Cybex net sales for the first quarter inched up 1.0% to $24.8 million compared to net sales for the first quarter of 2004 of $24.4 million. Gross margin decreased 210 basis points to 35.8% compared to 37.9% while SG&A expenses ticked up 10 basis points to 32.6% of sales. This brought net income for the quarter down to $119,000 compared to net income for 2004 of $375,000. Diluted EPS was one penny per share compared to 3 cents per share attributable to common stockholders for the same period last year.
“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,” said John Aglialoro, chairman and CEO.