Cybex International, Inc. (AMEX: CYB), a leading exercise equipment
manufacturer, today reported results for the third quarter and nine
months ended September 24, 2005. Net sales for the third quarter
2005 were $26,690,000, compared to $25,038,000 for the
corresponding 2004 period, an increase of 7%. For the nine months
ended September 24, 2005, net sales were $78,646,000, compared to
net sales of $73,531,000 for 2004, an increase of 7%. Excluding a
third quarter 2005 litigation-related charge, the Company's third
quarter 2005 pro forma net income was $566,000 or $0.04 per fully
diluted share, compared to net income of $378,000, or $0.03 per
share, for the corresponding 2004 period, and pro forma net income
for the nine months ended September 24, 2005 was $1,723,000, or
$0.11 per fully diluted share, compared to net income of
$1,342,000, or $0.12 per fully diluted share, for the corresponding
2004 period. On a GAAP basis, the Company reported a net loss for
the third quarter 2005 of $3,535,000, or $(0.23) per share, and a
net loss for the nine months ended September 24, 2005 of
$2,378,000, or $(0.16) per share. Actual GAAP results for the third
quarter and nine months ended September 24, 2005 include an
increase in the Company's litigation reserve resulting in a pre-tax
charge of $4,101,000. This increase in the litigation reserve
reflects the previously announced jury verdict in the Colassi
patent infringement case, as well as the reversal on appeal of a
summary judgment in favor of the Company in another patent
infringement case. The Company intends to vigorously pursue its
appeal of the jury verdict and its defense of the second patent
case. John Aglialoro, Chairman and CEO stated, "We are pleased to
have begun shipping three important new products: Trazer, a
revolutionary virtual reality product that allows users to improve
their movement skills; a light commercial / high end consumer
treadmill that will help expand CYBEX' dealer network and
represents a market not presently served by CYBEX; and VR3, an
exciting new line of strength equipment meeting a primary price
point which will solidify our reputation in the market." Cybex
International, Inc. is a leading manufacturer of premium exercise
equipment for commercial and consumer use. The CYBEX product line
includes a full range of both strength training and cardio training
machines sold worldwide under the CYBEX brand. Products and
programs are designed and engineered to reflect the natural
movement of the human body, assisting each unique user - from the
professional athlete to the first-time exerciser - to improve daily
human performance. For more information on CYBEX and its product
line, please visit the Company's website at
www.cybexinternational.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, economic conditions and the
ability of the Company to comply with the terms of its credit
facilities. Further information on these and other factors which
could affect the Company's financial results can be found in the
Company's previously filed Report on Form 10-K, its Reports on Form
10-Q, its Current Reports on Form 8-K, and its proxy statement
dated April 6, 2005. -0- *T CYBEX INTERNATIONAL, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS - ACTUAL (IN THOUSANDS, EXCEPT PER SHARE
DATA) (unaudited) Three Months Ended Nine Months Ended September
September September September 24, 2005 25, 2004 (1) 24, 2005 25,
2004 (1) ------------ ------------ ------------ ------------ Net
sales $ 26,690 $ 25,038 $ 78,646 $ 73,531 Cost of sales 17,143
16,206 50,593 46,227 ----------- ----------- -----------
----------- Gross profit 9,547 8,832 28,053 27,304 As a percentage
of net sales 35.8% 35.3% 35.7% 37.1% Selling, general and
administrative expenses 8,276 7,386 24,325 22,759 Litigation
charges 4,101 4,101 - ----------- ------------ -----------
------------ Operating income (loss) (2,830) 1,446 (373) 4,545
Interest expense, net 679 1,007 1,894 2,888 ----------- -----------
----------- ----------- Income (loss) before income taxes (3,509)
439 (2,267) 1,657 Income taxes 26 29 111 39 ----------- -----------
----------- ----------- Net income (loss) (3,535) 410 (2,378) 1,618
Preferred stock - - dividends 32 276 ------------ -----------
------------ ----------- Net income (loss) attributable to common
stockholders $ (3,535) $ 378 $ (2,378) $ 1,342 ===========
=========== =========== =========== Basic net income (loss) per
share $ (0.23) $ 0.03 $ (0.16) $ 0.13 =========== ===========
=========== =========== Diluted net income (loss) per share $
(0.23) $ 0.03 $ (0.16) $ 0.12 =========== =========== ===========
=========== Shares used in computing basic net income (loss) per
share 15,130 12,337 15,119 10,042 =========== ===========
=========== =========== Shares used in computing diluted net income
(loss) per share 15,130 14,566 15,119 11,132 ===========
=========== =========== =========== (1) The 2004 statement of
operations has been reclassified to conform to the current year
presentation. CYBEX INTERNATIONAL, INC. PRO FORMA CONSOLIDATED
STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited) Three Months Ended Nine Months Ended September
September September September 24, 2005 25, 2004(1) 24, 2005 25,
2004(1) ----------- ----------- ----------- ----------- Net sales $
26,690 $ 25,038 $ 78,646 $ 73,531 Cost of sales 17,143 16,206
50,593 46,227 ----------- ----------- ----------- ----------- Gross
profit 9,547 8,832 28,053 27,304 As a percentage of net sales 35.8%
35.3% 35.7% 37.1% Selling, general and administrative expenses
8,276 7,386 24,325 22,759 ----------- ----------- -----------
----------- Operating income 1,271 1,446 3,728 4,545 Interest
expense, net 679 1,007 1,894 2,888 ----------- -----------
----------- ----------- Income before income taxes 592 439 1,834
1,657 Income taxes 26 29 111 39 ----------- ----------- -----------
----------- Net income 566 410 1,723 1,618 Preferred stock - -
dividends 32 276 ------------ ----------- ------------ -----------
Net income attributable to common stockholders $ 566 $ 378 $ 1,723
$ 1,342 =========== =========== =========== =========== Basic net
income per share $ 0.04 $ 0.03 $ 0.11 $ 0.13 ===========
=========== =========== =========== Diluted net income per share $
0.04 $ 0.03 $ 0.11 $ 0.12 =========== =========== ===========
=========== Shares used in computing basic net income per share
15,130 12,337 15,119 10,042 =========== =========== ===========
=========== Shares used in computing diluted net income per share
15,715 14,566 15,710 11,132 =========== =========== ===========
=========== (1) The 2004 statement of operations has been
reclassified to conform to the current year presentation. CYBEX
INTERNATIONAL, INC. PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) Three Months Ended September
24, 2005 Actual ProForma Results Adjustments Results -----------
----------- ----------- Net Sales $ 26,690 $ - $ 26,690 Cost of
sales 17,143 - 17,143 ---------- ---------- ---------- Gross Profit
9,547 - 9,547 ---------- ---------- ---------- Selling, general and
administrative expenses (SG&A) 8,276 - 8,276 Litigation charges
4,101 (4,101) - ---------- ---------- ----------- Total SG&A
expenses 12,377 (4,101) 8,276 ---------- ---------- ----------
Operating income (loss) (2,830) 4,101 1,271 Interest expense, net
679 - 679 ---------- ----------- ---------- Income (loss) before
Income taxes (3,509) 4,101 592 Income taxes 26 - 26 ----------
----------- ---------- Net income (loss) $ (3,535) $ 4,101 $ 566
========== ========== ========== Basic net income (loss) per share
$ (0.23) $ 0.27 $ 0.04 ========== ========== ========== Diluted net
income (loss) per share $ (0.23) $ 0.27 $ 0.04 ==========
========== ========== Shares used in computing basic Net income
(loss) per share 15,130 15,130 ========== =========== ==========
Shares used in computing diluted net income (loss) per share 15,130
15,715 ========== =========== ========== Nine Months Ended
September 24, 2005 Actual ProForma Results Adjustments Results
---------- ---------- ---------- Net Sales $ 78,646 $ - $ 78,646
Cost of sales 50,593 - 50,593 ---------- ---------- ----------
Gross Profit 28,053 - 28,053 ---------- ---------- ----------
Selling, general and administrative expenses (SG&A) 24,325 -
24,325 Litigation charges 4,101 (4,101) - ---------- ----------
---------- Total SG&A expenses 28,426 (4,101) 24,325 ----------
---------- ---------- Operating income (loss) (373) 4,101 3,728
Interest expense, net 1,894 - 1,894 ---------- ----------
---------- Income (loss) before Income taxes (2,267) 4,101 1,834
Income taxes 111 - 111 ---------- ---------- ---------- Net income
(loss) $ (2,378) $ 4,101 $ 1,723 ========== ========== ==========
Basic net income (loss) per share $ (0.16) $ 0.27 $ 0.11 ==========
========== ========== Diluted net income (loss) per share $ (0.16)
$ 0.27 $ 0.11 ========== ========== ========== Shares used in
computing basic Net income (loss) per share 15,119 15,119
========== =========== ========== Shares used in computing diluted
net income (loss) per share 15,119 15,710 ========== ===========
========== CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (IN THOUSANDS) (unaudited) September 24, December 31, 2005
2004 ------------- ------------- ASSETS Current assets: Cash $ 495
$ 1,826 Accounts receivable, net 14,067 15,891 Inventories 9,637
8,014 Prepaid expenses and other 2,327 1,684 ------------
------------ Total current assets 26,526 27,415 Property and
equipment, net 14,444 13,544 Goodwill 11,247 11,247 Other assets
1,606 2,280 ------------ ------------ $ 53,823 $ 54,486
============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Current maturities of long-term debt $ 2,684 $
9,116 Current portion of capital leases 500 408 Accounts payable
4,786 5,377 Accrued expenses 15,126 9,196 ------------ ------------
Total current liabilities 23,096 24,097 Long-term debt 10,791
11,489 Capital leases 443 648 Other liabilities 5,811 2,466
------------ ------------ Total liabilities 40,141 38,700
Stockholders' equity 13,682 15,786 ------------ ------------ $
53,823 $ 54,486 ============ ============ *T
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