Cybex Q1 plagued by 27 percent sales drop, net loss
For the first quarter, Cybex International (Nasdaq: CYBI) posted a 27 percent drop in sales and swung to a net loss noting the cause as customers and fitness clubs delaying purchases due to the economic turmoil.
For the quarter ended March 28, net sales were $28.9 million compared to $39.8 million for the corresponding 2008 period.
The company's net loss was $1.4 million, or $0.08 per diluted share, compared to net income of $1.3 million or $0.07 per diluted share in the same period last year.
"Margins were negatively affected in Q1 by a variety of factors, including lower volume and the pricing of raw material, especially steel, compared to the same period in 2008. We are projecting steel prices to be lower in Q2, which should help reduce our manufacturing costs," John Aglialoro, Cybex's chairman and CEO, said in a statement.
The company said management has been focused on expense reduction in response to economic conditions. SG&A for the first quarter was reduced by $1.7 million from the prior year period and its cost structure will continue to be adjusted to sales levels achieved, it added.
Sport Chalet appoints new board member
Sport Chalet (Nasdaq: SPCHA and SPCHB) said Kevin Ventrudo has been appointed to the company's board of directors.
Ventrudo, 50, has more than 25 years of strategic management, finance and consulting experience. The majority of his career has been spent in the investment banking industry, most recently with SG Cowen Securities Corp. and also with Salomon Smith Barney, Sutro & Co. and Merrill Lynch. He previously served as CEO of L.A. Gear. Since leaving the banking industry, he has served as an independent consultant and has been involved in a number of entrepreneurial ventures.
--Compiled by Wendy Geister
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.