Cybex International, Inc. reported net sales for the first quarter 2006 were $28.9 million compared to $24.8 million for the corresponding 2005 period, an increase of 17%. Net income for the quarter was $667,000, or four cents per diluted share, compared to net income for the first quarter of 2005 of $119,000, or one penny per diluted share.
John Aglialoro, Chairman and CEO, stated, “Our first quarter results are evidence of our progress and we are confident that the continued sales growth of our existing products and a solid pipeline of new products in 2006 and beyond will continue our positive momentum. We were pleased with the reception of the new VR3 and updated Eagle strength lines as well as our new light commercial treadmill at the IHRSA trade show in March.”
CYBEX INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended
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April 1, March 26,
2006 2005
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Net sales $ 28,912 $ 24,759
Cost of sales 18,361 15,904
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Gross profit 10,551 8,855
As a percentage of sales 36.5% 35.8%
Selling, general and
administrative expenses 9,187 8,026
Bad debt expense 75 57
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Operating income 1,289 772
Interest expense, net 559 596
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Income before income taxes 730 176
Income taxes 63 57
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Net income $ 667 $ 119
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Basic and diluted net income
per share $ 0.04 $ .01
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Shares used in computing basic
net income per share 15,158 15,105
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Shares used in computing
diluted net income per share 15,847 15,724
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