CYBEX REPORTS RECORD SALES AND NET INCOME FOR FOURTH 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)--April 30, 1997--CYBEX Computer Products Corporation (Nasdaq/NM:CBXC) today reported record sales and net income for the fourth fiscal quarter and year ended March 31, 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 48% to $10.2 million in the fourth quarter, and net income rose 20% to $1.6 million compared with the fourth quarter of fiscal 1996," 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 accelerating growth for our 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 increased demand in international markets. Demand for our newer, high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. switches was especially strong in the latest quarter, rising 86% to $3.5 million compared with the fourth quarter of fiscal 1996. Our expanded marketing programs to dealers, resellers and through new channels of distribution were also contributors to our sales growth. "Cybex's international sales rose 37% to $2.1 million in the fourth quarter. Our new manufacturing facility 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. shipped approximately 88% of the products sold in 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). in the fourth
quarter, attesting to the quick and successful launch of these
operations. In April 1997, we added sales offices in five European Europeanemanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries to further leverage our manufacturing base. We believe the European market has continued strong growth potential for Cybex." Net sales for the fourth quarter of fiscal 1997 rose to $10.2 million compared with $6.9 million in the fourth quarter a year ago. Sales of KVM switch products increased 59% to $8.6 million and accounted for 85% of revenues in the fourth quarter of fiscal 1997. 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 6% to $1.3 million compared with the fourth quarter of the prior fiscal year. International sales rose 37% to $2.1 million, or 21% of fourth quarter revenues. The Company's gross profit rose to $5.2 million, or 51.6% of sales, compared with $3.9 million, or 56.9% of sales, in the fourth quarter of fiscal 1997. Net income for the fourth quarter of fiscal 1997 rose to $1.6 million, or $0.29 per share, on 5.5 million weighted average shares outstanding. This compares with net income of $1.3 million, or $0.24 per share, on 5.6 million weighted average shares outstanding for the fourth quarter of fiscal 1996. The 1.7% decline in weighted average shares outstanding was due primarily to the Company's repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 331,500 shares through March 31, 1997. Cybex announced the 500,000 share stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program in December 1995. "We invested over 7% of fourth quarter sales in research and development of new and expanded product lines," continued Mr. Thornton. "We have been very aggressive at expanding our product base to meet customer demands, and new product sales have been very strong as a result. We are also focused on improving the manufacturing costs of our products to enhance margins. Our new AutoView Commander is easier and less costly to manufacture than prior designs, and we believe our new manufacturing platform will result in improved manufacturing efficiencies while maintaining Cybex's high standards for product reliability." For the year ended March 31, 1997, net sales rose 38% to $34.6 million compared with $25.0 million in the same period of fiscal 1996. Cybex reported net income of $5.8 million, or $1.04 per share, in fiscal 1997 compared with net income of $4.7 million, or $0.92 per share, in fiscal 1996. Cybex Computer Products Corporation (NASDAQ/NM:CBXC) is a 16-year-old multinational company that provides KVM connectivity solutions in support of PC and Macintosh personal computers and many Sun, Hewlett Packard, Silicon Graphics, and RS/6000 workstations, as well as telephone activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. power control systems. 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 Year Ended
March 31, March 31,
1997 1996 1997 1996
Net sales $10,173 $ 6,868 $34,568 $25,010
Operating income $ 2,102 $ 1,782 $ 7,331 $ 6,076
Net income $ 1,603 $ 1,335 $ 5,840 $ 4,693
Earnings per share $ 0.29 $ 0.24 $ 1.04 $ 0.92
Weighted average shares
outstanding 5,528 5,624 5,594 5,094
BALANCE SHEETS
March 31, March 31,
1997 1996
Assets
Cash, cash equivalents and
short-term investments $41,113,221 $37,770,777
Other current assets 10,565,474 8,335,002
Property and equipment, net 2,422,292 1,109,918
Long-term investments and other 2,424,975 202,065
Total assets $56,525,962 $47,417,762
Liabilities and shareholders' equity
Current liabilities $11,458,773 $ 6,711,717
Deferred income taxes 80,000 85,024
Shareholders' equity
Common stock 6,091 6,069
Additional paid-in capital 34,119,697 34,079,719
Unrealized loss on investments (77,669) -
Retained earnings 16,209,614 10,370,114
Treasury stock (5,270,544) (3,834,881)
Total shareholders' equity 44,987,189 40,621,021
Total liabilities and
shareholders' equity $56,525,962 $47,417,762
CONTACT: Cybex Computer Products Corporation, Huntsville Stephen F. Thornton, 205/430-4000 |
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