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 23, 1998--CYBEX Computer Products Corporation (Nasdaq/NM:CBXC) today reported record sales and net income for the first fiscal quarter ended July July: see month. 3, 1998. 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 74% to $18.6 million and net income rose 65% to $2.8 million, or $0.33 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with the first quarter of fiscal 1998. "Cybex's record results were due to continued strong demand 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 from both domestic and international customers," 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. "KVM switch sales rose 82% to $16.6 million and accounted for 89% of first quarter sales. International sales hit record levels, up 134% to $5.7 million due to strong European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales growth and the contribution from the PolyCon(TM) acquisition. Our strategy of building sales through expanded distribution channels and expansion into Europe have been major factors in our record results. "We experienced solid growth across product lines. Sales of mid- mid- pref. Middle: midbrain. to high-end KVM switch products rose 83% and consumer KVM switch sales were up 215% compared with the first quarter of last year. We continued to experience strong demand for SwitchView(TM), Cybex's first KVM switch designed for consumer mass marketing. Sales of 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 products rose 18% to $1.6 million primarily due to PC Plus Line and PolyCon RC products," continued Mr. Thornton. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 87% to $4.0 million compared with $2.2 million in the first quarter of fiscal 1998. The increase resulted from higher sales, an increase in gross margin to 53.0%, improved product mix and continued expense controls. Net income for the first quarter of fiscal 1999 rose to $2.8 million, or $0.33 per diluted share, compared with net income of $1.7 million, or $0.21 per diluted share, in the first quarter of fiscal 1998. "Cybex's research and development expenses rose 52% to $1.2 million in the first quarter as we focused on new product development, enhancing existing product features and improving manufacturing efficiencies," continued Mr. Thornton. "With the addition of the PolyCon engineering team in Germany, we believe Cybex has the largest R&D staff in the KVM switch industry. We plan to remain focused on product development, deploying new technology and product integration to build future sales." Cybex Computer Products Corporation (Nasdaq:CBXC) is a 17-year-old multinational company which provides KVM connectivity 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. The Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Elsner Computertechnik, GmbH, is a multinational supplier of console switching solutions with offices in Germany, USA, Australia, and Japan. Cybex and the Cybex logo are registered trademarks of Cybex Computer Products Corporation. PolyCon is a registered trademark of Elsner Computertechnik GmbH. Macintosh is a registered trademark of Apple Computer, Inc. Alpha is a trademark of Digital Equipment Corporation. RS/6000 is a trademark of International Business Machines Corporation. Sun, Hewlett-Packard, Silicon Graphics and DEC are trademarks or registered trademarks of their respective companies. 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 managements 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
Three Months Ended
July 3, June 30,
(Dollars in thousands, except per share data) 1998 1997
Net sales $ 18,566 $ 10,695
Gross profit $ 9,842 $ 5,646
Operating income $ 4,033 $ 2,159
Net income $ 2,808 $ 1,702
Net income per common and common
equivalent share:
Basic $ 0.34 $ 0.21
Diluted $ 0.33 $ 0.21
Weighted average common and common
equivalent shares outstanding:
Basic 8,265 8,149
Diluted 8,569 8,313
BALANCE SHEET
July 3, March 31,
1998 1998
Assets (audited)
Cash, cash equivalents and
short-term investments $24,049,463 $37,331,009
Other current assets 21,152,713 19,139,088
Property and equipment, net 10,126,797 7,251,912
Long-term investments 2,908,680 3,040,833
Intangibles and other 3,857,959 3,956,062
Total assets $62,095,612 $70,718,904
Liabilities and shareholders' equity
Current liabilities $9,596,380 $21,038,381
Noncurrent liabilities 229,042 245,719
Shareholders' equity
Common stock 9,268 9,246
Additional paid-in capital 34,991,231 34,714,753
Unrealized gain on investments 48,067 230,731
Translation adjustment (66,295)
Retained earnings 22,588,460 19,780,627
Treasury stock (5,300,541) (5,300,553)
Total shareholders' equity 52,270,190 49,434,804
Total liabilities and shareholders' equity $62,095,612 $70,718,904
-0- NOTE: Earnings per share and weighted average shares outstanding information gives retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a effect to the 3-for-2 stock split announced on March 30, 1998, for shareholders of record April 10, 1998.
CONTACT: CYBEX Computer Products Corp., Huntsville
Stephen F. Thornton, 205/430-4000
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