Cybex Reports 2011 Fourth Quarter Results
Cybex International, Inc. (NASDAQ: CYBI), a leading U.S. manufacturer of premium exercise equipment, today reported results for the fourth quarter and year ended December 31, 2011. Net sales for the fourth quarter of 2011 were $43.1 million compared to $39.9 million for the corresponding 2010 period, an 8% increase. The Company reported net income of $34.7 million, or $2.03 per diluted share, compared to a net loss of ($57.1) million or ($3.34) per diluted share, reported for the corresponding 2010 period. The 2011 and 2010 results include a 2010 litigation charge pertaining to the jury verdict in the product liability suit, Barnhard v. Cybex International, Inc., and the 2011 adjustments to the charge relating to the settlement of the suit. Net income for the quarter excluding these charges and adjustments was $2.7 million or $0.16 per fully diluted share for 2011 and $1.5 million or $0.09 per fully diluted share for 2010.
For the year ended December 31, 2011, net sales were $140.1 million compared to $123.0 million for 2010, a 14% increase. Net income for the year ended December 31, 2011 was $34.3 million, or $2.00 per diluted share, compared to a net loss of ($58.2) million, or ($3.40) per diluted share, for 2010. The 2011 and 2010 results include the litigation charge, and adjustments related to the charge, which increase (decrease) the 2011 and 2010 full year results by $1.76 and ($3.43) per diluted share, respectively. Net income excluding these charges and adjustments were $4.1 million or $0.24 per fully diluted share for 2011 and $0.4 million or $0.03 per fully diluted share for 2010.
Cybex also announced that it has increased the limits of its product liability insurance coverage to $25,000,000 for claims brought after December 1, 2011.
“We are pleased to report strong sales growth in all market segments in Q4,” said John Aglialoro, Cybex Chairman and CEO. “Sales in North America increased 3% and sales outside North America increased 20% for the fourth quarter. Importantly, we accomplished these results during a time of global economic uncertainty while confronting an unfair and excessive jury verdict which is now behind us. Our growth is a testament to the health of the company and the value customers have for our innovative and superior products.”
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