Cybex Q2 Net Income Jumps on 13.7% Sales Increase

Cybex International, Inc. reported that net sales for the second quarter ended June 26, 2004 increased 13.7% to $24.0 million from $21.1 million for the comparable 2003 period. Net income for the quarter was $833,000, or 8 cents per diluted share, compared to net income of $183,000, or 2 cents per diluted share, for the second quarter of 2003.

Net sales for the six months ended June 26, 2004 were $48,311,000 compared to $41,722,000 for 2003, an increase of 16%. The net income for the six months ended June 26, 2004 was $1,208,000, or $0.10 per fully diluted share, compared to a net loss of $1,604,000, or $.18 per fully diluted share, for the prior year period.

John Aglialoro, Chairman and CEO stated, “The Company's results for the second quarter and first six months of 2004 illustrate the momentum that we have achieved. Our results show rising revenues and improved margins, which produced the increased operating income and bottom line performance. In addition, we continue to improve the balance sheet, as bank debt reduction is being aggressively addressed. The recent refinancing, which provides availability at lower interest costs, will further aid Cybex as we focus on enhancing growth prospects.”

                       CYBEX INTERNATIONAL, INC.
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 (IN THOUSANDS, EXCEPT PER SHARE DATA)
                              (UNAUDITED)

                                     Three Months       Six Months
                                         Ended             Ended
                                   June 26, June 28, June 26, June 28,
                                      2004     2003     2004     2003
                                    -------  -------  -------  -------

Net sales                          $24,001  $21,114  $48,311  $41,722

Cost of sales                       14,933   13,897   30,159   27,805
                                    -------  -------  -------  -------

     Gross profit                    9,068    7,217   18,152   13,917

     As a percentage of sales         37.8%    34.2%    37.6%    33.4%

Selling, general and
 administrative expenses             7,282    6,387   15,053   13,914
                                    -------  -------  -------  -------

Operating income                     1,786      830    3,099        3

Interest expense, net                  953      647    1,881    1,664
                                    -------  -------  -------  -------

Income (loss) before income
 taxes                                 833      183    1,218   (1,661)

Income tax provision (benefit)          --       --       10      (57)
                                    -------  -------  -------  -------

Net income (loss)                      833      183    1,208   (1,604)

Preferred stock dividends             (122)      --     (244)      --
                                    -------  -------  -------  -------
Net income (loss) attributable
 to common stockholders            $   711  $   183  $   964  $(1,604)
                                    =======  =======  =======  =======

Basic net income (loss) per share  $  0.08  $  0.02  $  0.11  $ (0.18)
                                    =======  =======  =======  =======
Diluted net income (loss) per
 share                             $  0.08  $  0.02  $  0.10  $ (0.18)
                                    =======  =======  =======  =======