Cybex International, Inc. Clarifies Timing of Recognition of Arbitration Award Relating to Sale of Lumex Division to Fuqua Enterprises, Inc.MEDWAY, Mass.--(BUSINESS WIRE)--July 14, 1998-- -Charge Has Already Been Recognized- 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) ) clarified today the timing of its recognition of a $2.4 million charge for an arbitration award An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the April 1996 sale of its former Lumex division to Fuqua Enterprises, Inc. As previously disclosed by Cybex in its December 31, 1997 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. , Fuqua Enterprises, Inc. a wholly-owned subsidiary of Graham- Field Health Products, Inc. was awarded a payment of approximately $2.4 million in an arbitration in connection with the sale of the Lumex division to Fuqua Enterprises. Cybex has previously reported that it recognized the $2.4 million charge in the fourth quarter of 1997. Cybex International, Inc. is a leading strength and cardiovascular equipment company providing customers with premium quality, professional performance products for the commercial and consumer markets. 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, and uncertainties relating to the consolidation of the merged companies businesses. Further information on these and other factors which could affect the Company s financial results can be found in the Company s 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 23, 1997, its Report on Form 10- K for the year ended December 31, 1997, and its Report on Form 10-Q Form 10-Q See 10-Q. , for the quarter ended March 28, 1998.
CONTACT: CYBEX INTERNATIONAL, INC.
Peter C. Haines
President/Chief Executive Officer
William S. Hurley
Vice President/Chief Financial Officer
(508) 533-4300
or
Investor Relations:
Cheryl Schneider/Lauren Felice
Press: Michael McMullan
Morgen-Walke Associates, Inc.
(212) 850-5600
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion