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Cybex Has Strong Quarter, Looks to the Future

MEDWAY, MA — Cybex International Inc. recently reported results for the second quarter ended June 28. Net sales for the quarter ended June 28 were $21.1 million vs. $18 million for the comparable 2002 period. The net profit for the third quarter was $183,000, or $0.02 per diluted share, compared to a net loss of $22.2 million, or $2.53 per share, for the second quarter of 2002.

Net sales for the six months ended June 28 were $41.7 million, compared to $37 million for the comparable 2002 period. The net loss for the six months ended June 28 was $1.6 million, or $0.18 per share, compared to a net loss of $22.1 million or $2.52 per share, for the same prior year period. The results for the second quarter and six months ended June 29, 2002 included a non-cash charge to establish a valuation reserve for deferred taxes of $21.3 million in accordance with SFAS 109.

“This quarter represents the fourth consecutive quarter of revenue growth. The increase in revenue is a result of the company's focus on new and differentiated products. Our new Eagle strength line and treadmill offerings have been marketed since mid-2002 and, as a result, selectorized strength equipment and treadmill sales have increased from 2002 levels,” John Aglialoro, chairman and CEO, said in a release. “In addition, the ArcTrainer continues to outpace our expectations and we anticipate increasing sales in this line to existing customers as well as to first-time purchasers.

But, Aglialoro also said that despite the success of existing lines, the company will continue to launch new product lines in a variety of segments.

“We expect to introduce a totally new line of bikes in the first half of 2004.

Besides our traditional fitness market, Cybex will proceed with plans to concentrate on the needs of particular market segments that the company believes we can best serve, including the physical therapy/wellness, military, school/university as well as other vertical market customers who have space constraints such as hotels and corporate fitness centers,” said Aglialoro. “By dedicating sales and product development efforts to these market segments we hope to spark additional growth initiatives.”

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