Cybex Announces Q1 Results; EPS $.04 vs $.01.MEDWAY
Medway is the name given to a conurbation and unitary authority in north Kent, England. , Mass. -- Cybex International, Inc. (AMEX AMEX See: American Stock Exchange : CYB CYB Canada Year Book (Historical Collection) CYB Cayman Brac Island, Cayman Islands (Airport Code) CYB Cover Your Butt CYB Carlsbad Youth Baseball (Carlsbad, California) ), a leading exercise equipment manufacturer, today reported results for the first quarter ended April 1, 2006. 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 for the first quarter 2006 were $28,912,000, compared to $24,759,000 for the corresponding 2005 period, an increase of 17%. Net income for the quarter ended April 1, 2006 was $667,000, or $0.04 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 to net income for the first quarter of 2005 of $119,000, or $0.01 per diluted share. John Aglialoro, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Our first quarter results are evidence of our progress and we are confident that the continued sales growth of our existing products and a solid pipeline of new products in 2006 and beyond will continue our positive momentum. We were pleased with the reception of the new VR3 and updated Eagle strength lines as well as our new light commercial treadmill at the IHRSA IHRSA International Health, Racquet and Sportsclub Association trade show in March." Cybex International, Inc. is a leading manufacturer of premium exercise equipment for commercial and consumer use. The CYBEX product line includes a full range of both strength training and cardio Cardio is the medical term used to reference the heart. From Greek kardia: heart. The Greek spelling using k is the reason for the usage of K in EKG (electrocardiogram). training machines sold worldwide under the CYBEX brand. Products and programs are designed and engineered to reflect the natural movement of the human body, assisting each unique user - from the professional athlete to the first-time exerciser - to improve daily human performance. For more information on CYBEX and its product line, please visit the Company's website at www.cybexinternational.com. This news release may contain 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. . 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, competitive factors, technological and product developments, market demand, economic conditions, the resolution of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving the Company, completion of the planned stock offering, and the ability of the Company to comply with the terms of its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , its Reports on Form 10-Q Form 10-Q See 10-Q. , its Current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , and its proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. dated April 4, 2006. Financial Tables to Follow
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended
-------------------------------
April 1, March 26,
2006 2005
------------- --------------
Net sales $ 28,912 $ 24,759
Cost of sales 18,361 15,904
-------------- ---------------
Gross profit 10,551 8,855
As a percentage of sales 36.5% 35.8%
Selling, general and
administrative expenses 9,187 8,026
Bad debt expense 75 57
-------------- ---------------
Operating income 1,289 772
Interest expense, net 559 596
-------------- ---------------
Income before income taxes 730 176
Income taxes 63 57
-------------- ---------------
Net income $ 667 $ 119
============== ===============
Basic and diluted net income
per share $ 0.04 $ .01
============== ===============
Shares used in computing basic
net income per share 15,158 15,105
============== ===============
Shares used in computing
diluted net income per share 15,847 15,724
============== ===============
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
April 1, December 31,
2006 2005
------------- -------------
ASSETS
Current assets:
Cash $ 1,785 $ 807
Accounts receivable, net 14,523 18,320
Inventories 9,477 9,258
Prepaid expenses and other 3,504 2,707
-------------- --------------
Total current assets 29,289 31,092
Property and equipment, net 11,544 12,124
Goodwill 11,247 11,247
Other assets 1,026 1,209
-------------- --------------
$ 53,106 $ 55,672
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $ 2,684 $ 3,929
Current portion of capital leases 433 481
Accounts payable 5,500 5,918
Accrued expenses 15,659 16,286
-------------- --------------
Total current liabilities 24,276 26,614
Long-term debt 9,059 9,730
Capital leases 252 332
Other liabilities 2,589 2,808
-------------- --------------
Total liabilities 36,176 39,484
Stockholders' equity 16,930 16,188
-------------- --------------
$ 53,106 $ 55,672
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