Cybex net sales for the first quarter were $24.8 million, representing an increase of 1% compared to net sales for the first quarter of 2004 of $24.4 milion. Net income for the quarter ended March 26, 2005 was $119,000, or one penny per diluted share, compared to net income for the first quarter of 2004 of $375,000 of which $253,000, or 3 cents per diluted share, was attributable to common stockholders.
John Aglialoro, Chairman and CEO stated, “Although immediate results are comparatively modest, CYBEX is in its best position to grow in many years. The second half of 2005 will represent an exciting period of new product introductions including the movement and reaction-based Trazer – a break-through new product category for CYBEX. The Company also expects to begin shipments during the second half of 2005 of a new treadmill for the vertical market (non dues-based facilities) and the VR3 line of strength equipment. VR3 is the next generation VR2, the strength line which has been a core revenue and profit producer for CYBEX over the past number of years. We plan to continue the Company's focus on new products as the key driver of sales growth.”
CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited) Three Months Ended ------------------- March 26, March 27, 2005 2004 (1) --------- --------- Net sales $24,759 $24,421 Cost of sales 15,904 15,166 --------- --------- Gross profit 8,855 9,255 As a percentage of sales 35.8% 37.9% Selling, general and administrative expenses 8,083 7,942 ---------- -------- Operating income 772 1,313 Interest expense, net 596 928 ---------- -------- Income before income taxes 176 385 Income taxes 57 10 ---------- -------- Net income 119 375 Preferred stock dividends -- 122 ---------- -------- Net income attributable to common stockholders $119 253 ========== ======== Basic and diluted net income per share $.01 $.03 ========== ======== Shares used in computing basic net income per share 15,105 8,868 ========== ======== Shares used in computing diluted net income per share 15,724 9,299 ========== ========