Cybex International, Inc. Reports First Quarter Modest Sales Gain.Business Editors & Medical Writers MEDWAY
Medway is the name given to a conurbation and unitary authority in north Kent, England. , Mass.--(BUSINESS WIRE)--May 12, 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 strength and 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 company, today reported net income for the quarter ended March 31, 2000 of $658,000, or $.08 cents 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, versus net income of $1,920,000, or $.22 cents per diluted share for the comparable period last year on a gain in 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 to $34,017,000 from $33,439,000. Peter Haines, President and Chief Executive Officer, said, "The increase in sales, albeit modest, represents the first real growth since the roll-up roll-up A master limited partnership in which a number of existing limited partnerships are pooled into a single partnership. of Cybex, Trotter trotter: see Standardbred horse. and Tectrix tec·trix n. pl. tec·tri·ces One of the coverts of a bird's wing. Often used in the plural. [Latin t which began in 1997." Noting that selling, general and administrative expenses rose 28 percent in the quarter, to $12,301,000, Haines said, "These expenses include important investments in the company's future. Our continued growth will be fueled by the resources we are now devoting to new product design and development, information technology, customer service enhancements, greater sales coverage and the addition of key executive management positions." During the first quarter, the company introduced the first three of a number of new products scheduled for this year. These introductions included a new commercial treadmill targeted at high-use volume purchasers, a multi-station gym for the hospitality market and a revolutionary full-body functional trainer. Like all Cybex products, these new additions to the company's line are developed based on the science of biomechanics The study of the anatomical principles of movement. Biomechanical applications on the computer employ stick modeling to analyze the movement of athletes as well as racing horses. Biomechanics , ergonomics ergonomics, the engineering science concerned with the physical and psychological relationship between machines and the people who use them. The ergonomicist takes an empirical approach to the study of human-machine interactions. and exercise physiology exercise physiology n. The study of the body's metabolic response to short-term and long-term physical activity. to provide optimal performance and maximum results to the users. These products will begin shipping mid-year and are expected to contribute to revenues in the third and fourth quarters. Mr. Haines continued, "We have also begun to realize some modest sales from eCybex.com, launched during the fourth quarter of last year as a worldwide online shopping and support service for Cybex customers. We believe Cybex is gaining a competitive edge that will enable us to realize our future growth plans." Cybex International, Inc. is a leading manufacturer of premium cardiovascular and strength training 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 March 15, 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 Ended
March 31, March 27,
2000 1999
--------- ---------
Net sales $ 34,017 $ 33,439
Cost of sales 19,921 19,900
--------- ---------
Gross profit 14,096 13,539
As a percentage of sales 41.4% 40.5%
Selling, general and administrative
expenses 12,301 9,639
--------- ---------
Operating income 1,795 3,900
Interest expense, net 680 646
--------- ---------
Income before income taxes 1,115 3,254
Income tax provision 457 1,334
--------- ---------
Net income $ 658 $ 1,920
========= =========
Basic and diluted net income per share $ .08 $ .22
========= =========
Shares used in computing net income per
share 8,689 8,679
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CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
March 31, Dec. 31,
2000 1999
--------- ---------
ASSETS
Current Assets:
Cash and cash equivalents $ 2,403 $ 565
Accounts receivable, net 29,325 29,004
Inventories 8,254 8,080
Lease receivables 205 509
Other current assets 8,983 9,223
--------- ---------
Total current assets 49,170 47,381
Property and equipment, net 22,192 21,907
Goodwill, net 29,454 29,713
Other assets 4,703 5,777
--------- ---------
$ 105,519 $ 104,778
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt $ 4,857 $ 4,622
Accounts payable 9,069 10,163
Other current liabilities 12,393 12,126
--------- ---------
Total current liabilities 26,319 26,911
Long-term debt 32,424 31,742
Other liabilities 2,115 2,121
Stockholders' equity 44,661 44,004
--------- ---------
$ 105,519 $ 104,778
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