April 22, 2011
Cybex Lifts Sales
Medway exercise equipment maker Cybex International Inc. saw its net sales increase 19 percent for the first quarter of 2011 to $31 million.
The company had a profit of $400,000 for the quarter, after losing $800,000 in the same period last year.
Cybex also formally announced a judgment in a lawsuit against the company over an accident in which a woman was severely injured after pulling a weight machine over on herself. Cybex had previously recorded a $62.7 million litigation reserve in the case and has now added $380,000 to the reserve.
The company said it believes it was not at fault and that the amount of damages was "grossly overstated," and said it is pursuing appeals in the case.
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