CYBEX INTERNATIONAL INC

CIK:0000060876|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 29, 2012	Sep. 24, 2011	Sep. 29, 2012	Sep. 24, 2011
Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Net sales	$ 34,368	$ 33,478	$ 102,427	$ 97,054
Cost of sales	22,942	21,728	69,686	63,053
Gross profit	11,426	11,750	32,741	34,001
Selling, general and administrative expenses	10,154	10,404	31,498	30,818
Litigation charge (reduction)	(68)	1,362		3,005
Operating income (loss)	1,340	(16)	1,243	178
Interest expense, net	331	240	946	781
Income (loss) before income taxes	1,009	(256)	297	(603)
Income tax expense (benefit)	(74)	22	(49)	(149)
Net income (loss)	1,083	(278)	346	(454)
Basic and diluted net income (loss) per share	$ 0.06	$ (0.02)	$ 0.02	$ (0.03)
Comprehensive income (loss):
Net income (loss)	1,083	(278)	346	(454)
Other Comprehensive income (loss):
Foreign currency translation adjustment	(57)	50	(66)	34
Change in fair value of interest rate hedge	101	7	305	49
Comprehensive income (loss)	$ 1,127	$ (221)	$ 585	$ (371)

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 29, 2012	Sep. 24, 2011
OPERATING ACTIVITIES:
Net income (loss)	$ 346	$ (454)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	3,426	3,491
Amortization of deferred financing costs	58	47
Stock-based compensation	42	130
Provision for doubtful accounts	213	174
Amortization of interest rate swap	(23)	(23)
Changes in operating assets and liabilities:
Accounts receivable	1,459	(579)
Inventories	(710)	(2,238)
Prepaid expenses and other	368	249
Barnhard litigation reserve, net	(18,500)	3,005
Accounts payable, accrued liabilities and other liabilities	(615)	2,166
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(13,936)	5,968
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(2,408)	(1,954)
NET CASH USED IN INVESTING ACTIVITIES	(2,408)	(1,954)
FINANCING ACTIVITIES:
Repayment of revolver loan	(10,378)
Repayments of term loan	(1,411)	(1,140)
Borrowing under revolver loan	10,378
Borrowing under term loan	8,122
Deferred financing costs	(151)
Proceeds from exercise of stock options	7
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	6,567	(1,140)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(9,777)	2,874
CASH AND CASH EQUIVALENTS, beginning of period	11,958	7,030
CASH AND CASH EQUIVALENTS, end of period	2,181	9,904
SUPPLEMENTAL CASH FLOW DISCLOSURE
Cash paid for interest	888	816
Cash paid (received) for income taxes, net	52	(105)
Issuance of warrants to bank	$ 163

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 29, 2012	Dec. 31, 2011
Current Assets:
Cash and cash equivalents	$ 2,181	$ 11,958
Accounts receivable, net of allowance of $1,222 and $1,192	18,620	20,251
Inventories	14,258	13,584
Prepaid expenses and other	1,596	2,070
Barnhard litigation related receivable		7,561
Total current assets	36,655	55,424
Property, plant and equipment, net	27,131	28,194
Other assets	827	1,025
Total assets	64,613	84,643
Current Liabilities:
Current portion of long-term debt	2,061	1,520
Accounts payable	5,302	5,364
Accrued liabilities	12,295	13,674
Barnhard litigation reserve		27,004
Total current liabilities	19,658	47,562
Long-term debt	18,939	12,769
Other liabilities	5,579	4,674
Total liabilities	44,176	65,005
Commitments and Contingencies (Notes 4 and 12)
Stockholders' Equity:
Common stock, $.10 par value, 30,000 shares authorized, 17,883 and 17,860 shares issued	1,788	1,786
Additional paid-in capital	69,263	69,051
Treasury stock, at cost (740 shares)	(2,955)	(2,955)
Accumulated deficit	(45,883)	(46,229)
Accumulated other comprehensive loss	(1,776)	(2,015)
Total stockholders' equity	20,437	19,638
Total liabilities and stockholders' equity	$ 64,613	$ 84,643