CYBEX Announces Appellate Decision
18 1월 2006 - 12:10AM
Business Wire
Cybex International, Inc. (AMEX: CYB), a leading exercise equipment
manufacturer, announced that the Superior Court of Pennsylvania has
affirmed the previously reported $2,452,783 judgment entered March
31, 2004 against the Company in the Kirila v. Cybex International,
Inc. litigation. The Company continues to believe that the basis
for that judgment was in error, and it intends to file a Petition
for Allowance of Appeal with the Supreme Court of Pennsylvania.
CYBEX is in the process of analyzing whether any net adjustment to
its litigation reserve is required, including in connection with
the Kirila judgment and related costs and expenses, including
interest. The Company anticipates that, if a litigation charge is
necessary, the impact on fourth quarter 2005 pre-tax operating
income will not exceed $900,000. While CYBEX intends to continue
its appeal in the Kirila matter, it has sufficient liquidity to
satisfy the judgment if its appeal to the Supreme Court of
Pennsylvania is ultimately unsuccessful. Cybex International, Inc.
is a leading manufacturer of premium exercise equipment for
commercial and consumer use. The CYBEX product line includes a full
range of both strength training and cardio training machines sold
worldwide under the CYBEX brand. Products and programs are designed
and engineered to reflect the natural movement of the human body,
assisting each unique user - from the professional athlete to the
first-time exerciser - to improve daily human performance. For more
information on CYBEX and its product line, please visit the
Company's website at www.cybexinternational.com. This news release
may contain forward-looking statements. There are a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated by the statements made above.
These include, but are not limited to, competitive factors,
technological and product developments, market demand, economic
conditions, and the ability of the Company to comply with the terms
of its credit facilities. Further information on these and other
factors which could affect the Company's financial results can be
found in the Company's previously filed Report on Form 10-K, its
Reports on Form 10-Q, its Current Reports on Form 8-K, and its
proxy statement dated April 6, 2005.
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