MEDWAY, MA -- Cybex International experienced a drop in both net sales and net income for the third quarter, according to the company’s financials released yesterday.
Net sales for the third quarter of 2009 was $29 million compared to $35.8 million for the same period last year. Cybex had net income for the quarter of $0.1 million compared to $0.3 million during the corresponding period last year.
For the first nine months of the year, net sales decreased to $85.7 million compared to $108.7 million for 2008. The loss for the first nine months was $3.4 million compared to net income of $1.8 million for 2008.
“During the past year, Cybex has focused on broadening into additional market segments as the health club market has remained stagnant,” John Aglialoro, chairman and CEO of Cybex, said in a release from the company. “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.”
During the quarter, the company renegotiated its financial covenants with its banks, says Art Hicks, president and CEO.
“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,” Hicks said in the release.