MEDWAY, MA — Cybex International Inc. is starting to show some of its long-predicted turn-around with its reported results for the second quarter ended June 26, 2004.
Net sales for the quarter were $24 million vs. $21 million for the comparable 2003 period, an increase of 14 percent.
Net income for the quarter was $833,000, or $0.08 per share on a fully diluted basis, compared to net income of $183,000, or $0.02 per share on a fully diluted basis, for the second quarter of 2003. Net sales for the six months ended June 26, 2004 were $48.3 million compared to $41.8 million for 2003, an increase of 16 percent. The net income for the six months ended June 26, 2004 was $1.2 million, or $0.10 per fully diluted share, compared to a net loss of $1.6 million, or $0.18 per fully diluted share, for the prior year period.
“The company's results for the second quarter and first six months of 2004 illustrate the momentum that we have achieved. Our results show rising revenues and improved margins, which produced the increased operating income and bottom line performance,” said John Aglialoro, Cybex chairman and CEO. “In addition, we continue to improve the balance sheet as bank debt reduction is being aggressively addressed. The recent refinancing, which provides availability at lower interest costs, will further aid Cybex as we focus on enhancing growth prospects.”