Cybex Announces Third Quarter Results
Cybex International, Inc. (NASDAQ: CYBI), a leading U.S. manufacturer of premium exercise equipment, today reported results for its third quarter ended September 29, 2012. Net sales for the third quarter of 2012 were $34.4 million, compared to $33.5 million for the corresponding 2011 period. The Company reported net income for the third quarter of 2012 of $1.1 million, or $0.06 per diluted share, compared to a net loss of $0.3 million, or $0.02 per diluted share, for the corresponding 2011 period.
For the nine months ended September 29, 2012, net sales were $102.4 million, compared to $97.1 million for 2011. Net income for the nine months ended September 29, 2012 was $0.3 million, or $0.02 per diluted share, compared to a net loss of $0.5 million, or $0.03 per diluted share, for 2011.
The above results include litigation charges of $1.4 million and $3.0 million for the quarter and nine months ended September 24, 2011, respectively, and litigation charges (reduction) of ($0.1 million) for the quarter ended September 29, 2012, related to the Barnhard product liability judgment. As previously reported, this litigation was settled during the first quarter of 2012.
Cybex Chairman and CEO John Aglialoro stated, “Q3 showed improvement compared to the previous quarter although the current economic environment continues to be challenging. While it is difficult to predict the short-term impact of economic conditions, we remain optimistic about sales prospects over the longer-term.”Cybex President and COO Art Hicks stated, “We look forward to the Q4 introduction of our 525 cardio line which is targeted to better reach light commercial market segments. These products will feature lower price points, valuing ease of use and durability. Third quarter gross margins improved compared to Q2; and we expect this slow improvement trend to continue as we gain experience with our new 625 and 770 product lines. The Bravo strength series continues to be attractive to customers with functional training areas, which is a trend in the club market.”
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