Cybex continues sales improvement, awaits lawsuit appeal
Cybex reported revenue up 18 percent for the second quarter 2011, but its quarterly net loss widened as it continues to appeal an unfavorable lawsuit ruling.
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Cybex International, Inc. (NASDAQ: CYBI) reported revenue up 18 percent for the second quarter 2011, but its quarterly net loss widened as it continues to appeal an unfavorable lawsuit ruling.
The Medway, Mass.-based manufacturer of fitness equipment reported second-quarter revenue of $32.6 million – up nearly 18 percent from $27.7 million during the same period a year ago.
“Sales grew by 18 percent in the quarter, continuing the trend of double-digit sales growth for the third consecutive quarter,” Cybex Chairman and CEO John Aglialoro said in a statement. “Both U.S. and international markets were strong, led by sales of our new treadmill models, the 770T and 625T, which have been favorably received by the marketplace.”
Cybex reported a second-quarter 2011 net loss of $555,000, or a loss of $0.03 per diluted share, compared to a net loss of $356,000, or a loss of $0.02 per diluted share for the second quarter 2010.
The company said the quarterly net loss was in part due to litigation interest charges of $1.3 million on a pending $66 million lawsuit won by Natalie Barnhard, which the company is appealing and has been granted a stay in full payment until further ruling.
–Compiled by David Clucas
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