Cybex International, Inc. (NASDAQ: CYBI), a leading manufacturer of premium exercise equipment for the commercial and consumer markets, today reported results for its fourth quarter and year ended December 31, 2007. Net sales for the fourth quarter of 2007 increased by 16% to $44.5 million compared to $38.2 million for the corresponding 2006 period. This increase was driven by strong sales of both cardio and strength products and continued growth in the commercial equipment market. The Company reported net income for the fourth quarter of 2007 of $3.0 million, or $0.17 per diluted share, compared to net income of $2.8 million, or $0.16 per diluted share, reported for the fourth quarter of 2006. For the year ended December 31, 2007, net sales increased by 15% to $146.5 million compared to $126.9 million for 2006. Net income for the year ended December 31, 2007 was $9.8 million, or $0.55 per diluted share, compared to net income of $20.1 million, or $1.18 per diluted share for 2006. The 2007 results include the third quarter reduction in the tax valuation reserve which increased net income by $5.2 million, or $0.29 per diluted share. The 2006 results include a second quarter reduction in the tax valuation reserve, which increased 2006 net income by $14.4 million or $0.85 per diluted share.”
Business News Wire
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