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Cybex International, Inc. (AMEX: CYB), a leading
exercise equipment manufacturer, today reported results for the fourth
quarter and year ended December 31, 2005. Net sales for the fourth
quarter 2005 were $36,000,000, compared to $29,890,000 for the
corresponding 2004 period, an increase of 20%. For the year ended
December 31, 2005, net sales were $114,646,000, compared to net sales
of $103,421,000 for 2004, an increase of 11%. Excluding a fourth
quarter 2005 litigation-related charge, the Company's fourth quarter
2005 pro forma net income was $2,943,000 or $0.19 per fully diluted
share, compared to net income of $1,607,000, or $0.10 per fully
diluted share, for the corresponding 2004 period. Excluding third and
fourth quarter 2005 litigation-related charges, the pro forma net
income for the year ended December 31, 2005 was $4,666,000, or $0.30
per fully diluted share, compared to net income of $2,949,000, or
$0.24 per fully diluted share, for the corresponding 2004 period. On a
GAAP basis, the Company reported net income for fourth quarter of
$2,439,000, or $0.16 per fully diluted share and for the year ended
December 31, 2005 of $61,000, or $0.00 per fully diluted share.
Actual GAAP results for the fourth quarter ended December 31, 2005
include an increase in the Company's litigation reserve primarily
related to the previously announced appellate decision in the Kirila
matter, resulting in a pre-tax charge of $504,000. Actual GAAP results
for the year ended December 31, 2005 also include increases in the
Company's litigation reserve related to a jury verdict and a reversal
of summary judgment in two patent infringement cases during the third
quarter which, together with the fourth quarter increase described
above, resulted in pretax charges for the year totaling $4,605,000.
While CYBEX will continue to vigorously appeal or defend each of these
matters, the Company believes it has sufficient liquidity to satisfy
any final awards if these matters are ultimately determined adversely
to the Company.
John Aglialoro, Chairman and CEO, stated, "The results of our
efforts over the last nine months culminated in our strong fourth
quarter. We are pleased with our sales performance and the improvement
in gross margins for the quarter. Most importantly, we introduced two
new product categories, the LCX 425T light commercial treadmill and
the virtual reality Trazer, which will open new markets for CYBEX. We
also solidified our core strength business with the introduction of
the exciting VR3 line. We are determined to continue our momentum in
2006 with an aggressive new product development schedule."
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 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 6, 2005.
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CYBEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - ACTUAL
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2005 2004 (1) 2005 2004 (1)
--------- --------- --------- ---------
Net sales $ 36,000 $ 29,890 $114,646 $103,421
Cost of sales 22,576 19,413 73,169 65,640
--------- --------- --------- ---------
Gross profit 13,424 10,477 41,477 37,781
As a percentage of net
sales 37.3% 35.1% 36.2% 36.5%
Selling, general and
administrative expenses 9,583 8,141 33,908 30,900
Litigation charges 504 - 4,605 -
--------- --------- --------- ---------
Operating income 3,337 2,336 2,964 6,881
Interest expense, net 758 637 2,652 3,525
--------- --------- --------- ---------
Income before income
taxes 2,579 1,699 312 3,356
Income taxes 140 92 251 131
--------- --------- --------- ---------
Net income 2,439 1,607 61 3,225
Preferred stock dividends - - - 276
--------- --------- --------- ---------
Net income attributable
to common stockholders $ 2,439 $ 1,607 $ 61 $ 2,949
========= ========= ========= =========
Basic net income per share $ 0.16 $ 0.11 $ 0.00 $ 0.26
========= ========= ========= =========
Diluted net income per share $ 0.16 $ 0.10 $ 0.00 $ 0.24
========= ========= ========= =========
Shares used in computing basic
net income per share 15,131 14,983 15,122 11,359
========= ========= ========= =========
Shares used in computing
diluted net income per share 15,701 15,717 15,708 12,355
========= ========= ========= =========
(1) The 2004 statements of operations have been reclassified to
conform to the current year presentation.
CYBEX INTERNATIONAL, INC.
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2005 2004 (1) 2005 2004 (1)
--------- --------- --------- ---------
Net sales $ 36,000 $ 29,890 $114,646 $103,421
Cost of sales 22,576 19,413 73,169 65,640
--------- --------- --------- ---------
Gross profit 13,424 10,477 41,477 37,781
As a percentage of net
sales 37.3% 35.1% 36.2% 36.5%
Selling, general and
administrative expenses 9,583 8,141 33,908 30,900
--------- --------- --------- ---------
Operating income 3,841 2,336 7,569 6,881
Interest expense, net 758 637 2,652 3,525
--------- --------- --------- ---------
Income before income
taxes 3,083 1,699 4,917 3,356
Income taxes 140 92 251 131
--------- --------- --------- ---------
Net income 2,943 1,607 4,666 3,225
Preferred stock dividends - - - 276
--------- --------- --------- ---------
Net income attributable
to common stockholders $ 2,943 $ 1,607 $ 4,666 $ 2,949
========= ========= ========= =========
Basic net income per share $ 0.19 $ 0.11 $ 0.31 $ 0.26
========= ========= ========= =========
Diluted net income per share $ 0.19 $ 0.10 $ 0.30 $ 0.24
========= ========= ========= =========
Shares used in computing basic
net income per share 15,131 14,983 15,122 11,359
========= ========= ========= =========
Shares used in computing
diluted net income per share 15,701 15,717 15,708 12,355
========= ========= ========= =========
(1) The 2004 statements of operations have been reclassified to
conform to the current year presentation.
CYBEX INTERNATIONAL, INC.
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Year Ended
December 31, 2005 December 31, 2005
Actual Adjust- ProForma Actual Adjust- ProForma
Results ments Results Results ments Results
------- ------- -------- -------- ------- --------
Net Sales $ 36,000 $ - $ 36,000 $114,646 $ - $114,646
Cost of sales 22,576 - 22,576 73,169 - 73,169
----------------------------------------------------
Gross Profit 13,424 - 13,424 41,477 - 41,477
----------------------------------------------------
Selling, general
and
administrative
expenses (SG&A) 9,583 - 9,583 33,908 - 33,908
Litigation
charges 504 (504) - 4,605 (4,605) -
----------------------------------------------------
Total SG&A
expenses 10,087 (504) 9,583 38,513 (4,605) 33,908
----------------------------------------------------
Operating income 3,337 504 3,841 2,964 4,605 7,569
Interest
expense, net 758 - 758 2,652 - 2,652
----------------------------------------------------
Income before
Income taxes 2,579 504 3,083 312 4,605 4,917
Income taxes 140 - 140 251 - 251
----------------------------------------------------
Net income $ 2,439 $ 504 $ 2,943 $ 61 $ 4,605 $ 4,666
====================================================
Basic net income
per share $ 0.16 $ 0.03 $ 0.19 $ 0.00 $ 0.31 $ 0.31
====================================================
Diluted net
income per share $ 0.16 $ 0.03 $ 0.19 $ 0.00 $ 0.30 $ 0.30
====================================================
Shares used in
computing basic
net income per
share 15,131 15,131 15,122 15,122
====================================================
Shares used in
computing
diluted net
income per share 15,701 15,701 15,708 15,708
====================================================
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(unaudited)
December 31, December 31,
2005 2004
--------------- --------------
ASSETS
Current assets:
Cash $ 807 $ 1,826
Accounts receivable, net 18,320 15,891
Inventories 9,258 8,014
Prepaid expenses and other 2,707 1,684
--------------- --------------
Total current assets 31,092 27,415
Property and equipment, net 12,124 13,544
Goodwill 11,247 11,247
Other assets 1,209 2,280
-------------- -------------
$ 55,672 $ 54,486
=============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $ 3,929 $ 9,116
Current portion of capital leases 481 408
Accounts payable 5,918 5,377
Accrued expenses 16,286 9,196
--------------- --------------
Total current liabilities 26,614 24,097
Long-term debt 9,730 11,489
Capital leases 332 648
Other liabilities 2,808 2,466
--------------- --------------
Total liabilities 39,484 38,700
Stockholders' equity 16,188 15,786
-------------- -------------
$ 55,672 $ 54,486
=============== ==============
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