Cybex Announces That PA Supreme Court Will Not Hear Kirila Appeal
June 12 2006 - 3:42PM
Business Wire
Cybex International, Inc. (AMEX: CYB), a leading exercise equipment
manufacturer, announced that the Supreme Court of Pennsylvania will
not hear the Company's or the plaintiffs' respective appeals of the
previously reported $2,452,783 judgment entered against the Company
in the Kirila v. Cybex International, Inc. litigation. While the
Company is disappointed in this result, and continues to believe
that the basis for that judgment was in error, it does not intend
to further pursue its appeals. The Company is discussing with
plaintiffs' counsel the amount of post-judgment interest to be
added to the judgment, plus related costs, if any. The Company
believes the total amount which the Company will be required to
satisfy is covered by the Company's litigation reserves, and
accordingly the payment of the judgment, anticipated for the third
quarter of this year, should not result in a charge to earnings.
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, the
resolution of litigation involving the Company, 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 4,
2006.
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