Cybex International, Inc. reported sales fell 17.1% in the third quarter to $29.0 million compared to $35.8 million a year ago. The company reported net income for the third quarter of 2009 of $0.1 million, or 0 cents a share, compared to $0.3 million, or 2 cents, for the corresponding 2008 period.

For the nine months ended September 26, 2009, net sales decreased to $85.7 million compared to $108.7 million for 2008. The loss for the nine months ended September 26, 2009 was $3.4 million, or 20 cents per diluted share, compared to net income of $1.8 million, or 10 cents per diluted share, for 2008.

John Aglialoro, Chairman and CEO stated, “During the past year, CYBEX has focused on broadening into additional market segments as the health club market has remained stagnant. This has included not only new product positioning, but broader marketing and sales approaches which I believe will position CYBEX well for 2010. In the meantime, I appreciate the efforts our employees have made this year and commend our managers for balancing cost reductions with investments needed to promote the long-term success of CYBEX.”

Arthur Hicks, President and CFO stated, “During the quarter, we renegotiated our financial covenants with our banks. We were in compliance with these financial covenants as of the end of the quarter, and expect to remain in compliance for the foreseeable future.”

Three Months Ended
Nine Months Ended




September 26,
September 27,
September 26,
September 27,




2009
2008
2009
2008










 
Net sales


$ 28,986

$ 35,753

$ 85,662

$ 108,669
Cost of sales


  19,829  
  24,202  
  61,461  
  72,290  
Gross profit



9,157


11,551


24,201


36,379
As a percentage of sales



31.6 %

32.3 %

28.3 %

33.5 %
Selling, general and administrative expenses


  8,997  
  10,600  
  27,932  
  32,240  
Operating income (loss)



160


951


(3,731 )

4,139
Interest expense, net


  307  
  306  
  907  
  931  
Income (loss) before income taxes



(147 )

645


(4,638 )

3,208
Income taxes (benefit)


  (228 )
  305  
  (1,208 )
  1,422  
Net income (loss)


$ 81  
$ 340  
$ (3,430 )
$ 1,786  
Basic net income per share


$ 0.00  
$ 0.02  
$ (0.20 )
$ 0.10  
Diluted net income per share


$ 0.00  
$ 0.02  
$ (0.20 )
$ 0.10  

Shares used in computing basic net income per share




  17,096  
  17,560  
  17,201  
  17,439  

Shares used in computing diluted net income per share




  17,096  
  17,660  
  17,201  
  17,566