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Cybex International, Inc. (AMEX: CYB), a leading
exercise equipment manufacturer, today reported results for the third
quarter and nine months ended September 24, 2005. Net sales for the
third quarter 2005 were $26,690,000, compared to $25,038,000 for the
corresponding 2004 period, an increase of 7%. For the nine months
ended September 24, 2005, net sales were $78,646,000, compared to net
sales of $73,531,000 for 2004, an increase of 7%. Excluding a third
quarter 2005 litigation-related charge, the Company's third quarter
2005 pro forma net income was $566,000 or $0.04 per fully diluted
share, compared to net income of $378,000, or $0.03 per share, for the
corresponding 2004 period, and pro forma net income for the nine
months ended September 24, 2005 was $1,723,000, or $0.11 per fully
diluted share, compared to net income of $1,342,000, or $0.12 per
fully diluted share, for the corresponding 2004 period. On a GAAP
basis, the Company reported a net loss for the third quarter 2005 of
$3,535,000, or $(0.23) per share, and a net loss for the nine months
ended September 24, 2005 of $2,378,000, or $(0.16) per share.
Actual GAAP results for the third quarter and nine months ended
September 24, 2005 include an increase in the Company's litigation
reserve resulting in a pre-tax charge of $4,101,000. This increase in
the litigation reserve reflects the previously announced jury verdict
in the Colassi patent infringement case, as well as the reversal on
appeal of a summary judgment in favor of the Company in another patent
infringement case. The Company intends to vigorously pursue its appeal
of the jury verdict and its defense of the second patent case.
John Aglialoro, Chairman and CEO stated, "We are pleased to have
begun shipping three important new products: Trazer, a revolutionary
virtual reality product that allows users to improve their movement
skills; a light commercial / high end consumer treadmill that will
help expand CYBEX' dealer network and represents a market not
presently served by CYBEX; and VR3, an exciting new line of strength
equipment meeting a primary price point which will solidify our
reputation in the market."
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 Nine Months Ended
September September September September
24, 2005 25, 2004 (1) 24, 2005 25, 2004 (1)
------------ ------------ ------------ ------------
Net sales $ 26,690 $ 25,038 $ 78,646 $ 73,531
Cost of sales 17,143 16,206 50,593 46,227
----------- ----------- ----------- -----------
Gross profit 9,547 8,832 28,053 27,304
As a percentage
of net sales 35.8% 35.3% 35.7% 37.1%
Selling, general
and
administrative
expenses 8,276 7,386 24,325 22,759
Litigation charges 4,101 4,101 -
----------- ------------ ----------- ------------
Operating income
(loss) (2,830) 1,446 (373) 4,545
Interest expense,
net 679 1,007 1,894 2,888
----------- ----------- ----------- -----------
Income (loss)
before income
taxes (3,509) 439 (2,267) 1,657
Income taxes 26 29 111 39
----------- ----------- ----------- -----------
Net income (loss) (3,535) 410 (2,378) 1,618
Preferred stock - -
dividends 32 276
------------ ----------- ------------ -----------
Net income (loss)
attributable to
common
stockholders $ (3,535) $ 378 $ (2,378) $ 1,342
=========== =========== =========== ===========
Basic net income
(loss) per share $ (0.23) $ 0.03 $ (0.16) $ 0.13
=========== =========== =========== ===========
Diluted net income
(loss) per share $ (0.23) $ 0.03 $ (0.16) $ 0.12
=========== =========== =========== ===========
Shares used in
computing basic
net income (loss)
per share 15,130 12,337 15,119 10,042
=========== =========== =========== ===========
Shares used in
computing diluted
net income (loss)
per share 15,130 14,566 15,119 11,132
=========== =========== =========== ===========
(1) The 2004 statement of operations has 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 Nine Months Ended
September September September September
24, 2005 25, 2004(1) 24, 2005 25, 2004(1)
----------- ----------- ----------- -----------
Net sales $ 26,690 $ 25,038 $ 78,646 $ 73,531
Cost of sales 17,143 16,206 50,593 46,227
----------- ----------- ----------- -----------
Gross profit 9,547 8,832 28,053 27,304
As a percentage
of net sales 35.8% 35.3% 35.7% 37.1%
Selling, general
and
administrative
expenses 8,276 7,386 24,325 22,759
----------- ----------- ----------- -----------
Operating income 1,271 1,446 3,728 4,545
Interest expense,
net 679 1,007 1,894 2,888
----------- ----------- ----------- -----------
Income before
income taxes 592 439 1,834 1,657
Income taxes 26 29 111 39
----------- ----------- ----------- -----------
Net income 566 410 1,723 1,618
Preferred stock - -
dividends 32 276
------------ ----------- ------------ -----------
Net income
attributable to
common
stockholders $ 566 $ 378 $ 1,723 $ 1,342
=========== =========== =========== ===========
Basic net income
per share $ 0.04 $ 0.03 $ 0.11 $ 0.13
=========== =========== =========== ===========
Diluted net income
per share $ 0.04 $ 0.03 $ 0.11 $ 0.12
=========== =========== =========== ===========
Shares used in
computing basic
net income per
share 15,130 12,337 15,119 10,042
=========== =========== =========== ===========
Shares used in
computing diluted
net income per
share 15,715 14,566 15,710 11,132
=========== =========== =========== ===========
(1) The 2004 statement of operations has 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 September 24,
2005
Actual ProForma
Results Adjustments Results
----------- ----------- -----------
Net Sales $ 26,690 $ - $ 26,690
Cost of sales 17,143 - 17,143
---------- ---------- ----------
Gross Profit 9,547 - 9,547
---------- ---------- ----------
Selling, general and
administrative expenses (SG&A) 8,276 - 8,276
Litigation charges 4,101 (4,101) -
---------- ---------- -----------
Total SG&A expenses 12,377 (4,101) 8,276
---------- ---------- ----------
Operating income (loss) (2,830) 4,101 1,271
Interest expense, net 679 - 679
---------- ----------- ----------
Income (loss) before Income taxes (3,509) 4,101 592
Income taxes 26 - 26
---------- ----------- ----------
Net income (loss) $ (3,535) $ 4,101 $ 566
========== ========== ==========
Basic net income (loss) per share $ (0.23) $ 0.27 $ 0.04
========== ========== ==========
Diluted net income (loss) per
share $ (0.23) $ 0.27 $ 0.04
========== ========== ==========
Shares used in computing basic
Net income (loss) per share 15,130 15,130
========== =========== ==========
Shares used in computing diluted
net income (loss) per share 15,130 15,715
========== =========== ==========
Nine Months Ended September 24,
2005
Actual ProForma
Results Adjustments Results
---------- ---------- ----------
Net Sales $ 78,646 $ - $ 78,646
Cost of sales 50,593 - 50,593
---------- ---------- ----------
Gross Profit 28,053 - 28,053
---------- ---------- ----------
Selling, general and
administrative expenses (SG&A) 24,325 - 24,325
Litigation charges 4,101 (4,101) -
---------- ---------- ----------
Total SG&A expenses 28,426 (4,101) 24,325
---------- ---------- ----------
Operating income (loss) (373) 4,101 3,728
Interest expense, net 1,894 - 1,894
---------- ---------- ----------
Income (loss) before Income taxes (2,267) 4,101 1,834
Income taxes 111 - 111
---------- ---------- ----------
Net income (loss) $ (2,378) $ 4,101 $ 1,723
========== ========== ==========
Basic net income (loss) per share $ (0.16) $ 0.27 $ 0.11
========== ========== ==========
Diluted net income (loss) per
share $ (0.16) $ 0.27 $ 0.11
========== ========== ==========
Shares used in computing basic
Net income (loss) per share 15,119 15,119
========== =========== ==========
Shares used in computing diluted
net income (loss) per share 15,119 15,710
========== =========== ==========
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(unaudited)
September 24, December 31,
2005 2004
------------- -------------
ASSETS
Current assets:
Cash $ 495 $ 1,826
Accounts receivable, net 14,067 15,891
Inventories 9,637 8,014
Prepaid expenses and other 2,327 1,684
------------ ------------
Total current assets 26,526 27,415
Property and equipment, net 14,444 13,544
Goodwill 11,247 11,247
Other assets 1,606 2,280
------------ ------------
$ 53,823 $ 54,486
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $ 2,684 $ 9,116
Current portion of capital leases 500 408
Accounts payable 4,786 5,377
Accrued expenses 15,126 9,196
------------ ------------
Total current liabilities 23,096 24,097
Long-term debt 10,791 11,489
Capital leases 443 648
Other liabilities 5,811 2,466
------------ ------------
Total liabilities 40,141 38,700
Stockholders' equity 13,682 15,786
------------ ------------
$ 53,823 $ 54,486
============ ============
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