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20.04.2010 13:00:00
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Cybex Announces First Quarter Results
Cybex International, Inc. (NASDAQ: CYBI), a leading manufacturer of premium exercise equipment, today reported results for its first quarter ended March 27, 2010. Net sales for the first quarter of 2010 decreased by 10% to $26.1 million compared to $28.9 million for the corresponding 2009 period. The Company reported a net loss for the first quarter of 2010 of $0.8 million, or $0.04 per diluted share, compared to a net loss for the first quarter of 2009 of $1.4 million or $0.08 per diluted share.
John Aglialoro, CYBEX Chairman and CEO stated, "We have worked hard to increase gross profit margins and were pleased with the margin results achieved in Q1. Although purchases by the fitness club market continue to be slow, our sales and marketing efforts directed to new markets should generate incremental revenue in future quarters.”
Arthur Hicks, CYBEX President and COO stated, "CYBEX has continued to invest in R&D during these challenging economic times. That is our future and we are excited with our new product pipeline. As an example, a strength line for professional and college varsity sports teams will be introduced during the second half of 2010, which we will package with our other products to meet the needs of those customers.”
The Company will hold a conference call today at 11:30 a.m. ET. If you cannot participate in the call but wish to listen to it, you may login at CYBEX’s website at www.cybexintl.com. Under the category Company, click on Press, scroll to bottom and select Q1 Earnings Release Conference Call.
About CYBEX
Cybex International, Inc. is a leading manufacturer of premium exercise equipment primarily for commercial use. The CYBEX product line, including a full range of strength and cardio training machines, is designed using exercise science to reflect the natural movement of the human body. Led by the Cybex Institute for Exercise Science, CYBEX fitness equipment is engineered to produce optimal results for users from the first-time exerciser to the professional athlete. Products are available for a wide range of facilities, from commercial health clubs to home gyms, and are sold in more than 85 countries worldwide. For more information on CYBEX and its product lines, visit the Company’s website at www.cybexintl.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 for the year ended December 31, 2009, its Reports on Form 10-Q, its Current Reports on Form 8-K, and its proxy statement dated March 25, 2010.
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CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited) |
||||||||
| Three Months Ended | ||||||||
| March 27, | March 28, | |||||||
| 2010 | 2009 | |||||||
| Net sales | $ | 26,116 | $ | 28,922 | ||||
| Cost of sales | 16,650 | 21,023 | ||||||
| Gross profit | 9,466 | 7,899 | ||||||
| As a percentage of sales | 36.2 | % | 27.3 | % | ||||
|
Selling, general and administrative expenses |
10,258 | 9,863 | ||||||
| Operating loss | (792 | ) | (1,964 | ) | ||||
| Interest expense, net | 322 | 277 | ||||||
|
Loss before income taxes |
(1,114 |
) |
(2,241 |
) |
||||
| Income taxes (benefit) |
(361 |
) |
(834 |
) |
||||
| Net loss | $ | (753 | ) | $ | (1,407 | ) | ||
| Basic and diluted net loss per share |
$ |
(0.04 |
) |
$ |
(0.08 |
) |
||
|
Shares used in computing basic and diluted net loss per share |
17,120 |
17,424 |
||||||
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CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) |
||||||
| March 27, | December 31, | |||||
| 2010 | 2009 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash | $ | 6,832 | $ | 6,879 | ||
| Accounts receivable, net | 12,961 | 16,815 | ||||
| Inventories | 11,575 | 10,054 | ||||
| Prepaid expenses and other | 1,157 | 1,216 | ||||
| Deferred income taxes | 5,040 | 5,040 | ||||
| Total current assets | 37,565 | 40,004 | ||||
| Property and equipment, net | 31,068 | 31,835 | ||||
| Deferred income taxes | 9,113 | 8,815 | ||||
| Other assets | 5,261 | 7,981 | ||||
| $ | 83,007 | $ | 88,635 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Current maturities of long-term debt | $ | 2,415 | $ | 2,415 | ||
| Accounts payable | 3,786 | 4,436 | ||||
| Accrued expenses | 11,082 | 12,046 | ||||
| Total current liabilities | 17,283 | 18,897 | ||||
| Long-term debt | 14,587 | 15,191 | ||||
| Other liabilities | 8,772 | 11,438 | ||||
| Total liabilities | 40,642 | 45,526 | ||||
| Stockholders’ equity | 42,365 | 43,109 | ||||
| $ | 83,007 | $ | 88,635 | |||
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