Cybex International fourth quarter net sales increased 12.1% to $29.8 million versus $26.6 million in Q4 of 2003. Gross margin fell 210 basis points during the fourth quarter to 34.5%. Net income for the quarter was $1.6 million, a 101% increase compared to net income of $796,000 last year. Diluted EPS was 10 cents per share, compared to 8 cents per share in Q4 2003.
Net sales for the full-year were $103.0 million, a 14.2% increases over $90.2 million for 2003. For the full-year, gross margin climbed 200 basis points to 36.0% compared to 34.0% in 2003. Net income for the year was $3.2 million compared to a net loss of $1.8 million last year. Diluted EPS was 24 cents per share compared to a loss of 23 cents per share last year. Management said that operating income for Q4 increased 31% despite the impact of higher steel costs.
