Cybex International, Inc. Reports Earnings of $.02 Per Share Compared to a ($.14) Loss Per Share and a 22% Increase in Sales for the Third Quarter 2000.Business Editors MEDWAY
Medway is the name given to a conurbation and unitary authority in north Kent, England. , Mass.--(BUSINESS WIRE)--Nov. 7, 2000 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 net income for the quarter ended September September: see month. 30, 2000 of $.02 per share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, versus a net loss of ($.14) per share last year. Cybex International, Inc. reported the following results for the third quarter:
- Sales of $30,109,000, up 22.3 percent from $24,624,000 the
previous year.
- Operating income of $995,000, compared to a loss of
($1,364,000) a year ago.
- Net income of $147,000, compared to a net loss of ($1,175,000)
a year ago.
Sales of strength equipment increased by $3,550,000, or 29.1 percent, to $15,763,000. This increase was driven by increases in sales of our premium selectorized product (VR2), free weights, and in our new functional trainer, the FT 360. The FT 360 was awarded the Health and Fitness Business Industry Award for best design and innovation. The sales of cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. equipment increased by $1,840,000, or 16.6 percent, to $12,928,000. This increase was led by sales of the new 600T treadmill and an increase in the sale of bikes. "The introduction of the 600T treadmill, the FT 360 functional trainer and the PG 500 personal trainer personal trainer person n → (persönlicher) Fitnesstrainer m, (persönliche) Fitnesstrainerin f have contributed to the renewed excitement of Cybex," said Peter Haines, President and Chief Executive Officer. "Additionally, sales increased due to the improvements in the ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. system compared to last year," commented Haines. Gross margins have increased from 35.9 percent to 39.0 percent due to the improved absorption of fixed overhead and efficiencies in direct labor related to the increase in sales. For the nine months ended September 30, 2000, earnings were $.04 per diluted share prior to non-recurring charges compared to $.12 per diluted share last year. Including the non-recurring charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of certain operations and the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of internal use software, the Company experienced a net loss for the nine months ended September 30, 2000 of ($.17) per diluted share. Sales increased 8.3 percent to $92,725,000 and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased 17.8 percent due to investments in information technology, sales and marketing, and product development. 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 human 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, and uncertainties relating to the consolidation of the merged and acquired companies' businesses. 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. for the year ended December 31, 1999, its Form 10-Q Form 10-Q See 10-Q. for the period ending September 30, 2000, 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 18, 2000.
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Nine Months
Ended Ended
Sept. 30, Sept. 26, Sept. 30, Sept. 26,
2000 1999 2000 1999
Net sales $ 30,109 $ 24,624 $ 92,725 $ 85,639
Cost of sales 18,354 15,790 55,683 52,737
Gross profit 11,755 8,834 37,042 32,902
As a percentage
of sales 39.0% 35.9% 39.9% 38.4%
Selling, general and
administrative
expenses 10,760 10,198 34,336 29,150
Nonrecurring
charges -- -- 3,152 --
Operating income
(loss) 995 (1,364) (446) 3,752
Interest expense,
net 745 627 2,068 1,942
Income (loss)
before
income taxes 250 (1,991) (2,514) 1,810
Income tax
provision
(benefit) 103 (816) (1,031) 742
Net income (loss) $ 147 $ (1,175) $ (1,483) $ 1,068
Basic and diluted
net income
(loss) per share $ .02 $ (.14) $ (.17) $ .12
Shares used in
computing net
income (loss) per
share 8,749 8,673 8,749 8,673
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, December 31,
2000 1999
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,016 $ 565
Accounts receivable, net 29,516 29,004
Inventories 10,506 8,080
Other current assets 8,661 9,732
Total current assets 49,699 47,381
Property and equipment, net 21,049 21,907
Goodwill, net 28,920 29,713
Other assets 4,121 5,777
$103,789 $104,778
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of
long-term debt $ 5,325 $ 4,622
Accounts payable 7,859 10,163
Other current liabilities 14,076 12,126
Total current liabilities 27,260 26,911
Long-term debt 31,999 31,742
Other liabilities 1,967 2,121
Stockholders' equity 42,563 44,004
$ 103,789 $104,778
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