Cybex International, Inc. reported net sales for the first quarter of 2012 increased by 20.2 percent to $37.3 million compared to $31.0 million for the corresponding 2011 period.
The company reported a net profit for the first quarter of 2012 of $0.5 million, or 3 cents per share, compared to a net profit for the first quarter of 2011 of $0.4 million or 2 cents. Included in the results were charges of $93,000 and $356,000 for 2012 and 2011, respectively, related to the Barnhard v. Cybex International, Inc. product liability suit. As previously reported, a settlement of this litigation was consummated during the first quarter of 2012.
Cybex Chairman and CEO John Aglialoro stated, “We were pleased with revenue growth in Q1, which was strong in all markets. Led by sales of our new treadmill models, the 770T and 625T, the new products introduced during the last six months have been well received by our customers. While optimistic for the long-term, we are experiencing a degree of sluggishness in Q2 orders, which we believe reflects the general economic uncertainty both in the USA and internationally.”
Cybex President and COO Art Hicks stated, “Gross margins were lower than 2011 as expected, due to product mix and to higher initial costs of the new products. We expect to be able to lower the costs of these products in the second half of 2012.”
