Cybex Announces Third Quarter Results
Cybex International, Inc. (NASDAQ: CYBI), a leading manufacturer of premium exercise equipment, today reported results for its third quarter ended September 24, 2011. Net sales for the third quarter of 2011 were $33.5 million compared to $29.2 million for the corresponding 2010 period. The Company reported a net loss for the third quarter of 2011 of $.3 million, or $0.02 per diluted share, compared to a net loss of $15,000, or $0.00 per diluted share, reported for the corresponding 2010 period.
For the nine months ended September 24, 2011, net sales were $97.1 million compared to $83.0 million for 2010. The loss for the nine months ended September 24, 2011 was $.5 million, or $0.03 per diluted share, compared to a net loss of $1.1 million, or $0.07 per diluted share, for 2010.
The 2011 results include additional litigation charges of $1.4 million and $3.0 million for the quarter and nine months ended September 24, 2011, respectively, related to the Barnhard product liability judgment, primarily related to interest that is accruing at the annual rate of 9% on the judgment. As previously reported, the Company has filed an appeal of this judgment and enforcement of the judgment has been stayed during the continuance of the appellate process. Oral arguments before the Appellate Division of the New York Supreme Court are scheduled for the end of October and the Company believes that a decision on the appeal by the Appellate Division is likely within several months.
Cybex Chairman and CEO John Aglialoro stated, “Our most recent quarter is the fourth consecutive quarter of year-over-year sales growth. The sales increases are driven by both North America and International sales and across most product lines.”President and COO Art Hicks stated, “Our latest treadmill models have sold well and I am optimistic that our new product panel displays that will be produced in Q4 will prove to be popular. We have strengthened the marketing and sales teams adding people and resources and will continue to build the Cybex brand.”
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