MEDWAY, MA -- Cybex International Inc. announced its first quarter 2010 results today, with a decrease in net sales but also a decrease in net loss.
Net sales for the first quarter of 2010 decreased by 10 percent to $26.1 million compared to $28.9 million in the first quarter of 2009. The Medway, MA-based company also reported a net loss of $0.8 million in first quarter 2010 compared to a net loss of $1.4 million in first quarter 2009.
“We have worked hard to increase gross profit margins and were pleased with the margin results achieved in Q1,” Cybex CEO John Aglialoro said in a statement. “Although purchases by the fitness club market continue to be slow, our sales and marketing efforts directed to new markets should generate incremental revenue in future quarters.”
Arthur Hicks, Cybex president and COO, said the company plans to introduce a strength line for professional and college sports teams during the second half of 2010.
“Cybex has continued to invest in R&D [research and development] during these challenging economic times,” Hicks said in a statement. “That is our future, and we are excited with our new product pipeline.”
The company was scheduled to hold a conference call with analysts this morning.