        
        
        
        
      
      
        
          Current liabilities:
        
        
        
        
        
        
        
      
      
        
          Current maturities of long-term debt
        
        
          $
        
        
          
            -- 
          
        
        
        
        
          $
        
        
          3,929 
        
      
      
        
          Current portion of capital leases
        
        
        
        
          323 
        
        
        
        
        
        
          481 
        
      
      
        
          Accounts payable
        
        
        
        
          6,109 
        
        
        
        
        
        
          5,918 
        
      
      
        
          Accrued expenses
        
        
           
        
        
          17,468 
        
        
        
        
           
        
        
          16,286 
        
      
      
        
          Total current liabilities
        
        
        
        
          23,900 
        
        
        
        
        
        
          26,614 
        
      
      
        
          Long-term debt
        
        
        
        
          
            -- 
          
        
        
        
        
        
        
          9,730 
        
      
      
        
          Capital leases, excluding current portion
        
        
        
        
          120 
        
        
        
        
        
        
          332 
        
      
      
        
          Other liabilities
        
        
           
        
        
          1,960 
        
        
        
        
           
        
        
          2,808 
        
      
      
        
          Total liabilities
        
        
        
        
          25,980 
        
        
        
        
        
        
          39,484 
        
      
      
        
          Stockholders’ equity
        
        
           
        
        
          43,187 
        
        
        
        
           
        
        
          16,188 
        
      
      
        
        
        
          $
        
        
          69,167 
        
        
        
        
          $
        
        
          55,672 
        
      
    
  
Cybex International, Inc. (AMEX: CYB), a leading exercise
equipment manufacturer, today reported results for the third quarter
ended September 30, 2006. Net sales for the third quarter 2006 were
$29,849,000, compared to $26,690,000 for the third quarter 2005, an
increase of 12%. On a GAAP basis, the Company reported net income for
the third quarter of 2006 of $817,000, or $.05 per diluted share,
compared to a net loss of $3,535,000, or $(.23) per diluted share, for
the corresponding period of 2005. Excluding a third quarter 2005
litigation-related charge, and after an adjustment to the tax
provision as described below, the Company's third quarter 2005
non-GAAP net income was $346,000, or $.02 per diluted share.

   For the nine months ended September 30, 2006, net sales were
$88,712,000, compared to $78,646,000 for 2005, an increase of 13%. On
a GAAP basis, the Company reported net income for the nine months
ended September 30, 2006 of $17,592,000, or $1.05 per diluted share,
compared to a net loss of $2,378,000, or $(.16) per diluted share, for
the corresponding period of 2005. Excluding a second quarter 2006
reduction of the valuation reserve for deferred taxes and the third
quarter 2005 litigation-related charge, and after adjustments to the
Company's tax provision for each period as described below, the
Company's non-GAAP net income for the nine months ended September 30,
2006 was $2,287,000, or $.14 per diluted share, compared to non-GAAP
net income of $1,073,000, or $.07 per diluted share, for the
corresponding 2005 period.

   Actual GAAP results for the nine months ended September 30, 2006,
include a $14,421,000 reduction in the Company's deferred tax
valuation reserve, resulting in a net tax benefit of $13,735,000 for
the nine months ended September 30, 2006. Actual GAAP results for the
third quarter and nine months ended September 24, 2005 included an
increase in the Company's litigation reserve resulting in a pre-tax
charge of $4,101,000. This increase in the litigation reserve
reflected the jury verdict in a patent infringement case and the
reversal on appeal of a summary judgment in favor of the Company in
another patent infringement case. The Company's appeal of the jury
verdict is pending and it continues to vigorously defend the other
patent infringement suit which has since returned to the trial level.

   The Company's deferred tax valuation reserve was reduced effective
July 1, 2006, and the GAAP results for the quarter and nine months
ended September 30, 2006 include a third quarter 2006 tax provision
reflecting an effective tax rate of approximately 41%. The 2006
non-GAAP results include a tax provision calculated as though the
Company's effective tax rate for the third quarter 2006 was applicable
for all of the first nine months of 2006, while the 2005 non-GAAP
results include a tax provision at approximately the same effective
rate. The non-GAAP adjustments have been made to provide a basis for
reviewing the Company's operating performance on a consistent basis
for all of the periods presented.

   John Aglialoro, Chairman and CEO, stated, "We are excited about
our re-entry into the high-end consumer market with our recent
introduction of our Consumer Arc Trainer. The Company is aggressively
advancing our new product development pace and CYBEX is poised for an
exciting new product line-up for 2007."

   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   Nine Months Ended
                               ------------------- -------------------
                               September September September September
                                  30,       24,       30,       24,
                                 2006      2005      2006      2005
                               --------- --------- --------- ---------

Net sales                       $29,849   $26,690  $ 88,712   $78,646
Cost of sales                    19,269    17,143    56,719    50,593
                               --------- --------- --------- ---------
     Gross profit                10,580     9,547    31,993    28,053
     As a percentage of sales      35.4%     35.8%     36.1%     35.7%
Selling, general and
 administrative expenses          9,052     8,276    26,973    24,325
Litigation charges                   --     4,101        --     4,101
                               --------- --------- --------- ---------
Operating income (loss)           1,528    (2,830)    5,020      (373)
Interest expense, net               150       679     1,163     1,894
                               --------- --------- --------- ---------
Income (loss) before income
 taxes                            1,378    (3,509)    3,857    (2,267)
Income tax provision
 (benefit)                          561        26   (13,735)      111
                               --------- --------- --------- ---------
Net income (loss)               $   817   $(3,535) $ 17,592   $(2,378)
                               ========= ========= ========= =========
Basic net income (loss) per
 share                          $   .05   $  (.23) $   1.09   $  (.16)
                               ========= ========= ========= =========
Diluted net income (loss) per
 share                          $   .05   $  (.23) $   1.05   $  (.16)
                               ========= ========= ========= =========
Shares used in computing
 basic net income (loss) per
 share                           17,185    15,130    16,128    15,119
                               ========= ========= ========= =========
Shares used in computing
 diluted net income (loss)
 per share                       17,807    15,130    16,794    15,119
                               ========= ========= ========= =========
*T

-0-
*T
                      CYBEX INTERNATIONAL, INC.
              RECONCILIATION OF GAAP TO NON-GAAP RESULTS
                (In thousands, except per share data)
                             (unaudited)

                         Three Months Ended       Nine Months Ended
                      ------------------------ -----------------------

                      September 30,  September September 30, September
                           2006       24, 2005      2006      24, 2005
                      -------------- --------- ------------- ---------

GAAP net income
 (loss)                        $817   $(3,535)      $17,592   $(2,378)
Adjustments
    Income tax
     provision                   --      (220)      (15,305)     (650)
    Litigation
     charges                     --     4,101            --     4,101
                      -------------- --------- ------------- ---------
Non-GAAP net income            $817       346        $2,287    $1,073
                      ============== ========= ============= =========
Basic net income
 (loss) per share              $.05     $(.23)        $1.09     $(.16)
Adjustments                      --       .25          (.95)      .23
                      -------------- --------- ------------- ---------
Non-GAAP basic net
 income per share              $.05      $.02          $.14      $.07
                      ============== ========= ============= =========

Diluted net income
 (loss) per
 share                         $.05     $(.23)        $1.05     $(.16)
Adjustments                      --       .25          (.91)      .23
                      -------------- --------- ------------- ---------
Non-GAAP diluted net
 income per share              $.05      $.02          $.14      $.07
                      ============== ========= ============= =========
Shares used in
 computing basic net
 income per share            17,185    15,130        16,128    15,119
                      ============== ========= ============= =========
Shares used in
 computing diluted
 net income per
 share                       17,807    15,715        16,794    15,710
                      ============== ========= ============= =========
*T

-0-
*T
                      CYBEX INTERNATIONAL, INC.
                CONDENSED CONSOLIDATED BALANCE SHEETS
                            (In thousands)
                             (unaudited)

                                       September 30,    December 31,
                                             2006              2005
                                       --------------  ---------------
ASSETS
Current assets:
Cash                                         $ 2,327          $   807
Accounts receivable, net                      15,174           18,320
Inventories                                    9,791            9,258
Prepaid expenses and other                     3,319            2,707
Deferred tax asset                             4,140               --
                                       --------------  ---------------
     Total current assets                     34,751           31,092
Property and equipment, net                   12,193           12,124
Goodwill                                      11,247           11,247
Deferred tax asset                             9,699               --
Other assets                                   1,277            1,209
                                       --------------  ---------------
                                             $69,167          $55,672
                                       ==============  ===============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt         $    --          $ 3,929
Current portion of capital leases                323              481
Accounts payable                               6,109            5,918
Accrued expenses                              17,468           16,286
                                       --------------  ---------------
     Total current liabilities                23,900           26,614
Long-term debt                                    --            9,730
Capital leases, excluding current
 portion                                         120              332
Other liabilities                              1,960            2,808
                                       --------------  ---------------
     Total liabilities                        25,980           39,484
Stockholders' equity                          43,187           16,188
                                       --------------  ---------------
                                             $69,167          $55,672
                                       ==============  ===============
*T