Cybex Q4 Net Income Halved as Sales Increase 8.0%

Cybex International, Inc. reported net sales for the fourther quarter were $26,587,000 versus $24,711,000 for the comparable 2002 period, an increase of 8%. Net income for the quarter ended December 31, 2003 was $796,000, or $.08 per share on a fully diluted basis, compared to net income of $1,548,000, or $0.18 per share on a fully diluted basis, for the fourth quarter of 2002.

Net sales for the year ended December 31, 2003 were $90,195,000 compared to $81,527,000 for 2002, an increase of 11%. The net loss for the year ended December 31, 2003 was $1,761,000, or $0.23 per share, compared to a net loss of $21,024,000, or $2.39 per share, for the prior year. The results for the year ended December 31, 2002 included a non-cash charge to establish a valuation allowance for deferred taxes of $21,316,000 in accordance with SFAS 109. In the future, such related deferred tax valuation allowance will continue to be re-evaluated and a benefit will be recorded upon realization of the deferred tax assets or the reversal of the valuation reserve.

John Aglialoro, Chairman and CEO, commented, “The fourth quarter included sales growth in key product categories including treadmills, Arc Trainers and strength equipment. I remain optimistic about our ability to execute a successful business plan in the years ahead which is focused on innovative new products.”

                       CYBEX INTERNATIONAL, INC.
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 (In thousands, except per share data)

                                 Three Months Ended        Year Ended
                             December December   December    December
                                31,      31,        31,         31,
                               2003     2002       2003        2002
                             -------- --------- ---------- -----------

Net sales                    $26,587   $24,711    $90,195     $81,527

Cost of sales                 16,859    15,533     59,541      52,000
                             -------- --------- ---------- -----------

     Gross profit              9,728     9,178     30,654      29,527

     As a percentage of
      sales                     36.6%     37.1%      34.0%       36.2%

Selling, general and
     administrative expenses   7,948     6,569     28,862      26,435
                             -------- --------- ---------- -----------

Operating income               1,780     2,609      1,792       3,092

Interest expense, net            984     1,038      3,604       3,393
                             -------- --------- ---------- -----------

Income (loss) before income
     taxes                       796     1,571     (1,812)       (301)

Income tax provision
 (benefit)                        --        23        (51)     20,723
                             -------- --------- ---------- -----------

Net income (loss)                796     1,548     (1,761)    (21,024)

Preferred stock dividends       (122)       --       (244)         --
                             -------- --------- ---------- -----------
Net income (loss)
 attributable
     To common stockholders    $ 674   $ 1,548   $ (2,005)  $ (21,024)
                             ======== ========= ========== ===========
Basic and diluted net income
     (loss) per share         $ 0.08    $ 0.18    $ (0.23)    $ (2.39)
                             ======== ========= ========== ===========
Shares used in computing
 basic net income (loss) per
 share                         8,831     8,805      8,831       8,805
                             ======== ========= ========== ===========
Shares used in computing
 diluted net income (loss)
 per share                     8,932     8,805      8,831       8,805
                             ======== ========= ========== ===========