Hicks Jr

Hicks, Jr., 508-533-4300President and COOCopyright Business Wire 2009. CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands) (unaudited)March 28, December 31,20092008ASSETSCurrent assets: Cash$995 $1,628 Accounts receivable, net 18,583 18,735Inventories14,879 13,465Prepaid expenses and other 1,7462,249 Deferred income taxes4,6854,685 Total current assets 40,888 40,762Property and equipment, net35,226 36,551Deferred income taxes9,3478,698 Other assets 5,3785,290 $90,839$91,301LIABILITIES AND STOCKHOLDERS` EQUITYCurrent liabilities:Current maturities of long-term debt$2,915 $1,882 Accounts payable 6,4495,965 Accrued expenses 10,779 11,986Total current liabilities20,143 19,833Long-term debt 17,802 16,606Other liabilities9,0809,411 Total liabilities47,025 45,850Stockholders` equity 43,814 45,451$90,839$91,301 Cybex International, Inc.Arthur W. Products are designed and engineered using exercisescience to reflect the natural movement of the human body. Accommodating usersfrom the first-time exerciser to the professional athlete, CYBEX products areavailable for a wide range of facilities from commercial health clubs to homegyms. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)(unaudited)Three Months EndedMarch 28,March 29,2009 2008 Net sales $ 28,922 $ 39,780 Cost of sales 21,023 25,608 Gross profit7,89914,172 As a percentage of sales27.3%35.6%Selling, general and9,86311,525 administrative expenses Operating income (loss) (1,964)2,647Interest expense, net 277347Income (loss) before income taxes (2,241)2,300Income tax expense (benefit)(834)982Net income (loss) $ (1,407)$ 1,318Basic net income (loss) per share $ (0.08 )$ 0.08 Diluted net income (loss) per share $ (0.08 )$ 0.07 Shares used in computing basic net income (loss) per share17,424 17,367 Shares used in computing diluted net income (loss) per share17,424 17,718 CYBEX INTERNATIONAL, INC. The customerenthusiasm for the FT-450 Functional Trainer was particularly gratifying.Although these are difficult times, I remain confident that CYBEX is wellpositioned for the future." About CYBEXCybex International, Inc.

is a leading manufacturer of premium exerciseequipment for commercial and consumer use. The CYBEX product line includes afull range of both strength training and cardio training machines sold worldwideunder the CYBEX brand. Management has been focused on expense reduction inresponse to economic conditions. Q1 SG&A was reduced by $1.7 million from theprior year period and our cost structure will continue to be adjusted to saleslevels achieved.

I am pleased with our new product development and productsintroduced at the March IHRSA Trade Show, which were well received. Whilethis is reflective of economic conditions, generally and in the fitness market,it makes financial projections even more difficult than usual. Margins werenegatively affected in Q1 by a variety of factors, including lower volume andthe pricing of raw material, especially steel, compared to the same period in2008. We are projecting steel prices to be lower in Q2, which should help reduceour manufacturing costs. We believe that a principal cause of the sales decline is customers,particularly fitness clubs and similar facilities, delaying purchases.