Medway Firm's Sales Pumped, Earnings Feel The Burn
Cybex International Inc., a Medway-based exercise equipment manufacturer, reported third quarter net income of $300,000 compared to $4.6 million for the third quarter of 2007.
The company said the decrease is the result of the 2007 reduction to the amount of money it kept on reserve as a deferred tax valuation allowance. The reduction of that allowance last year increased the company's net income by $5.2 million for the third quarter and the first nine months of 2007.
The company reported $18.9 million in cash on hand compared to $21 million in the third quarter of 2007. It also reported a slight uptick in inventories and said it intends to begin shipping a variety of new products during the current quarter.
The company reported third quarter revenue of $35.8 million compared to $32.6 million a year ago.
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