MEDWAY, MA — Despite a still uncertain future for the fitness industry, Cybex International is moving ahead, promoting its Arc Trainer and Bravo strength products to old and new markets.
In a financial call with stockholders and analysts last month reporting the Medway, MA-based company's fourth quarter 2009 numbers, Cybex CEO John Aglialoro said that the company's balance sheet had greatly improved, allowing the company to have some cash on hand during what he called a “still uncertain time as far as visibility in the market.”
While some operators are ready to buy equipment again, many are still holding off because of the economy, he said. However, university and military markets are still growing, so Cybex is focusing its marketing dollars on these areas, he said. Clubs and hotels now make up just half of Cybex's customer base.
Aglialoro also reiterated the company's commitment to value pricing.
“Our revenues are down, but we're going to stay away from bidding wars,” he said in the call, adding that the company had spent years developing better performing products as a way to differentiate itself.
Cybex reported a 12 percent decrease in fourth quarter 2009 net sales, which were $34.8 million in fourth quarter 2009 compared to $39.3 million in the corresponding 2008 period. Net income for the quarter was $1 million compared to a net loss of $10.9 million for the corresponding 2008 period.
For the year 2009, net sales were $120.5 million compared to $147.9 million for 2008, a 19 percent decrease. The net loss for the year was $2.4 million compared to a net loss of $9.1 million for 2008.