Fitness financials: Cybex’s Q4 sales drop 12 percent

Cybex swung to a profit, despite a 12-percent drop in fourth-quarter sales, while GSI Commerce reported a 9-percent bump in fourth-quarter net revenues.
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Cybex’s Q4 sales drop 12 percent

Fourth-quarter sales for Cybex (Nasdaq: CYBI) fell 12 percent, but the company swung to a profit after last year’s Q4 loss.

For the quarter ended Dec. 31, net sales were $34.8 million compared to $39.3 million for the corresponding 2008 period.

The company’s net income was $1.0 million, or $0.06 per diluted share, compared to a net loss of $10.9 million, or $0.62 per diluted share, for the same period last year.

Cybex said the 2008 results included a fourth-quarter, non-cash and non-deductible goodwill impairment charge of $11.3 million, or $0.64 per diluted share, principally triggered by declines in the company’s stock price in the period.

For FY ‘09, net sales were $120.5 million compared to $147.9 million for 2008 -- a 19-percent decrease. The net loss for the year was $2.4 million, or $0.14 per diluted share, compared to a net loss of $9.1 million, or $0.52 per diluted share, for 2008.

“I am optimistic that our focus on market segments in addition to our traditional fitness club customers is the best course for the future,” said John Aglialoro, Cybex’s chairman and CEO, in a statement. “We will continue to make cost effective investments to reach these markets, which we believe will generate profitable incremental sales in the years to come.”

GSI Commerce reports Q4 sales increase

GSI Commerce (Nasdaq: GSIC), a provider of e-commerce services to retail and manufacturing, reported a 9-percent bump in fourth-quarter net revenues -- a reflection of the secular growth of e-commerce and interactive marketing, it said.

For the quarter ended Jan. 2, net revenues were $430.2 million versus $391.4 million in the same period last year.

Net income was $23.6 million, or $0.38 per diluted share, compared to net income of $23.1 million, or $0.45 per diluted share.

For FY ’09, net revenues were $1.0 billion compared to $966.9 million. Net loss was $11.0 million, or $0.21 per share, versus a net loss $23.0 million, or $0.49 per share.

Looking ahead, the company anticipates first-quarter net revenues of $260.0 million, and an operational loss of $19.5 million.

--Compiled by Wendy Geister

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