Fitness financials: Cybex posts 15-percent increase in Q1 sales, plus Hibbett Sports

Cybex posts 15-percent increase in Q1 sales

Cybex International (Nasdaq: CYBI) said its net sales increased to $39.8 million in the first quarter of this year, a 15-percent increase over the $34.7 million it posted in the first quarter of 2007.

Net income rose slightly as the cost of sales also increased in the quarter. Net income was $1.3 million, or $0.07 per diluted share, compared to $1.1 million, or $0.06 per diluted share, last year. The cost of sales was up from $21.8 million in the first quarter of 2007 to $25.6 million in the latest quarter. Selling, general and administrative expenses were $11.5 million in 2008 up from 2007’s $10.7 million.

“Current U.S. and world economic conditions likely will make our corporate goal of double-digit growth in sales and earnings more challenging in the short-term,” John Aglialoro, Cybex chairman and CEO, said in a statement.

Hibbett Sports names new VPs

Hibbett Sports (Nasdaq: HIBB) said it has promoted several key management team members.

David Benck was named vice president and general counsel. He joined Hibbett in 2005 and has 15 years of experience in the legal profession, primarily as corporate counsel to public and private companies.

Jeff Gray was named vice president of real estate, having previously served as director of real estate. He has been with Hibbett for over 17 years and in the real estate department for eight years.

Michael McAbee was named vice president of merchandise planning. Previously, he was director of merchandise planning and has been with Hibbett for almost six years. He has 15 years of experience in retail.

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