Cybex International, Inc. (AMEX: CYB), a leading exercise equipment manufacturer, today reported results for the third quarter and nine months ended September 24, 2005. Net sales for the third quarter 2005 were $26,690,000, compared to $25,038,000 for the corresponding 2004 period, an increase of 7%. For the nine months ended September 24, 2005, net sales were $78,646,000, compared to net sales of $73,531,000 for 2004, an increase of 7%. Excluding a third quarter 2005 litigation-related charge, the Company's third quarter 2005 pro forma net income was $566,000 or $0.04 per fully diluted share, compared to net income of $378,000, or $0.03 per share, for the corresponding 2004 period, and pro forma net income for the nine months ended September 24, 2005 was $1,723,000, or $0.11 per fully diluted share, compared to net income of $1,342,000, or $0.12 per fully diluted share, for the corresponding 2004 period. On a GAAP basis, the Company reported a net loss for the third quarter 2005 of $3,535,000, or $(0.23) per share, and a net loss for the nine months ended September 24, 2005 of $2,378,000, or $(0.16) per share. Actual GAAP results for the third quarter and nine months ended September 24, 2005 include an increase in the Company's litigation reserve resulting in a pre-tax charge of $4,101,000. This increase in the litigation reserve reflects the previously announced jury verdict in the Colassi patent infringement case, as well as the reversal on appeal of a summary judgment in favor of the Company in another patent infringement case. The Company intends to vigorously pursue its appeal of the jury verdict and its defense of the second patent case. John Aglialoro, Chairman and CEO stated, "We are pleased to have begun shipping three important new products: Trazer, a revolutionary virtual reality product that allows users to improve their movement skills; a light commercial / high end consumer treadmill that will help expand CYBEX' dealer network and represents a market not presently served by CYBEX; and VR3, an exciting new line of strength equipment meeting a primary price point which will solidify our reputation in the market." Cybex International, Inc. is a leading manufacturer of premium exercise equipment for commercial and consumer use. The CYBEX product line includes a full range of both strength training and cardio training machines sold worldwide under the CYBEX brand. Products and programs are designed and engineered to reflect the natural movement of the human body, assisting each unique user - from the professional athlete to the first-time exerciser - to improve daily human performance. For more information on CYBEX and its product line, please visit the Company's website at www.cybexinternational.com. This news release may contain forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made above. These include, but are not limited to, competitive factors, technological and product developments, market demand, economic conditions and the ability of the Company to comply with the terms of its credit facilities. Further information on these and other factors which could affect the Company's financial results can be found in the Company's previously filed Report on Form 10-K, its Reports on Form 10-Q, its Current Reports on Form 8-K, and its proxy statement dated April 6, 2005. -0- *T CYBEX INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS - ACTUAL (IN THOUSANDS, EXCEPT PER SHARE DATA) (unaudited) Three Months Ended Nine Months Ended September September September September 24, 2005 25, 2004 (1) 24, 2005 25, 2004 (1) ------------ ------------ ------------ ------------ Net sales $ 26,690 $ 25,038 $ 78,646 $ 73,531 Cost of sales 17,143 16,206 50,593 46,227 ----------- ----------- ----------- ----------- Gross profit 9,547 8,832 28,053 27,304 As a percentage of net sales 35.8% 35.3% 35.7% 37.1% Selling, general and administrative expenses 8,276 7,386 24,325 22,759 Litigation charges 4,101 4,101 - ----------- ------------ ----------- ------------ Operating income (loss) (2,830) 1,446 (373) 4,545 Interest expense, net 679 1,007 1,894 2,888 ----------- ----------- ----------- ----------- Income (loss) before income taxes (3,509) 439 (2,267) 1,657 Income taxes 26 29 111 39 ----------- ----------- ----------- ----------- Net income (loss) (3,535) 410 (2,378) 1,618 Preferred stock - - dividends 32 276 ------------ ----------- ------------ ----------- Net income (loss) attributable to common stockholders $ (3,535) $ 378 $ (2,378) $ 1,342 =========== =========== =========== =========== Basic net income (loss) per share $ (0.23) $ 0.03 $ (0.16) $ 0.13 =========== =========== =========== =========== Diluted net income (loss) per share $ (0.23) $ 0.03 $ (0.16) $ 0.12 =========== =========== =========== =========== Shares used in computing basic net income (loss) per share 15,130 12,337 15,119 10,042 =========== =========== =========== =========== Shares used in computing diluted net income (loss) per share 15,130 14,566 15,119 11,132 =========== =========== =========== =========== (1) The 2004 statement of operations has been reclassified to conform to the current year presentation. CYBEX INTERNATIONAL, INC. PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (unaudited) Three Months Ended Nine Months Ended September September September September 24, 2005 25, 2004(1) 24, 2005 25, 2004(1) ----------- ----------- ----------- ----------- Net sales $ 26,690 $ 25,038 $ 78,646 $ 73,531 Cost of sales 17,143 16,206 50,593 46,227 ----------- ----------- ----------- ----------- Gross profit 9,547 8,832 28,053 27,304 As a percentage of net sales 35.8% 35.3% 35.7% 37.1% Selling, general and administrative expenses 8,276 7,386 24,325 22,759 ----------- ----------- ----------- ----------- Operating income 1,271 1,446 3,728 4,545 Interest expense, net 679 1,007 1,894 2,888 ----------- ----------- ----------- ----------- Income before income taxes 592 439 1,834 1,657 Income taxes 26 29 111 39 ----------- ----------- ----------- ----------- Net income 566 410 1,723 1,618 Preferred stock - - dividends 32 276 ------------ ----------- ------------ ----------- Net income attributable to common stockholders $ 566 $ 378 $ 1,723 $ 1,342 =========== =========== =========== =========== Basic net income per share $ 0.04 $ 0.03 $ 0.11 $ 0.13 =========== =========== =========== =========== Diluted net income per share $ 0.04 $ 0.03 $ 0.11 $ 0.12 =========== =========== =========== =========== Shares used in computing basic net income per share 15,130 12,337 15,119 10,042 =========== =========== =========== =========== Shares used in computing diluted net income per share 15,715 14,566 15,710 11,132 =========== =========== =========== =========== (1) The 2004 statement of operations has been reclassified to conform to the current year presentation. CYBEX INTERNATIONAL, INC. PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended September 24, 2005 Actual ProForma Results Adjustments Results ----------- ----------- ----------- Net Sales $ 26,690 $ - $ 26,690 Cost of sales 17,143 - 17,143 ---------- ---------- ---------- Gross Profit 9,547 - 9,547 ---------- ---------- ---------- Selling, general and administrative expenses (SG&A) 8,276 - 8,276 Litigation charges 4,101 (4,101) - ---------- ---------- ----------- Total SG&A expenses 12,377 (4,101) 8,276 ---------- ---------- ---------- Operating income (loss) (2,830) 4,101 1,271 Interest expense, net 679 - 679 ---------- ----------- ---------- Income (loss) before Income taxes (3,509) 4,101 592 Income taxes 26 - 26 ---------- ----------- ---------- Net income (loss) $ (3,535) $ 4,101 $ 566 ========== ========== ========== Basic net income (loss) per share $ (0.23) $ 0.27 $ 0.04 ========== ========== ========== Diluted net income (loss) per share $ (0.23) $ 0.27 $ 0.04 ========== ========== ========== Shares used in computing basic Net income (loss) per share 15,130 15,130 ========== =========== ========== Shares used in computing diluted net income (loss) per share 15,130 15,715 ========== =========== ========== Nine Months Ended September 24, 2005 Actual ProForma Results Adjustments Results ---------- ---------- ---------- Net Sales $ 78,646 $ - $ 78,646 Cost of sales 50,593 - 50,593 ---------- ---------- ---------- Gross Profit 28,053 - 28,053 ---------- ---------- ---------- Selling, general and administrative expenses (SG&A) 24,325 - 24,325 Litigation charges 4,101 (4,101) - ---------- ---------- ---------- Total SG&A expenses 28,426 (4,101) 24,325 ---------- ---------- ---------- Operating income (loss) (373) 4,101 3,728 Interest expense, net 1,894 - 1,894 ---------- ---------- ---------- Income (loss) before Income taxes (2,267) 4,101 1,834 Income taxes 111 - 111 ---------- ---------- ---------- Net income (loss) $ (2,378) $ 4,101 $ 1,723 ========== ========== ========== Basic net income (loss) per share $ (0.16) $ 0.27 $ 0.11 ========== ========== ========== Diluted net income (loss) per share $ (0.16) $ 0.27 $ 0.11 ========== ========== ========== Shares used in computing basic Net income (loss) per share 15,119 15,119 ========== =========== ========== Shares used in computing diluted net income (loss) per share 15,119 15,710 ========== =========== ========== CYBEX INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (unaudited) September 24, December 31, 2005 2004 ------------- ------------- ASSETS Current assets: Cash $ 495 $ 1,826 Accounts receivable, net 14,067 15,891 Inventories 9,637 8,014 Prepaid expenses and other 2,327 1,684 ------------ ------------ Total current assets 26,526 27,415 Property and equipment, net 14,444 13,544 Goodwill 11,247 11,247 Other assets 1,606 2,280 ------------ ------------ $ 53,823 $ 54,486 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 2,684 $ 9,116 Current portion of capital leases 500 408 Accounts payable 4,786 5,377 Accrued expenses 15,126 9,196 ------------ ------------ Total current liabilities 23,096 24,097 Long-term debt 10,791 11,489 Capital leases 443 648 Other liabilities 5,811 2,466 ------------ ------------ Total liabilities 40,141 38,700 Stockholders' equity 13,682 15,786 ------------ ------------ $ 53,823 $ 54,486 ============ ============ *T
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