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Cybex International Inc. (Nasdaq: CYBI) announced higher revenue and profit for the third quarter 2012 as its executives prepare to take the company private.
The Medway, Mass.-based fitness equipment manufacturer reported third-quarter revenue up 2.7 percent to $34.4 million along with a quarterly net income of $1.1 million versus a net loss of $300,000 a year ago.
In mid October, Cybex announced that its board of directors had approved a merger agreement with the company’s largest shareholder UM Holdings that would take the public company private at a price of $2.55 per share, or roughly $22 million for the remaining 50.5 percent of public shares. The new ownership includes Cybex’s current chairman and CEO John Aglialoro and director Joan Carter. Officials hope to close the deal sometime in the first quarter 2013.
Cybex President and COO Art Hicks said he is upbeat for the fourth quarter, which will include the introduction of its 525 cardio line. “Targeted to better reach light commercial market segments, these products will feature lower price points, valuing ease of use and durability,” Hicks said.