The Company will host a conference call today, Tuesday, July 24, 2012, at 4:30 p.m. ET to discuss second quarter financial results and answer questions from the investor audience. Those who wish to participate may dial toll-free (877) 545-1414 from the U.S. or (719) 325-4833 for international callers. A live webcast of the conference call will also be available on the Company’s website at www.cybexintl.com in the About Cybex, Press section. Please visit the website at least 15 minutes early to register for the teleconference webcast and download any necessary software. A replay of the call will be available starting today at 7:30 p.m. ET and lasting through Friday, August 3, 2012 by dialing (877) 870-5176 from the U.S. or (858) 384-5517 for international callers. The access code for the replay is 7044516.
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 Research Institute, Cybex fitness equipment is engineered to produce optimal results for users from the first-time exerciser to the professional athlete. Cybex designs and builds its products in the USA for a wide range of facilities, from commercial health clubs to home gyms, in more than 85 countries worldwide. For more information on Cybex and its products, 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, the ability of the Company to comply with the terms of its credit facilities, competitive factors, technological and product developments, market demand, economic conditions, and the resolution of litigation involving the Company. 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, 2011, its Reports on Form 10-Q, its Current Reports on Form 8-K, and its proxy statement dated April 12, 2012.
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
|Three Months Ended||Six Months Ended|
|June 30,||June 25,||June 30,||June 25,|
|Cost of sales||21,736||21,560||46,744||41,325|
|As a percentage of sales||29.4||%||33.8||%||31.3||%||35.0||%|
|Selling, general and administrative expenses||9,930||9,952||21,349||20,413|
|Litigation charge (reduction)||(30||)||1,288||63||1,643|
|Operating income (loss)||(836||)||(236||)||(97||)||194|
|Interest expense, net||358||265||615||541|
|Loss before income taxes||(1,194||)||(501||)||(712||)||(347||)|
|Income tax expense (benefit)||13||54||25||(171||)|
|Basic and diluted net loss per share||$||(0.07||)||$||(0.03||)||$||(0.04||)||$||(0.01||)|
|Shares used in computing basic and diluted net loss per share||17,128||17,120||17,124||17,120|
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|June 26,||December 31,|
|Cash and cash equivalents||$||3,999||$||11,958|
|Accounts receivable, net||16,837||20,251|
|Prepaid expenses and other||1,956||2,070|
|Barnhard litigation related receivable||—||7,561|
|Total current assets||36,333||55,424|
|Property and equipment, net||27,825||28,194|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current maturities of long-term debt||$||2,061||$||1,520|
|Barnhard litigation reserve||—||27,004|
|Total current liabilities||19,259||47,562|