MEDWAY, MA -- First quarter 2006 sales for Cybex International Inc. were up more than $4 million or 17 percent from the same period last year, the company announced. Net sales for the first quarter 2006, which ended April 1, were $28.9 million, compared to $24.76 million for the corresponding 2005 period, an increase of 17 percent. Net income for first quarter 2006 was $667,000, or $0.04 per diluted share, compared to net income for the first quarter 2005 of $119,000, or $0.01 per diluted share.
"Our first quarter results are evidence of our progress and we are confident that the continued sales growth of our existing products and a solid pipeline of new products in 2006 and beyond will continue our positive momentum,” said John Aglialoro, chairman and CEO of Cybex. “We were pleased with the reception of the new VR3 and updated Eagle strength lines as well as our new light commercial treadmill at the IHRSA trade show in March."
Gross profit was up to $10.5 million in first quarter 2006 compared to $8.85 million in the first quarter of 2005. Bad debt expense for that period was $75,000 in 2006 while it was $57,000 in 2005. Operating income was $1.29 million in first quarter 2006 compared to $772,000 in the same period of 2005.