This might have something to do with it! Stock split and management making very positive noises about upcoming quarter.
Monday March 30, 5:17 pm Eastern Time
Company Press Release
CYBEX Announces 3-For-2 Stock Split
Expects Record Fourth Quarter Sales and Net Income
HUNTSVILLE, Ala.--(BUSINESS WIRE)--March 30, 1998--CYBEX Computer Products Corporation (Nasdaq/NM:CBXC - news) today announced that its Board of Directors has approved a 3-for-2 stock split. The Company also announced that it expects fourth quarter sales and net income will exceed current analysts' expectations. The record fourth quarter results are expected to benefit from increased sales to key distributors, strong international sales and initial sales of the SwitchView(TM) KVM switch, Cybex's first mass-market product.
The 3-for-2 stock split will be effected as a 50% stock dividend. The additional new shares will be distributed on April 28, 1998, to shareholders of record at the close of business on April 10, 1998. Cybex currently has 5,501,781 million common shares outstanding. The Company will pay cash in lieu of any fractional shares resulting from the stock split.
''We are pleased that Cybex's continued growth, and investors' endorsement of the Company's future prospects, have resulted in continued appreciation of over 50% in the last twelve months in our stock price,'' noted Stephen F. Thornton, president and chief executive of Cybex Computer Products Corporation. ''Our sales growth continues to gain momentum and we expect to report record sales in every market channel in the fourth quarter ending March 31, 1998. Sales to distributors and OEMs were very strong in the fourth quarter and reflect the increased demand for KVM switch products in both domestic and international markets.
''Cybex's focus on expanding market channels and product lines have been strong contributors to our sales growth. Initial sales of SwitchView, our first mass-market KVM switch, have been very positive. The addition of the PolyCon(R) product line from our recent German acquisition has provided immediate market share gain in Europe and expands our product line to include high-end switch products. We remain focused on building shareholder value and are confident that the additional shares outstanding as a result of the split announced today will reward shareholders through a further increase in the trading activity, visibility and liquidity of Cybex's shares,'' concluded Mr. Thornton.
Cybex Computer Products Corporation (Nasdaq:CBXC - news) is a 16-year-old multinational company which provides KVM connectivity solutions in support of PC and Macintosh personal computers and many Sun, Hewlett-Packard, Silicon Graphics, RS/6000, and DEC Alpha workstations.
Cybex and the Cybex logo are registered trademarks of Cybex Computer Products Corporation. SwitchView is a trademark of Cybex Computer Products Corporation. Sun, Hewlett-Packard, DEC and Silicon Graphics are trademarks of their respective companies. Macintosh is a registered trademark of Apple Computer, Inc. PS/2 and RS/6000 are trademarks of International Business Machines Corporation. IntelliMouse is a trademark of Microsoft Corporation.
This press release contains forward-looking statements which reflect management's best judgment based on factors currently known. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those in the statements included in this press release. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Readers are also urged to carefully review and consider the various disclosures made by the Company which attempt to advise interested parties of the factors which affect the Company's business, including the disclosures made in other periodic reports on Forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission.
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