Cybex International, Inc. posted double-digit sales increases for the fourth quarter and the full-year, but saw litigation charges hurt what would have otherwise been strong bottom-line gains.
Net sales for the fourth quarter were $36.0 million, compared to $29.9 million last year, an increase of 20%. For the full-year, net sales were $114.6 million, compared to net sales of $103.4 for 2004, an 11% increase.
Excluding a fourth quarter 2005 litigation-related charge, the company's fourth quarter 2005 pro forma net income was $2.9 million or 19 cents per fully diluted share, compared to net income of $1.6 million, or 10 cents per fully diluted share, for the corresponding 2004 period. Excluding third and fourth quarter 2005 litigation-related charges, the pro forma net income for the year ended December 31, 2005 was $4.7 million, or 30 cents per fully diluted share, compared to net income of $2.9 million, or 24 cents per fully diluted share, for the corresponding 2004 period.
Including the effects of the litigation charges, the company reported net income for the fourth quarter of $2.4 million, or 16 cents per fully diluted share and for the year of $61,000, or $0.00 per fully diluted share.
