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 

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