Cybex Int'l Reports Results for 4th Quarter and Full Year 2003.Business Editors MEDWAY
Medway is the name given to a conurbation and unitary authority in north Kent, England. , Mass.--(BUSINESS WIRE)--Feb. 11, 2004 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 fourth quarter ended December 31, 2003. 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 quarter were $26,587,000 versus $24,711,000 for the comparable 2002 period, an increase of 8%. Net income for the quarter ended December 31, 2003 was $796,000, or $.08 per share on a fully 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. basis, compared to net income of $1,548,000, or $0.18 per share on a fully diluted basis, for the fourth quarter of 2002. Net sales for the year ended December 31, 2003 were $90,195,000 compared to $81,527,000 for 2002, an increase of 11%. The net loss for the year ended December 31, 2003 was $1,761,000, or $0.23 per share, compared to a net loss of $21,024,000, or $2.39 per share, for the prior year. The results for the year ended December 31, 2002 included a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. to establish a valuation allowance for deferred taxes of $21,316,000 in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 109. In the future, such related deferred tax valuation allowance will continue to be re-evaluated and a benefit will be recorded upon realization of the deferred tax assets or the reversal of the valuation reserve. 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. , commented, "The fourth quarter included sales growth in key product categories including treadmills, Arc Trainers and strength equipment. I remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our ability to execute a successful business plan in the years ahead which is focused on innovative new products." Cybex International, Inc. is a leading manufacturer of premium exercise equipment for consumer and commercial use. Cybex and the Cybex Institute, a training and research facility, are dedicated to improving exercise performance based on an understanding of the diverse goals and needs of individuals of varying physical capabilities. Cybex designs and engineers each of its products and programs to reflect the natural movement of the human body, allowing for variation in training and assisting each unique user - from the professional athlete to the rehabilitation rehabilitation: see physical therapy. patient - to improve their daily human performance. For more information on Cybex and its product line, please visit the Company's web site at www.eCybex.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 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 , and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the implementation of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan. Further information on these and other factors which could affect the Company's financial results can be found in the Company's previously filed Reports 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 22, 2003. (Financial Tables to Follow)
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Year Ended
December December December December
31, 31, 31, 31,
2003 2002 2003 2002
-------- --------- ---------- -----------
Net sales $26,587 $24,711 $90,195 $81,527
Cost of sales 16,859 15,533 59,541 52,000
-------- --------- ---------- -----------
Gross profit 9,728 9,178 30,654 29,527
As a percentage of
sales 36.6% 37.1% 34.0% 36.2%
Selling, general and
administrative expenses 7,948 6,569 28,862 26,435
-------- --------- ---------- -----------
Operating income 1,780 2,609 1,792 3,092
Interest expense, net 984 1,038 3,604 3,393
-------- --------- ---------- -----------
Income (loss) before income
taxes 796 1,571 (1,812) (301)
Income tax provision
(benefit) -- 23 (51) 20,723
-------- --------- ---------- -----------
Net income (loss) 796 1,548 (1,761) (21,024)
Preferred stock dividends (122) -- (244) --
-------- --------- ---------- -----------
Net income (loss)
attributable
To common stockholders $ 674 $ 1,548 $ (2,005) $ (21,024)
======== ========= ========== ===========
Basic and diluted net income
(loss) per share $ 0.08 $ 0.18 $ (0.23) $ (2.39)
======== ========= ========== ===========
Shares used in computing
basic net income (loss) per
share 8,831 8,805 8,831 8,805
======== ========= ========== ===========
Shares used in computing
diluted net income (loss)
per share 8,932 8,805 8,831 8,805
======== ========= ========== ===========
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December December
31, 31,
2003 2002
----------- ----------
ASSETS
Current assets:
Cash and cash equivalents $749 $216
Accounts receivable, net 13,755 13,628
Inventories 7,910 8,489
Prepaid expenses and other 2,081 1,773
----------- ----------
Total current assets 24,495 24,106
Property and equipment, net 14,472 16,553
Goodwill 11,247 11,247
Other assets 3,174 1,455
----------- ----------
$53,388 $53,361
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $11,911 $26,410
Accounts payable 7,200 9,488
Accrued expenses 9,916 9,647
----------- ----------
Total current liabilities 29,027 45,545
Long-term debt 15,175 1,600
Related party loan -- 1,000
Other liabilities 3,168 2,811
----------- ----------
Total liabilities 47,370 50,956
Stockholders' equity 6,018 2,405
----------- ----------
$53,388 $53,361
=========== ==========
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