Cybex announced fourth quarter and year end earnings yesterday. I have posted the press release here since it does not appear to be showing up in the normal places, such as Yahoo.
4th quarter earnngs were $0.29 vs estimates of $0.27. Fiscal year came in at $1.04 vs estimates of $1.02.
Here is the news:
Huntsville, Alabama (April 30, 1997) CYBEX Computer Products Corporation (Nasdaq/NM:CBXC) today reported record sales and net income for the fourth fiscal quarter and year ended March 31, 1997.
"Net sales increased 48% to $10.2 million in the fourth quarter, and net income rose 20% to $1.6 million compared with the fourth quarter of fiscal 1996," stated Stephen F. Thornton, president and
chief executive of Cybex Computer Products Corporation. "Our record results were due to accelerating growth for our KVM switch products and increased demand in international markets. Demand for our newer, high-end switches was especially strong in the latest quarter, rising 86% to $3.5 million compared with the fourth quarter of fiscal 1996. Our expanded marketing programs to dealers, resellers and through new channels of distribution were also contributors to our sales
growth.
"Cybex's international sales rose 37% to $2.1 million in the fourth quarter. Our new manufacturing facility in Ireland shipped approximately 88% of the products sold in Europe in the fourth quarter, attesting to the quick and successful launch of these operations. In April 1997, we added sales offices in five European countries to further leverage our manufacturing base. We believe the
European market has continued strong growth potential for Cybex."
Net sales for the fourth quarter of fiscal 1997 rose to $10.2 million compared with $6.9 million in the fourth quarter a year ago. Sales of KVM switch products increased 59% to $8.6 million and accounted for 85% of revenues in the fourth quarter of fiscal 1997. The Company's KVM extension product sales were up 6% to $1.3 million compared with the fourth quarter of the prior fiscal year. International sales rose 37% to $2.1 million, or 21% of fourth quarter revenues.
The Company's gross profit rose to $5.2 million, or 51.6% of sales, compared with $3.9 million, or 56.9% of sales, in the fourth quarter of fiscal 1997. Net income for the fourth quarter of fiscal 1997
rose to $1.6 million, or $0.29 per share, on 5.5 million weighted average shares outstanding. This compares with net income of $1.3 million, or $0.24 per share, on 5.6 million weighted average
shares outstanding for the fourth quarter of fiscal 1996. The 1.7% decline in weighted average shares outstanding was due primarily to the Company's repurchase of 331,500 shares through March 31, 1997. Cybex announced the 500,000 share stock repurchase program in December
1995.
"We invested over 7% of fourth quarter sales in research and development of new and expanded product lines," continued Mr. Thornton. "We have been very aggressive at expanding our product
base to meet customer demands, and new product sales have been very strong as a result. We are also focused on improving the manufacturing costs of our products to enhance margins. Our new AutoView Commander is easier and less costly to manufacture than prior designs, and we believe our new manufacturing platform will result in improved manufacturing efficiencies while maintaining Cybex's high standards for product reliability."
For the year ended March 31, 1997, net sales rose 38% to $34.6 million compared with $25.0 million in the same period of fiscal 1996. Cybex reported net income of $5.8 million, or $1.04 per share, in fiscal 1997 compared with net income of $4.7 million, or $0.92 per share, in fiscal 1996.
Cybex Computer Products Corporation (NASDAQ/NM:CBXC) is a 16-year-old multinational company that provides KVM connectivity solutions in support of PC and Macintosh personal computers and many Sun, Hewlett Packard, Silicon Graphics, and RS/6000 workstations, as well as telephone activated power control systems. |
