February 15, 2007
Cybex profit beefs up
By Christina Davis
Cybex, a Medway-based manufacturer of exercise equipment, reported this morning that its profit for 2006 shot up to $20.4 million, a remarkable increase from the $61,000 in profit the company reported in 2005.
2006 results were buoyed by an $11.8 million net tax benefit, while 2005 was hurt by $4.6 million in legal fees related to two patent litigation matters that were resolved at the end of last year.
Revenues at Cybex increased 11 percent from $114.6 million in 2005 to $126.9 million in 2006.
The company also reported that it reduced long-term debt by $23.3 million from the end of 2003 to the end of 2006, while it increased working capital over the same period from a negative $4.9 million to a positive $14 million.
"2006 was a very satisfying year," Cybex's Chairman and CEO John Aglialoro said in a written statement. "Most importantly, the Company increased new product development capacity and pace which has resulted in a promising pipeline of new products for 2007 and beyond."
Aglialoro also said that the company plans to move its "strength lines" to the company's new Owatonna, Minn., facility, which will lower costs and improve production.
2006 results were buoyed by an $11.8 million net tax benefit, while 2005 was hurt by $4.6 million in legal fees related to two patent litigation matters that were resolved at the end of last year.
Revenues at Cybex increased 11 percent from $114.6 million in 2005 to $126.9 million in 2006.
The company also reported that it reduced long-term debt by $23.3 million from the end of 2003 to the end of 2006, while it increased working capital over the same period from a negative $4.9 million to a positive $14 million.
"2006 was a very satisfying year," Cybex's Chairman and CEO John Aglialoro said in a written statement. "Most importantly, the Company increased new product development capacity and pace which has resulted in a promising pipeline of new products for 2007 and beyond."
Aglialoro also said that the company plans to move its "strength lines" to the company's new Owatonna, Minn., facility, which will lower costs and improve production.
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