Fitness financials: Cybex narrows Q2 loss, plus Hanesbrands/Champion
Cybex International (Nasdaq: CYBI) narrowed its second-quarter loss as sales stabilized and higher gross margins continued, it reported. Plus, Champion parent reports gains in Q2 sales, revenue.
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Cybex narrows Q2 loss
Cybex International (Nasdaq: CYBI) narrowed its second-quarter loss as sales stabilized and higher gross margins continued, it reported.
For the quarter ended June 26, its net loss was $0.4 million, or $0.02 per diluted share, compared to a net loss of $2.1 million, or $0.12 per diluted share, for the corresponding 2009 period.
Net sales were $27.7 million versus $27.8 million last year.
“Sales to customers outside of the United States have increased throughout 2010 and sales momentum is building in the new markets we have begun targeting in 2010,” said John Aglialoro, Cybex’s chairman and CEO, in a statement.
The company also noted that its cash position is strong at $3.8 million and it has reduced its moderate debt balances by $2 million over the last four quarters.
Champion parent reports gains in Q2 sales, revenue
Second-quarter net sales for Hanesbrands (NYSE: HBI), parent of Champion, rose 9.1 percent on double-digit increases in the company’s three largest business segments — innerwear, outerwear and international.
For the quarter ended July 3, net sales were $1.08 billion versus $986 million last year.
Net income was $85.4 million, or $0.87 per diluted share, versus $30.5 million, or $0.32 per diluted share, last year.
The company said an income tax rate adjustment in the quarter increased EPS by $0.20 compared with last year’s quarter. It added that excluding the tax rate adjustment, EPS of $0.67 in the quarter increased by $0.35, driven by higher sales, improved operating profit margin, and year-ago restructuring, which added $0.32 combined.
Based on performance in the first two quarters, Hanesbrands said it’s raising its 2010 guidance. Full-year net sales growth is expected to be 8 percent to 10 percent, up from the previous guidance of 6 percent to 8 percent issued after first-quarter results. EPS is expected to be in the range of $2.25 to $2.35, up from the previous guidance of $2.15 to $2.27.
–Compiled by Wendy Geister
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