Cybex International, Inc. Announces Results for Third Quarter Ended September 29, 2001; Provides Guidance On Fourth Quarter Results.

Business Editors

MEDWAY, Mass.--(BUSINESS WIRE)--Nov. 7, 2001

Cybex International, Inc. (AMEX: CYB), a leading exercise equipment manufacturer, today reported results for the third quarter ended September 29, 2001.

Net sales for the quarter were $19,378,000, compared to $31,783,000 for the comparable 2000 period. Net income for the quarter was $173,000, or $0.02 per diluted share, compared to $147,000, or $0.02 per diluted share, for the comparable prior year period. Net sales for the nine months ended September 29, 2001 were $62,841,000, compared to $97,811,000 for the comparable 2000 period. Net income for the nine months ended September 29, 2001 was $574,000, or $0.07 per diluted share, compared to net income before nonrecurring items of $376,000, or $0.04 per diluted share, (or a net loss of $1,483,000, or $0.17 per diluted share, after nonrecurring items) for the comparable 2000 period.

Cybex gave guidance that the Company will be profitable for the fourth quarter 2001 and full year 2001. John Aglialoro, Chairman and Chief Executive Officer, stated: "The Cybex team has reported three straight quarters of profit and we anticipate a profitable fourth quarter, despite the declining economy and reduced sales. Management has positioned the Company with a lower cost structure while preparing for the launch of new products."

Since the second quarter 2001, the Company has requested that the banks, under its amended Credit Agreement, defer scheduled monthly principal payments under the facility. Since that time, the banks have provided two waivers which extended the due date of these monthly installments and waived through the maturity of the loans any then existing covenant defaults. The most recent principal installment extension expired October 12, 2001 with the result that the Company is currently in arrears of approximately $1,688,000 in scheduled principal installments. There is no assurance that the Company will be able to restructure or refinance the credit facility. However, the Company continues to negotiate with Fleet National Bank and First Union National Bank to restructure the credit facility to extend the maturity date of the loans, waive any defaults and provide a more favorable principal installment schedule, and the Company is actively exploring alternate funding sources, including the total refinancing of its existing credit facility. Management is optimistic that a satisfactory resolution will be achieved.

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 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. 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, uncertainties relating to the consolidation of the merged and acquired companies' businesses and uncertainties relating to the implementation of the restructuring 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, its Reports on Form 10-Q, its Current Reports on Form 8-K, and its proxy statement dated April 25, 2001.

CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)

             Three Months Ended                Nine Months Ended
        September 29,     September 30,  September 29,   September 30,
             2001              2000           2001            2000
       --------------     -------------  -------------   ------------

Net sales   $19,378          $31,783        $62,841         $97,811

Cost of
 sales       12,004           20,532         40,649          62,359

Gross profit  7,374           11,251         22,192          35,452

As a percentage
 of sales      38.1%            35.4%          35.3%           36.2%

Selling, general and
 administrative
   expenses   5,828           10,256         18,236          32,746

Nonrecurring
 charges         --               --             --           3,152

Operating
 income (loss)
   before interest
    expense   1,546              995          3,956            (446)

Interest expense,
 net          1,248              745          2,966           2,068

Income (loss) before
 income taxes   298              250            990          (2,514)

Income tax provision
 (benefit)      125              103            416          (1,031)

Net income
 (loss)     $   173           $  147         $  574         $(1,483)

Basic and diluted net income
 (loss) per
   share    $   .02           $  .02         $  .07         $  (.17)

Basic and diluted net
 income (loss) per
  share before
   nonrecurring
    items   $   .02           $  .02         $  .07         $   .04

Shares used in computing net
 income (loss) per
 share        8,787            8,749          8,787           8,749