MEDWAY, MA -- Cybex International’s net sales for the first quarter of 2008 increased by 15 percent to $39.8 million compared to $34.7 million in the same period last year, the company announced yesterday.
Net income for the quarter was $1.3 million compared to net income of $1.1 million in the first quarter of last year.
“Current U.S. and world economic conditions likely will make our corporate goal of double-digit growth in sales and earnings more challenging in the short-term,” John Aglialoro, Cybex chairman and CEO, said in a statement from the company. “We will closely monitor sales activity and will respond quickly on the cost side if economic conditions produce a slowing of our rate of growth over the next several quarters. For the longer term, we remain confident that our pipeline of new products and our strategy of developing new markets will continue to be important drivers in promoting strong sales and earnings growth.”
A 13 percent increase in cardio sales, an 18 percent increase in strength sales and a 6 percent increase in other revenues for the quarter drove the increased sales, according to Cybex.
The Medway, MA-based company will launch a new strength line and the next generation of commercial arc in late 2008. Cybex has two new commercial bike models in development to be sold at moderate price points.