Cybex International – CYBI – Progress in profit margins is anticipated in Q4
Cybex International, Inc. (NASDAQ: CYBI), a leading U.S. manufacturer of premium exercise equipment, reported results for its second quarter ended June 30, 2012. Net sales for the second quarter of 2012 were $30.8 million, compared to $32.6 million for the corresponding 2011 period. The Company reported a net loss for the second quarter of 2012 of $1.2 million, or $0.07 per diluted share, compared to a net loss of $0.6 million, or $0.03 per diluted share, for the corresponding 2011 period.
For the six months ended June 30, 2012, net sales were $68.1 million, compared to $63.6 million for 2011. The loss for the six months ended June 30, 2012 was $0.7 million, or $0.04 per diluted share, compared to a net loss of $0.2 million, or $0.01 per diluted share, for 2011.
CYBI Chairman and CEO John Aglialoro stated, “As indicated in our Q1 earnings release, sales were sluggish through much of Q2 which we believe reflects uncertainty in the general economy. While it is difficult in the current environment to predict the short-term impact of economic conditions, we remain optimistic about sales prospects over the longer-term.”
CYBI President and COO Art Hicks stated, “We are scheduled to introduce the 525 series of cardio products in Q4. This line is targeted to better reach light commercial market segments which feature lower price points, valuing durability and ease of use. Profit margins continued to be negatively impacted in Q2 by several factors, including product mix and the initial manufacturing costs of new products. The Cybex team is working diligently to improve profit margins although significant progress is not anticipated until Q4 when among other things we expect to see cost improvements in products introduced earlier in the year.”
About Cybex – CYBI
Cybex International, Inc. (CYBI) is a leading manufacturer of premium exercise equipment primarily for commercial use. The Cybex product line, including a full range of strength and cardio training machines, is designed using exercise science to reflect the natural movement of the human body. Led by the Cybex Research Institute, Cybex fitness equipment is engineered to produce optimal results for users from the first-time exerciser to the professional athlete. CYBI designs and builds its products in the USA for a wide range of facilities, from commercial health clubs to home gyms, in more than 85 countries worldwide.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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