Cybex International, Inc. reported results for the second quarter ended June 25, 2005. Net sales for the quarter increased 13% to $27.2 million versus $24.1 million for the year-ago quarter. Net income was up 25% to $1.0 million, or 7 cents per share on a fully diluted basis, compared to net income of $0.8 million, or 8 cents per share on a fully diluted basis, for the second quarter of 2004. Average shares outstanding increased from 8.9 million to 15.1 million.
Net sales for the six months ended June 25, 2005 were $52.0 million compared to $48.2 million for 2004, an increase of 7%. Net income for the first half was $1.2 million, or 7 cents per fully diluted share, compared to net income of $1.2 million, or 10 cents per fully diluted share, for the prior year period.
John Aglialoro, chairman and CEO stated, “The second quarter re-affirmed our long-term vision of growth for CYBEX. Sales for the quarter increased 13% from 2004, led by the continued success of the Arc Trainer. I am excited about the scheduled introduction of a number of important new products during the second half of 2005 and I am committed to maintaining the momentum of innovation.”
CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (unaudited) Three Months Ended Six Months Ended June 25, June 26, June 25, June 26, 2005 2004 (1) 2005 2004 (1) --------- --------- --------- --------- Net sales $ 27,197 $ 24,073 $ 51,956 $ 48,493 Cost of sales 17,546 14,856 33,450 30,021 --------- --------- --------- --------- Gross profit 9,651 9,217 18,506 18,472 As a percentage of net sales 35.5% 38.3% 35.6% 38.1% Selling, general and administrative expenses 7,966 7,431 16,049 15,373 --------- --------- --------- --------- Operating income 1,685 1,786 2,457 3,099 Interest expense, net 619 953 1,215 1,881 --------- --------- --------- --------- Income before income taxes 1,066 833 1,242 1,218 Income taxes 28 -- 85 10 --------- --------- --------- --------- Net income 1,038 833 1,157 1,208 Preferred stock dividends -- 122 -- 244 --------- --------- --------- --------- Net income attributable to common stockholders $ 1,038 $ 711 $ 1,157 $ 964 ========= ========= ========= ========= Basic net income per share $ 0.07 $ 0.08 $ 0.08 $ 0.11 ========= ========= ========= ========= Diluted net income per share $ 0.07 $ 0.08 $ 0.07 $ 0.10 ========= ========= ========= =========