Cybex International, Inc. said net sales for the third quarter of 2009 were $29.0 million compared to $35.8 million for the corresponding 2008 period. The company reported net income for the third quarter of 2009 of $0.1 million, or 0 cents per diluted share, compared to $0.3 million, or 2 cents per diluted share, reported for the corresponding 2008 period.
For the nine months ended Sept. 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.”
CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited) | ||||||||||||||||||
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 | ||||||||||||
