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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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