CYBEX REPORTS RECORD FIRST QUARTER.HUNTSVILLE Huntsville, town, Canada Huntsville, town (1991 pop. 14,997), SE Ont., Canada, on the Muskoka River. It has lumber mills and a woodworking plant, but it is sustained mainly by its year-round tourist trade. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--July 16, 1997--CYBEX Computer Products Corporation (Nasdaq/NM:CBXC) today reported record sales and net income for the first fiscal quarter ended June June: see month. 30, 1997. "Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 44% to $10.7 million, and net income rose 38% to $1.7 million compared with the first quarter of fiscal 1997," stated Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and F. Thornton Thornton, city (1990 pop. 55,031), Adams co., NE Colo., a residential and industrial suburb of Denver; inc. 1956. Industries include oil and gas development and the production of computer graphics systems, wood products, coffee and tea, building components, infant , president and chief executive of Cybex Computer Products Corporation. "Our record results were due to continued strong sales of our proprietary KVM switch (1) See also KVM. (2) (Keyboard Video Mouse switch) A device used to connect a keyboard, mouse and monitor to two or more computers. KVM switches are used to save space on a desktop when multiple computers are used by one user. products and the contribution from our new European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. division." Net sales for the first quarter of fiscal 1998 rose to $10.7 million compared with $7.4 million in the first quarter a year ago. Sales of KVM switch products increased 53% to $9.1 million, or 85% of revenues in the first quarter of fiscal 1998. International sales rose 43% to $2.4 million, or 23% of revenues. The Company's KVM (K Virtual Machine) A version of the Java Virtual Machine for small devices with limited memory. See J2ME. See also KVM switch. KVM - Keyboard Video Mouse extension product sales were up 12% to $1.4 million compared with the first quarter of the prior fiscal year. "Sales of our new AutoView products were especially strong in the first quarter, rising 75% sequentially from the fourth quarter and accounting for approximately 19% of total revenues," continued Mr. Thornton. "We believe the market's acceptance of the AutoView product line demonstrates our leadership in technology and value engineering. The AutoView technology combines our new manufacturing and engineering building blocks designed to provide increased functionality at a lower price. In addition, the AutoView line continues to meet our expectations of providing strong margin retention while enabling Cybex to compete in major channel product distribution and in the OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and market. "Gross margins were a strong 52.8% for the quarter compared with 53.1% in the same quarter last year. This was the third sequential quarterly increase in gross margins as a percent of sales and is attributable to increased sales of AutoView products, the absence of start-up Start-up The earliest stage of a new business venture. costs in Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. and a reduction in incremental costs Costs which are additional costs to the Service appropriations that would not have been incurred absent support of the contingency operation. See also financial management. associated with this operation, and overall volume efficiencies." Net income for the first quarter of fiscal 1998 rose to $1.7 million, or $0.31 per share, on 5.5 million average shares outstanding. This compares with net income of $1.2 million, or $0.22 per share, on 5.6 million average shares outstanding for the first quarter of fiscal 1997. "We continue to increase our investment in research and development," stated Mr. Thornton. "R&D expenses were up 48% from the first quarter of last year to 7.3% of revenues. The increase reflects our aggressive commitment to developing new products as well as sustaining our engineering efforts. We expect the level of R&D expenses to increase in the future as we expand our product base. "This was our second full quarter of operations at our new European plant, and we are pleased to report that 100% of the products sold in the E.U. during the quarter were shipped from our Irish plant. Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). continued to dominate our international sales and accounted for
55% of total international sales. We remain committed to the expansion
of the European market and believe our new facility and sales network
will have a positive effect on our fiscal 1998 earnings," concluded
Mr. Thornton.
Cybex Computer Products Corporation (Nasdaq:CBXC) is a 16-year-old multinational company which provides KVM connectivity and power control solutions in support of PC and Macintosh personal computers and many Sun, Hewlett-Packard, Silicon Graphics, RS/6000, and DEC Alpha See Alpha. (processor) DEC Alpha - A RISC microprocessor from DEC. In November 1995, the Alpha was purportedly the fastest non-research chip used in commonly available workstations. It is superpipelined and superscalar. workstations. Cybex and the Cybex logo are registered trademarks of Cybex Computer Products Corporation. QuikSwitch Commander, Switch Partner, and AutoView Commander are trademarks of Cybex Computer Products Corporation. Sun, Macintosh, Hewlett Packard, and Silicon Graphics are trademarks or registered trademarks of their respective companies. RS/6000 is a trademark of International Business Machines Corporation. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which reflect management's best judgment based on factors currently known. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those in the statements included in this press release. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Readers are also urged to carefully review and consider the various disclosures made by the Company which attempt to advise interested parties of the factors which affect the Company's business, including the disclosures made in other periodic reports on Forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. -0-
CYBEX COMPUTER PRODUCTS CORPORATION
Unaudited Financial Highlights
(Dollars in thousands, except per share data)
Three Months Ended June 30,
1997 1996
Net sales $ 10,695 $ 7,428
Gross profit $ 5,646 $ 3,941
Operating income $ 2,159 $ 1,543
Net income $ 1,702 $ 1,230
Earnings per share $ .31 $ .22
Weighted average shares outstanding 5,542 5,621
BALANCE SHEET
June 30, March 31,
1997 1997
Assets
Cash, cash equivalents and short-term
investments $34,132,074 $41,113,221
Other current assets 12,239,785 10,566,225
Property and equipment, net 2,595,149 2,422,292
Long-term investments and other 2,544,484 2,424,975
Total assets $51,511,492 $56,526,713
Liabilities and shareholders' equity
Current liabilities $ 4,622,876 $11,459,524
Deferred income taxes 108,000 80,000
Shareholders' equity
Common stock 6,096 6,091
Additional paid-in capital 34,133,026 34,119,697
Unrealized loss on investments - (77,669)
Retained earnings 17,912,038 16,209,614
Treasury stock (5,270,544) (5,270,544)
Total shareholders' equity 46,770,616 44,987,189
Total liabilities and shareholders' equity $51,511,492 $56,526,713
CONTACT: Cybex Computer Products Corp., Huntsville Stephen F. Thornton, 205/430-4000 |
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