Cybex net sales for 3rd Q smidgen higher than year ago

Cybex International Inc. (AMEX: CYB) has reported net sales for the third quarter ended Sept. 28 of $19,898,000 versus $19,378,000 for the comparable 2001 period. The net loss for the quarter ended September 28, 2002 was $388,000, or $0.04 per diluted share, compared to net income of $173,000, or $0.02 per diluted share, for the third quarter of 2001. Net sales for the nine months ended September 28, 2002 were $56,816,000, compared to $62,841,000 for the comparable 2001 period. The net loss for the nine months ended September 28, 2002 was $22,572,000, or $2.56 per diluted share, compared to net income of $574,000, or $0.07 per diluted share, for the same prior year period. The company has said it expects fourth quarter to exceed net sales in fourth quarter last year, and for the company to be profitable. “Cybex International continues to make progress. The sales increase in the third quarter over the corresponding period of 2001 represents our return to revenue growth, fueled by new and innovative products,” said John Aglialoro, chairman and CEO. The Company announced that it has retained the investment banking firm of Legg Mason Wood Walker, Incorporated to advise and assist with alternatives associated with the refinancing of its debt facility. SNEWS View: These are better numbers, but better is certainly relative. Expecting fourth quarter to exceed last year isn’t honestly expecting much, although we suppose that at least exceeding those numbers is reason to celebrate. Stock prices inched up slightly after this announcement only to drop again, still hovering in the 1.00 to 1.10 range as they have all of the last month since the company’s “high” in late August and early September when it touched toward 2.